Alvotech (NASDAQ:ALVO) Trading Down 6.7% – Here’s Why

Alvotech (NASDAQ:ALVO) fell 6.7% during trading on Monday . The stock traded as low as $3.85 and last traded at $3.8420. 111,867 shares changed hands during trading, a decline of 82% from the average session volume of 629,706 shares. The stock had previously closed at $4.12.

Wall Street Analyst Weigh In

ALVO has been the topic of several recent research reports. Wall Street Zen cut shares of Alvotech from a “hold” rating to a “sell” rating in a research note on Saturday, May 23rd. Weiss Ratings cut shares of Alvotech from a “sell (d-)” rating to a “sell (e+)” rating in a report on Tuesday, June 9th. Two investment analysts have rated the stock with a Buy rating, two have assigned a Hold rating and two have given a Sell rating to the stock. According to MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $7.60.

Alvotech Stock Up 1.3%

The company has a fifty day simple moving average of $3.59 and a 200-day simple moving average of $3.84. The firm has a market cap of $1.16 billion, a P/E ratio of -15.36 and a beta of 0.18.

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

Institutional Investors Weigh In On Alvotech

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Renaissance Technologies LLC lifted its holdings in Alvotech by 146.9% during the first quarter. Renaissance Technologies LLC now owns 63,200 shares of the company’s stock valued at $217,000 after purchasing an additional 37,600 shares in the last quarter. Invesco Ltd. raised its position in shares of Alvotech by 57.5% during the 4th quarter. Invesco Ltd. now owns 73,360 shares of the company’s stock valued at $376,000 after purchasing an additional 26,784 shares during the period. Millennium Management LLC raised its position in shares of Alvotech by 1,707.7% during the 4th quarter. Millennium Management LLC now owns 357,176 shares of the company’s stock valued at $1,832,000 after purchasing an additional 337,417 shares during the period. Stifel Financial Corp purchased a new position in shares of Alvotech during the 4th quarter valued at $108,000. Finally, Jane Street Group LLC purchased a new position in shares of Alvotech during the 4th quarter valued at $474,000.

Alvotech Company Profile

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).