Alvotech (NASDAQ:ALVO) Shares Up 13.5% – Here’s What Happened

Alvotech (NASDAQ:ALVO)’s stock price rose 13.5% during mid-day trading on Wednesday . The company traded as high as $3.27 and last traded at $3.5180. 166,172 shares traded hands during mid-day trading, a decline of 72% from the average daily volume of 602,957 shares. The stock had previously closed at $3.10.

Wall Street Analyst Weigh In

Several research analysts recently commented on ALVO shares. Weiss Ratings downgraded Alvotech from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Tuesday, June 9th. Wall Street Zen cut shares of Alvotech from a “hold” rating to a “sell” rating in a research note on Saturday, May 23rd. Two investment analysts have rated the stock with a Buy rating, two have issued a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat.com, Alvotech presently has an average rating of “Hold” and an average target price of $7.60.

Alvotech Stock Up 15.0%

The business has a 50-day moving average price of $3.55 and a 200-day moving average price of $3.88. The firm has a market capitalization of $1.08 billion, a PE ratio of -14.23 and a beta of 0.19.

Alvotech (NASDAQ:ALVO) last posted its quarterly earnings results on Tuesday, March 31st. The company reported ($0.09) EPS for the quarter. The company had revenue of $105.90 million during the quarter. Alvotech had a negative net margin of 14.36% and a negative return on equity of 11.92%. On average, equities research analysts anticipate that Alvotech will post 0.05 earnings per share for the current year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the company. ProShare Advisors LLC grew its holdings in shares of Alvotech by 24.0% in the fourth quarter. ProShare Advisors LLC now owns 13,826 shares of the company’s stock valued at $71,000 after purchasing an additional 2,675 shares during the period. Mirae Asset Global Investments Co. Ltd. raised its stake in Alvotech by 25.7% during the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 15,211 shares of the company’s stock worth $78,000 after purchasing an additional 3,110 shares during the period. Magnetar Financial LLC acquired a new position in Alvotech in the 3rd quarter valued at about $86,000. Orion Porfolio Solutions LLC acquired a new position in Alvotech in the 3rd quarter valued at about $92,000. Finally, Stifel Financial Corp purchased a new stake in shares of Alvotech in the 4th quarter valued at approximately $108,000.

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).