Alvotech $ALVO Position Decreased by PointState Capital LP

Key Points

• PointState Capital LP reduced its stake in Alvotech by 5.4%, decreasing its ownership to approximately 1,174,339 shares valued at about $11.36 million.
• Analyst ratings for Alvotech saw a downgrade from "strong-buy" to "hold" by Zacks Research, while UBS Group lowered its price target from $16.00 to $14.00 with a "buy" rating."
• In its latest quarterly earnings report, Alvotech reported $0.14 earnings per share, beating estimates, but fell short of revenue expectations with $116.02 million compared to the projected $120.51 million.

PointState Capital LP trimmed its position in Alvotech (NASDAQ:ALVO - Free Report) by 5.4% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 1,174,339 shares of the company's stock after selling 67,040 shares during the quarter. PointState Capital LP owned approximately 0.39% of Alvotech worth $11,356,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also modified their holdings of the company. Vanguard Group Inc. raised its holdings in shares of Alvotech by 31.1% in the 1st quarter. Vanguard Group Inc. now owns 4,192,461 shares of the company's stock valued at $40,306,000 after purchasing an additional 995,538 shares in the last quarter. Royce & Associates LP raised its holdings in shares of Alvotech by 7.6% in the 1st quarter. Royce & Associates LP now owns 171,043 shares of the company's stock valued at $1,654,000 after purchasing an additional 12,043 shares in the last quarter. China Universal Asset Management Co. Ltd. raised its holdings in shares of Alvotech by 6.9% in the 1st quarter. China Universal Asset Management Co. Ltd. now owns 60,472 shares of the company's stock valued at $585,000 after purchasing an additional 3,896 shares in the last quarter. Vident Advisory LLC raised its holdings in shares of Alvotech by 24.7% in the 1st quarter. Vident Advisory LLC now owns 25,281 shares of the company's stock valued at $244,000 after purchasing an additional 5,009 shares in the last quarter. Finally, Invesco Ltd. raised its holdings in shares of Alvotech by 110.6% in the 1st quarter. Invesco Ltd. now owns 23,604 shares of the company's stock valued at $228,000 after purchasing an additional 12,394 shares in the last quarter.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on ALVO. UBS Group cut their price target on shares of Alvotech from $16.00 to $14.00 and set a "buy" rating on the stock in a research note on Friday, July 18th. Zacks Research downgraded shares of Alvotech from a "strong-buy" rating to a "hold" rating in a report on Monday, August 18th. One investment analyst has rated the stock with a Buy rating and one has issued a Hold rating to the company's stock. According to data from MarketBeat.com, Alvotech currently has a consensus rating of "Moderate Buy" and an average target price of $14.00.

Alvotech Price Performance

ALVO traded up $0.07 during trading on Thursday, hitting $8.10. The company had a trading volume of 116,098 shares, compared to its average volume of 238,668. The company has a market cap of $2.44 billion, a PE ratio of 35.19 and a beta of 0.10. Alvotech has a 1-year low of $7.35 and a 1-year high of $13.70. The business has a 50-day moving average of $8.61 and a 200-day moving average of $9.42.

Alvotech (NASDAQ:ALVO - Get Free Report) last issued its earnings results on Wednesday, August 13th. The company reported $0.14 earnings per share for the quarter, topping analysts' consensus estimates of ($0.26) by $0.40. The company had revenue of $116.02 million for the quarter, compared to analysts' expectations of $120.51 million. Alvotech had a net margin of 11.26% and a negative return on equity of 38.36%. Research analysts forecast that Alvotech will post -0.07 earnings per share for the current year.

About Alvotech

Alvotech, through its subsidiaries, develops and manufactures biosimilar medicines for patients worldwide. It offers biosimilar products in the therapeutic areas of autoimmune, eye, and bone disorders, as well as cancer. The company's lead program is AVT02, a high concentration formulation biosimilar to Humira to treat various inflammatory conditions, including rheumatoid arthritis, psoriatic arthritis, Crohn's disease, ulcerative colitis, plaque psoriasis, and other indications; AVT04, a biosimilar to Stelara to treat various inflammatory conditions comprising psoriatic arthritis, Crohn's disease, ulcerative colitis, plaque psoriasis, and other indications; AVT06, a biosimilar to Eylea to treat various conditions, such as age-related macular degeneration, macular edema, and diabetic retinopathy; and AVT03, a biosimilar to Xgeva and Prolia, which is in the pre-clinical phase to treat prevent bone fracture, spinal cord compression, and the need for radiation or bone surgery in patients with certain types of cancer, as well as prevent bone loss and increase bone mass.