Alvotech (NASDAQ:ALVO) Trading Down 5.7% – Here’s Why

Alvotech (NASDAQ:ALVO)’s stock price fell 5.7% during mid-day trading on Wednesday . The stock traded as low as $4.37 and last traded at $4.3750. 624,309 shares changed hands during mid-day trading, an increase of 65% from the average session volume of 377,814 shares. The stock had previously closed at $4.64.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on ALVO shares. Deutsche Bank Aktiengesellschaft restated a “hold” rating and set a $8.00 price objective (down from $14.00) on shares of Alvotech in a research note on Tuesday, November 4th. Barclays began coverage on shares of Alvotech in a research report on Monday, December 8th. They set an “underweight” rating and a $5.00 price target on the stock. UBS Group reduced their price target on shares of Alvotech from $13.00 to $10.00 and set a “buy” rating for the company in a research note on Tuesday, November 18th. Zacks Research upgraded shares of Alvotech from a “strong sell” rating to a “hold” rating in a research note on Friday, December 19th. Finally, Weiss Ratings reissued a “sell (e+)” rating on shares of Alvotech in a report on Wednesday, January 21st. Two equities research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and two have given a Sell rating to the stock. According to MarketBeat.com, Alvotech has a consensus rating of “Hold” and an average target price of $8.60.

Alvotech Stock Performance

The company’s 50 day moving average price is $5.05 and its 200-day moving average price is $6.56. The company has a market cap of $1.32 billion, a price-to-earnings ratio of 19.00 and a beta of 0.12.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of ALVO. State of Wyoming acquired a new position in Alvotech during the third quarter valued at $54,000. ProShare Advisors LLC grew its stake in Alvotech by 24.0% during the 4th quarter. ProShare Advisors LLC now owns 13,826 shares of the company’s stock valued at $71,000 after acquiring an additional 2,675 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. increased its holdings in shares of Alvotech by 25.7% in the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 15,211 shares of the company’s stock valued at $78,000 after purchasing an additional 3,110 shares during the period. Magnetar Financial LLC acquired a new position in shares of Alvotech in the 3rd quarter valued at about $86,000. Finally, Ulland Investment Advisors LLC purchased a new stake in shares of Alvotech in the third quarter worth approximately $92,000.

Alvotech Company Profile

Alvotech (NASDAQ:ALVO) is a global biopharmaceutical company specializing in the development, manufacturing and commercialization of biosimilar medicines. The company focuses on creating high‐quality, cost‐effective alternatives to established biologic therapies in areas such as immunology, oncology and other specialty care fields. By leveraging in‐house research and a vertically integrated manufacturing platform, Alvotech aims to bring approved biosimilars to market more rapidly and with greater cost efficiency than many traditional biosimilar developers.

Since its founding in 2013, Alvotech has built a diversified pipeline of monoclonal antibody biosimilars, targeting blockbuster reference products including adalimumab (originally branded Humira), bevacizumab (Avastin) and ustekinumab (Stelara).