Alvotech (NASDAQ:ALVO) Trading Down 5.7% – Here’s Why

Alvotech (NASDAQ:ALVO) shares fell 5.7% during trading on Wednesday . The company traded as low as $4.37 and last traded at $4.3750. 624,309 shares changed hands during trading, an increase of 65% from the average session volume of 377,814 shares. The stock had previously closed at $4.64.

Analyst Ratings Changes

A number of research firms have issued reports on ALVO. UBS Group cut their target price on shares of Alvotech from $13.00 to $10.00 and set a “buy” rating for the company in a research report on Tuesday, November 18th. Zacks Research raised shares of Alvotech from a “strong sell” rating to a “hold” rating in a research note on Friday, December 19th. Barclays assumed coverage on Alvotech in a report on Monday, December 8th. They set an “underweight” rating and a $5.00 price objective for the company. Northland Securities set a $10.00 target price on Alvotech in a research note on Tuesday, November 4th. Finally, Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Alvotech in a research report on Wednesday, January 21st. Two investment analysts have rated the stock with a Buy rating, two have issued a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat, Alvotech presently has an average rating of “Hold” and a consensus price target of $8.60.

Alvotech Stock Down 5.8%

The company has a market cap of $1.32 billion, a price-to-earnings ratio of 19.00 and a beta of 0.12. The business has a 50-day simple moving average of $5.05 and a two-hundred day simple moving average of $6.56.

Institutional Trading of Alvotech

A number of institutional investors and hedge funds have recently modified their holdings of the company. Millennium Management LLC grew its stake in Alvotech by 1,707.7% in the 4th quarter. Millennium Management LLC now owns 357,176 shares of the company’s stock valued at $1,832,000 after buying an additional 337,417 shares during the last quarter. Stifel Financial Corp bought a new stake in Alvotech during the fourth quarter valued at about $108,000. Jane Street Group LLC bought a new stake in Alvotech during the fourth quarter valued at about $474,000. Goldman Sachs Group Inc. grew its position in shares of Alvotech by 88.8% in the fourth quarter. Goldman Sachs Group Inc. now owns 259,536 shares of the company’s stock valued at $1,331,000 after purchasing an additional 122,089 shares during the last quarter. Finally, Geode Capital Management LLC increased its stake in shares of Alvotech by 10.7% in the fourth quarter. Geode Capital Management LLC now owns 254,921 shares of the company’s stock worth $1,308,000 after purchasing an additional 24,667 shares during the period.

About Alvotech

Alvotech (NASDAQ:ALVO) is a global biopharmaceutical company specializing in the development, manufacturing and commercialization of biosimilar medicines. The company focuses on creating high‐quality, cost‐effective alternatives to established biologic therapies in areas such as immunology, oncology and other specialty care fields. By leveraging in‐house research and a vertically integrated manufacturing platform, Alvotech aims to bring approved biosimilars to market more rapidly and with greater cost efficiency than many traditional biosimilar developers.

Since its founding in 2013, Alvotech has built a diversified pipeline of monoclonal antibody biosimilars, targeting blockbuster reference products including adalimumab (originally branded Humira), bevacizumab (Avastin) and ustekinumab (Stelara).