PointState Capital LP Grows Stock Holdings in Alvotech (NASDAQ:ALVO)

PointState Capital LP boosted its stake in Alvotech (NASDAQ:ALVO - Free Report) by 64.1% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,241,379 shares of the company's stock after buying an additional 484,826 shares during the quarter. PointState Capital LP owned approximately 0.41% of Alvotech worth $16,423,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of ALVO. BNP Paribas Financial Markets purchased a new stake in shares of Alvotech in the fourth quarter valued at approximately $66,000. Wolverine Asset Management LLC boosted its stake in Alvotech by 27.5% during the fourth quarter. Wolverine Asset Management LLC now owns 7,448 shares of the company's stock worth $99,000 after buying an additional 1,607 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. purchased a new stake in Alvotech in the 4th quarter valued at $113,000. Invesco Ltd. acquired a new stake in shares of Alvotech in the 4th quarter worth $148,000. Finally, ProShare Advisors LLC purchased a new position in shares of Alvotech during the 4th quarter worth $167,000.

Alvotech Price Performance

Shares of ALVO stock remained flat at $10.46 during trading on Friday. 154,464 shares of the stock traded hands, compared to its average volume of 137,929. Alvotech has a 1 year low of $7.35 and a 1 year high of $14.65. The company has a market capitalization of $3.15 billion, a price-to-earnings ratio of -5.65 and a beta of -0.02. The firm's 50-day moving average price is $9.40 and its two-hundred day moving average price is $11.33.

Alvotech (NASDAQ:ALVO - Get Free Report) last posted its earnings results on Wednesday, May 7th. The company reported $0.35 EPS for the quarter, beating analysts' consensus estimates of ($0.17) by $0.52. On average, equities analysts forecast that Alvotech will post -0.07 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Separately, UBS Group assumed coverage on shares of Alvotech in a report on Friday, February 14th. They issued a "buy" rating and a $18.00 price objective for the company.

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.