Oaktree Capital Management LP Has $14.26 Million Stake in Alvotech $ALVO

Oaktree Capital Management LP decreased its holdings in Alvotech (NASDAQ:ALVO) by 16.3% in the 2nd quarter, HoldingsChannel reports. The firm owned 1,563,676 shares of the company’s stock after selling 304,807 shares during the quarter. Oaktree Capital Management LP’s holdings in Alvotech were worth $14,261,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently bought and sold shares of the business. Wolverine Asset Management LLC raised its holdings in shares of Alvotech by 24.7% in the first quarter. Wolverine Asset Management LLC now owns 9,286 shares of the company’s stock valued at $90,000 after buying an additional 1,838 shares during the last quarter. Invesco Ltd. increased its position in Alvotech by 110.6% in the 1st quarter. Invesco Ltd. now owns 23,604 shares of the company’s stock valued at $228,000 after acquiring an additional 12,394 shares in the last quarter. Vident Advisory LLC raised its stake in shares of Alvotech by 24.7% in the first quarter. Vident Advisory LLC now owns 25,281 shares of the company’s stock worth $244,000 after acquiring an additional 5,009 shares during the last quarter. Tempus Wealth Planning LLC raised its stake in shares of Alvotech by 28.2% in the second quarter. Tempus Wealth Planning LLC now owns 31,652 shares of the company’s stock worth $289,000 after acquiring an additional 6,972 shares during the last quarter. Finally, TBH Global Asset Management LLC lifted its position in shares of Alvotech by 16.4% during the second quarter. TBH Global Asset Management LLC now owns 35,500 shares of the company’s stock worth $324,000 after purchasing an additional 5,000 shares in the last quarter.

Wall Street Analyst Weigh In

Several research firms have issued reports on ALVO. Morgan Stanley set a $10.00 price objective on Alvotech in a report on Wednesday. Northland Securities set a $10.00 price target on Alvotech in a report on Tuesday, November 4th. Zacks Research lowered Alvotech from a “hold” rating to a “strong sell” rating in a research report on Thursday, November 20th. Weiss Ratings restated a “sell (e+)” rating on shares of Alvotech in a research report on Wednesday, October 8th. Finally, Wall Street Zen cut Alvotech from a “hold” rating to a “sell” rating in a research note on Saturday, November 22nd. Two equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $9.50.

Alvotech Price Performance

Shares of Alvotech stock opened at $5.07 on Friday. Alvotech has a 1 year low of $4.32 and a 1 year high of $13.70. The company has a market capitalization of $1.53 billion, a price-to-earnings ratio of 22.04 and a beta of 0.13. The business has a fifty day simple moving average of $6.81 and a two-hundred day simple moving average of $8.27.

Alvotech (NASDAQ:ALVO) last announced its earnings results on Wednesday, November 12th. The company reported ($0.02) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.05 by ($0.07). The business had revenue of $113.95 million during the quarter, compared to the consensus estimate of $116.80 million. Alvotech had a net margin of 12.12% and a negative return on equity of 26.10%. As a group, equities analysts anticipate that Alvotech will post -0.07 earnings per share for the current fiscal year.

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.