Citadel Advisors LLC Makes New $6.38 Million Investment in Alvotech $ALVO

Citadel Advisors LLC bought a new stake in shares of Alvotech (NASDAQ:ALVO) during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm bought 1,728,002 shares of the company’s stock, valued at approximately $6,376,000. Citadel Advisors LLC owned approximately 0.57% of Alvotech at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently made changes to their positions in the stock. Renaissance Technologies LLC increased its holdings in shares of Alvotech by 146.9% during the 1st quarter. Renaissance Technologies LLC now owns 63,200 shares of the company’s stock valued at $217,000 after acquiring an additional 37,600 shares during the last quarter. Invesco Ltd. lifted its holdings in Alvotech by 57.5% in the 4th quarter. Invesco Ltd. now owns 73,360 shares of the company’s stock worth $376,000 after purchasing an additional 26,784 shares during the last quarter. Millennium Management LLC boosted its position in Alvotech by 1,707.7% during the fourth quarter. Millennium Management LLC now owns 357,176 shares of the company’s stock worth $1,832,000 after purchasing an additional 337,417 shares during the period. Stifel Financial Corp bought a new stake in Alvotech during the fourth quarter worth approximately $108,000. Finally, Jane Street Group LLC acquired a new position in Alvotech during the fourth quarter valued at approximately $474,000.

Analysts Set New Price Targets

ALVO has been the subject of a number of analyst reports. Evercore assumed coverage on shares of Alvotech in a research note on Friday, August 14th. They issued an “outperform” rating for the company. Weiss Ratings raised shares of Alvotech from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Monday, August 31st. Bank of America assumed coverage on shares of Alvotech in a report on Monday, August 24th. They set a “buy” rating and a $7.00 price target for the company. Finally, Wall Street Zen downgraded Alvotech from a “hold” rating to a “sell” rating in a research report on Saturday, May 23rd. Four research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and two have given a Sell rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $7.50.

Alvotech Price Performance

Shares of Alvotech stock opened at $5.32 on Tuesday. Alvotech has a fifty-two week low of $2.94 and a fifty-two week high of $9.25. The firm has a fifty day moving average price of $3.96 and a two-hundred day moving average price of $3.75. The company has a market cap of $1.61 billion, a PE ratio of -8.72 and a beta of 0.22.

Alvotech (NASDAQ:ALVO) last posted its quarterly earnings data on Thursday, August 20th. The company reported ($0.11) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.05) by ($0.06). Alvotech had a negative return on equity of 11.92% and a negative net margin of 36.31%.The company had revenue of $106.00 million for the quarter, compared to the consensus estimate of $103.00 million. Analysts expect that Alvotech will post 0.01 earnings per share for the current fiscal year.

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).