Citadel Advisors LLC Takes Position in Alvotech $ALVO

Citadel Advisors LLC acquired a new position in shares of Alvotech (NASDAQ:ALVO) in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm acquired 1,728,002 shares of the company’s stock, valued at approximately $6,376,000.

Other institutional investors have also made changes to their positions in the company. Vanguard Group Inc. raised its position in Alvotech by 2.7% in the third quarter. Vanguard Group Inc. now owns 4,348,151 shares of the company’s stock worth $35,481,000 after purchasing an additional 114,255 shares in the last quarter. Millennium Management LLC grew its stake in shares of Alvotech by 1,707.7% in 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. Goldman Sachs Group Inc. grew its stake in shares of Alvotech by 88.8% in the 4th quarter. Goldman Sachs Group Inc. now owns 259,536 shares of the company’s stock valued at $1,331,000 after purchasing an additional 122,089 shares during the period. Geode Capital Management LLC raised its holdings in shares of Alvotech by 10.7% in the 4th quarter. Geode Capital Management LLC now owns 254,921 shares of the company’s stock worth $1,308,000 after buying an additional 24,667 shares in the last quarter. Finally, Gilder Gagnon Howe & Co. LLC acquired a new position in shares of Alvotech in the 2nd quarter worth approximately $1,782,000.

Alvotech Price Performance

ALVO stock opened at $5.32 on Tuesday. The business has a fifty day moving average price of $3.96 and a 200 day moving average price of $3.75. Alvotech has a fifty-two week low of $2.94 and a fifty-two week high of $9.25. The stock has a market capitalization of $1.61 billion, a price-to-earnings 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) EPS for the quarter, missing analysts’ consensus estimates of ($0.05) by ($0.06). The business had revenue of $106.00 million during the quarter, compared to analyst estimates of $103.00 million. Alvotech had a negative return on equity of 11.92% and a negative net margin of 36.31%. On average, equities analysts expect that Alvotech will post 0.01 earnings per share for the current fiscal year.

Analyst Ratings Changes

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

Alvotech 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).