Legal & General Group Plc Sells 420,869 Shares of Alvotech (NASDAQ:ALVO)

Legal & General Group Plc lowered its holdings in Alvotech (NASDAQ:ALVO - Free Report) by 42.2% during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 576,189 shares of the company's stock after selling 420,869 shares during the period. Legal & General Group Plc owned approximately 0.19% of Alvotech worth $7,349,000 at the end of the most recent reporting period.

A number of other large investors have also recently modified their holdings of the business. Vanguard Group Inc. raised its stake in Alvotech by 0.8% in the fourth quarter. Vanguard Group Inc. now owns 3,196,923 shares of the company's stock valued at $40,905,000 after purchasing an additional 23,799 shares in the last quarter. Geode Capital Management LLC increased its stake in Alvotech by 4.0% in the fourth quarter. Geode Capital Management LLC now owns 217,587 shares of the company's stock valued at $2,879,000 after acquiring an additional 8,330 shares during the last quarter. Royce & Associates LP lifted its stake in Alvotech by 21.4% during the fourth quarter. Royce & Associates LP now owns 159,000 shares of the company's stock worth $2,104,000 after purchasing an additional 28,000 shares during the last quarter. China Universal Asset Management Co. Ltd. bought a new position in shares of Alvotech during the 4th quarter valued at about $748,000. Finally, Tempus Wealth Planning LLC purchased a new position in shares of Alvotech during the 4th quarter valued at about $310,000.

Analysts Set New Price Targets

Separately, UBS Group began coverage on Alvotech in a report on Friday, February 14th. They issued a "buy" rating and a $18.00 price objective on the stock.

Alvotech Stock Performance

Shares of NASDAQ ALVO traded down $0.14 during mid-day trading on Thursday, hitting $8.22. The stock had a trading volume of 5,816 shares, compared to its average volume of 148,214. The firm has a market cap of $2.48 billion, a P/E ratio of -4.44 and a beta of -0.05. The business has a 50 day moving average price of $10.29 and a two-hundred day moving average price of $11.77. Alvotech has a 1 year low of $7.35 and a 1 year high of $14.76.

Alvotech (NASDAQ:ALVO - Get Free Report) last posted its earnings results on Wednesday, March 26th. The company reported ($0.24) earnings per share for the quarter, topping analysts' consensus estimates of ($0.74) by $0.50. The firm had revenue of $153.34 million for the quarter, compared to analysts' expectations of $97.99 million. Equities research analysts predict that Alvotech will post -0.07 EPS for the current fiscal year.

Alvotech Profile

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.