Alvotech (NASDAQ:ALVO) Stock Price Down 6.7% – Time to Sell?

Alvotech (NASDAQ:ALVO)’s share price fell 6.7% during trading on Wednesday . The stock traded as low as $11.81 and last traded at $11.74. 83,811 shares were traded during mid-day trading, a decline of 52% from the average session volume of 175,375 shares. The stock had previously closed at $12.58.

Analyst Ratings Changes

Separately, UBS Group assumed coverage on shares of Alvotech in a research report on Friday, February 14th. They set a “buy” rating and a $18.00 target price on the stock.

Alvotech Trading Down 6.9 %

The business’s 50-day simple moving average is $12.75 and its 200-day simple moving average is $12.21. The company has a market capitalization of $3.53 billion, a PE ratio of -6.33 and a beta of -0.19.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the business. Geode Capital Management LLC grew its position in 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 purchasing an additional 21,022 shares during the period. China Universal Asset Management Co. Ltd. purchased a new position in Alvotech during the fourth quarter valued at approximately $748,000. Mirae Asset Global Investments Co. Ltd. acquired a new position in Alvotech in the fourth quarter valued at approximately $113,000. Tempus Wealth Planning LLC purchased a new stake in Alvotech in the 4th quarter worth approximately $310,000. Finally, Wolverine Asset Management LLC purchased a new stake in Alvotech in the 3rd quarter worth approximately $70,000.

About Alvotech

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.