Alvotech (NASDAQ:ALVO) Reaches New 1-Year Low – Here’s What Happened

Alvotech (NASDAQ:ALVO) shares hit a new 52-week low during trading on Monday . The stock traded as low as $3.79 and last traded at $3.83, with a volume of 140920 shares. The stock had previously closed at $3.99.

Analyst Upgrades and Downgrades

Several research analysts have issued reports on ALVO shares. UBS Group dropped their target price on Alvotech from $13.00 to $10.00 and set a “buy” rating on the stock in a research report on Tuesday, November 18th. Northland Securities set a $10.00 price objective on shares of Alvotech in a report on Tuesday, November 4th. Deutsche Bank Aktiengesellschaft restated a “hold” rating and set a $8.00 target price (down from $14.00) on shares of Alvotech in a research report on Tuesday, November 4th. Barclays began coverage on shares of Alvotech in a research report on Monday, December 8th. They issued an “underweight” rating and a $5.00 price target on the stock. Finally, Wall Street Zen downgraded shares of Alvotech from a “hold” rating to a “sell” rating in a research report on Saturday, November 22nd. Two research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and three have issued a Sell rating to the company. According to MarketBeat.com, Alvotech currently has a consensus rating of “Reduce” and a consensus price target of $8.60.

Alvotech Trading Down 4.0%

The company has a market cap of $1.15 billion, a P/E ratio of 16.52 and a beta of 0.16. The business’s 50 day simple moving average is $4.84 and its 200 day simple moving average is $6.25.

Hedge Funds Weigh In On Alvotech

Several large investors have recently made changes to their positions in the business. Millennium Management LLC boosted its stake in shares of Alvotech by 1,707.7% in the fourth quarter. Millennium Management LLC now owns 357,176 shares of the company’s stock worth $1,832,000 after acquiring an additional 337,417 shares during the period. Gilder Gagnon Howe & Co. LLC purchased a new position in Alvotech in the 2nd quarter worth approximately $1,782,000. Norges Bank bought a new position in Alvotech in the 2nd quarter worth approximately $1,656,000. Goldman Sachs Group Inc. grew its holdings in Alvotech by 88.8% during the 4th quarter. Goldman Sachs Group Inc. now owns 259,536 shares of the company’s stock valued at $1,331,000 after buying an additional 122,089 shares in the last quarter. Finally, Vanguard Group Inc. raised its position in shares of Alvotech by 2.7% during the third quarter. Vanguard Group Inc. now owns 4,348,151 shares of the company’s stock valued at $35,481,000 after buying an additional 114,255 shares during the last quarter.

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).