Alvotech (NASDAQ:ALVO) Sees Large Volume Increase – Here’s What Happened

Alvotech (NASDAQ:ALVO) saw an uptick in trading volume on Thursday . Approximately 740,220 shares changed hands during trading, an increase of 23% from the previous session’s volume of 602,097 shares.The stock last traded at $3.15 and had previously closed at $3.19.

Analysts Set New Price Targets

Several equities analysts recently commented on the company. Wall Street Zen lowered Alvotech from a “hold” rating to a “sell” rating in a report on Saturday, May 23rd. Weiss Ratings cut Alvotech from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Tuesday, June 9th. Two research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat, Alvotech presently has a consensus rating of “Hold” and a consensus target price of $7.60.

Alvotech Price Performance

The company’s 50 day simple moving average is $3.55 and its 200 day simple moving average is $3.91. The company has a market capitalization of $923.54 million, a PE ratio of -12.24 and a beta of 0.19.

Alvotech (NASDAQ:ALVO) last issued its quarterly earnings data on Tuesday, March 31st. The company reported ($0.09) earnings per share 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 for the quarter. On average, equities analysts forecast that Alvotech will post 0.05 EPS for the current year.

Institutional Investors Weigh In On Alvotech

A number of institutional investors and hedge funds have recently bought and sold shares of ALVO. Geode Capital Management LLC boosted its stake in Alvotech by 0.7% in the second quarter. Geode Capital Management LLC now owns 230,291 shares of the company’s stock valued at $2,100,000 after acquiring an additional 1,574 shares in the last quarter. ProShare Advisors LLC increased its position 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. lifted its holdings in shares of Alvotech by 25.7% in the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 15,211 shares of the company’s stock valued at $78,000 after purchasing an additional 3,110 shares during the last quarter. JPMorgan Chase & Co. lifted its holdings in shares of Alvotech by 30.4% in the 3rd quarter. JPMorgan Chase & Co. now owns 24,455 shares of the company’s stock valued at $200,000 after purchasing an additional 5,697 shares during the last quarter. Finally, Amundi boosted its position in shares of Alvotech by 71.0% in the 3rd quarter. Amundi now owns 19,416 shares of the company’s stock valued at $167,000 after purchasing an additional 8,059 shares during the period.

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).