Alvotech (NASDAQ:ALVO) Sees Unusually-High Trading Volume – Should You Buy?

Shares of Alvotech (NASDAQ:ALVO) saw unusually-high trading volume on Monday . Approximately 304,265 shares traded hands during trading, an increase of 64% from the previous session’s volume of 184,975 shares.The stock last traded at $12.42 and had previously closed at $12.72.

Alvotech Stock Down 2.4 %

The firm has a 50 day moving average price of $12.51 and a 200 day moving average price of $12.13. The stock has a market capitalization of $3.74 billion, a PE ratio of -6.71 and a beta of -0.19.

Institutional Investors Weigh In On Alvotech

A number of institutional investors and hedge funds have recently bought and sold shares of ALVO. Wolverine Asset Management LLC grew its stake in shares of Alvotech by 27.5% in the 4th quarter. Wolverine Asset Management LLC now owns 7,448 shares of the company’s stock worth $99,000 after acquiring an additional 1,607 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. purchased a new position in Alvotech during the fourth quarter worth about $113,000. Tempus Wealth Planning LLC purchased a new stake in Alvotech in the 4th quarter valued at about $310,000. China Universal Asset Management Co. Ltd. purchased a new stake in Alvotech in the 4th quarter valued at about $748,000. Finally, Geode Capital Management LLC lifted its position in shares of Alvotech by 11.2% during the 3rd quarter. Geode Capital Management LLC now owns 209,257 shares of the company’s stock worth $2,490,000 after buying an additional 21,022 shares in the last quarter.

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.