Alvotech (NASDAQ:ALVO) Hits New 1-Year Low – Here’s Why

Shares of Alvotech (NASDAQ:ALVO) hit a new 52-week low during trading on Thursday . The company traded as low as $9.15 and last traded at $9.19, with a volume of 168910 shares trading hands. The stock had previously closed at $9.64.

Wall Street Analyst Weigh In

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

Alvotech Stock Down 4.7 %

The company has a market capitalization of $2.77 billion, a P/E ratio of -4.97 and a beta of -0.16. The business’s 50-day moving average is $11.74 and its two-hundred day moving average is $12.14.

Alvotech (NASDAQ:ALVO) last issued its quarterly earnings results on Wednesday, March 26th. The company reported ($0.24) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.74) by $0.50. The company had revenue of $153.34 million for the quarter, compared to analysts’ expectations of $97.99 million. Analysts predict that Alvotech will post -0.07 EPS for the current year.

Institutional Investors Weigh In On Alvotech

A number of hedge funds have recently made changes to their positions in ALVO. BNP Paribas Financial Markets bought a new stake in shares of Alvotech in the fourth quarter worth about $66,000. GF Fund Management CO. LTD. bought a new position in shares of Alvotech during the fourth quarter valued at $74,000. Wolverine Asset Management LLC grew 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 valued at $99,000 after buying an additional 1,607 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. purchased a new position in shares of Alvotech in the fourth quarter worth $113,000. Finally, Invesco Ltd. bought a new position in Alvotech during the 4th quarter valued at about $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.