Wolverine Asset Management LLC Acquires New Holdings in Alvotech (NASDAQ:ALVO)

Wolverine Asset Management LLC bought a new position in Alvotech (NASDAQ:ALVO) in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 5,841 shares of the company’s stock, valued at approximately $70,000.

Separately, Vanguard Group Inc. boosted its holdings in Alvotech by 2.1% in the first quarter. Vanguard Group Inc. now owns 3,125,784 shares of the company’s stock worth $38,197,000 after purchasing an additional 63,948 shares in the last quarter.

Alvotech Trading Up 1.2 %

Shares of ALVO stock opened at $12.07 on Friday. Alvotech has a 12 month low of $8.90 and a 12 month high of $18.00. The business’s 50 day moving average is $12.08 and its two-hundred day moving average is $12.50.

Alvotech (NASDAQ:ALVO) last announced its earnings results on Thursday, August 15th. The company reported $0.28 EPS for the quarter, topping the consensus estimate of ($0.28) by $0.56. The firm had revenue of $198.75 million during the quarter. During the same quarter in the previous year, the business earned ($0.43) EPS. As a group, research analysts forecast that Alvotech will post -0.67 EPS for the current year.

Analysts Set New Price Targets

Separately, Barclays cut their target price on Alvotech from $22.00 to $18.00 and set an “overweight” rating on the stock in a report on Thursday, July 25th.

Alvotech Company Profile

Alvotech, through its subsidiaries, develops and manufactures biosimilar medicines for patients worldwide. It offers biosimilar products in the therapeutic areas of autoimmune, eye, and bone disorders, as well as cancer. The company's lead program is AVT02, a high concentration formulation biosimilar to Humira to treat various inflammatory conditions, including rheumatoid arthritis, psoriatic arthritis, Crohn's disease, ulcerative colitis, plaque psoriasis, and other indications; AVT04, a biosimilar to Stelara to treat various inflammatory conditions comprising psoriatic arthritis, Crohn's disease, ulcerative colitis, plaque psoriasis, and other indications; AVT06, a biosimilar to Eylea to treat various conditions, such as age-related macular degeneration, macular edema, and diabetic retinopathy; and AVT03, a biosimilar to Xgeva and Prolia, which is in the pre-clinical phase to treat prevent bone fracture, spinal cord compression, and the need for radiation or bone surgery in patients with certain types of cancer, as well as prevent bone loss and increase bone mass.