Alvotech (NASDAQ:ALVO) Now Covered by UBS Group

UBS Group initiated coverage on shares of Alvotech (NASDAQ:ALVO) in a report released on Friday morning, MarketBeat.com reports. The brokerage issued a buy rating and a $18.00 price objective on the stock.

Alvotech Stock Up 1.6 %

Shares of ALVO stock opened at $12.99 on Friday. Alvotech has a 52 week low of $9.15 and a 52 week high of $18.00. The firm’s 50-day simple moving average is $12.69 and its two-hundred day simple moving average is $12.18.

Institutional Trading of Alvotech

Hedge funds and other institutional investors have recently modified their holdings of the business. Wolverine Asset Management LLC bought a new stake in shares of Alvotech in the third quarter valued at approximately $70,000. Mirae Asset Global Investments Co. Ltd. bought a new stake in shares of Alvotech in the fourth quarter valued at approximately $113,000. Invesco Ltd. bought a new stake in shares of Alvotech in the fourth quarter valued at approximately $148,000. Barclays PLC bought a new stake in shares of Alvotech in the fourth quarter valued at approximately $210,000. Finally, ADAR1 Capital Management LLC bought a new stake in shares of Alvotech in the fourth quarter valued at approximately $273,000.

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.