Alvotech (NASDAQ:ALVO) Stock Price Down 7.6% – Here’s What Happened

Alvotech (NASDAQ:ALVO) shares dropped 7.6% on Thursday . The stock traded as low as $10.50 and last traded at $10.68. Approximately 88,736 shares changed hands during mid-day trading, a decline of 35% from the average daily volume of 136,431 shares. The stock had previously closed at $11.55.

Analysts Set New Price Targets

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

Alvotech Price Performance

The firm has a market cap of $2.88 billion, a price-to-earnings ratio of -5.16 and a beta of -0.16. The firm has a fifty day simple moving average of $11.97 and a two-hundred day simple moving average of $12.15.

Alvotech (NASDAQ:ALVO) last released its earnings results on Wednesday, March 26th. The company reported ($0.24) EPS for the quarter, topping analysts’ consensus estimates of ($0.74) by $0.50. The company had revenue of $153.34 million during the quarter, compared to analyst estimates of $97.99 million. Equities analysts anticipate that Alvotech will post -0.07 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Alvotech

A number of large investors have recently made changes to their positions in the stock. BNP Paribas Financial Markets acquired a new stake in Alvotech during the 4th quarter worth about $66,000. GF Fund Management CO. LTD. purchased a new position in shares of Alvotech in the fourth quarter worth about $74,000. Wolverine Asset Management LLC lifted its holdings in shares of Alvotech by 27.5% during the fourth quarter. Wolverine Asset Management LLC now owns 7,448 shares of the company’s stock worth $99,000 after purchasing an additional 1,607 shares during the period. Mirae Asset Global Investments Co. Ltd. purchased a new stake in Alvotech in the fourth quarter valued at approximately $113,000. Finally, Invesco Ltd. acquired a new position in Alvotech in the 4th quarter worth approximately $148,000.

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.