Alvotech (NASDAQ:ALVO) Hits New 52-Week Low – Time to Sell?

Alvotech (NASDAQ:ALVO)’s share price hit a new 52-week low during trading on Thursday . The company traded as low as $3.58 and last traded at $3.6240, with a volume of 555363 shares changing hands. The stock had previously closed at $3.73.

Analysts Set New Price Targets

A number of brokerages have issued reports on ALVO. Barclays began coverage on shares of Alvotech in a research note on Monday, December 8th. They set an “underweight” rating and a $5.00 price target on the stock. Weiss Ratings reissued a “sell (e+)” rating on shares of Alvotech in a research note on Wednesday, January 21st. Wall Street Zen cut shares of Alvotech from a “hold” rating to a “sell” rating in a report on Saturday, November 22nd. Zacks Research lowered shares of Alvotech from a “hold” rating to a “strong sell” rating in a report on Wednesday, February 18th. Finally, Morgan Stanley set a $10.00 price target on shares of Alvotech in a research report on Wednesday, December 3rd. Two equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and three have given a Sell rating to the company. Based on data from MarketBeat, the stock has an average rating of “Reduce” and an average target price of $8.60.

Alvotech Stock Down 4.2%

The firm has a market capitalization of $1.08 billion, a price-to-earnings ratio of 15.54 and a beta of 0.16. The stock has a 50-day moving average price of $4.69 and a 200 day moving average price of $6.07.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Geode Capital Management LLC increased its position in shares of Alvotech by 0.7% in the 2nd quarter. Geode Capital Management LLC now owns 230,291 shares of the company’s stock valued at $2,100,000 after purchasing an additional 1,574 shares during the last quarter. Tempus Wealth Planning LLC lifted its position in shares of Alvotech by 6.8% during the 3rd quarter. Tempus Wealth Planning LLC now owns 33,806 shares of the company’s stock worth $277,000 after purchasing an additional 2,154 shares during the last quarter. ProShare Advisors LLC grew its stake in shares of Alvotech by 24.0% during the fourth quarter. ProShare Advisors LLC now owns 13,826 shares of the company’s stock worth $71,000 after purchasing an additional 2,675 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. grew its stake in shares of 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 in the last quarter. Finally, JPMorgan Chase & Co. increased its holdings in Alvotech by 30.4% in the third quarter. JPMorgan Chase & Co. now owns 24,455 shares of the company’s stock valued at $200,000 after buying an additional 5,697 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).