Alvotech (NASDAQ:ALVO) Stock Price Down 6.7% – Here’s What Happened

Alvotech (NASDAQ:ALVO) fell 6.7% on Monday . The company traded as low as $3.77 and last traded at $3.78. 336,143 shares were traded during trading, a decline of 47% from the average session volume of 636,458 shares. The stock had previously closed at $4.05.

Wall Street Analyst Weigh In

Several research analysts have recently commented on the company. Weiss Ratings downgraded Alvotech from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Tuesday, June 9th. Evercore assumed coverage on shares of Alvotech in a research report on Friday. They set an “outperform” rating for the company. Finally, Wall Street Zen downgraded shares of Alvotech from a “hold” rating to a “sell” rating in a report on Saturday, May 23rd. Three research analysts have rated the stock with a Buy rating, two have issued a Hold rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat, Alvotech presently has a consensus rating of “Hold” and a consensus target price of $7.60.

Alvotech Stock Up 1.5%

The company has a market cap of $1.19 billion, a P/E ratio of -15.76 and a beta of 0.18. The stock has a 50 day moving average price of $3.66 and a two-hundred day moving average price of $3.76.

Institutional Investors Weigh In On Alvotech

Institutional investors have recently modified their holdings of the business. Renaissance Technologies LLC increased its position in Alvotech by 146.9% during the first quarter. Renaissance Technologies LLC now owns 63,200 shares of the company’s stock worth $217,000 after acquiring an additional 37,600 shares during the period. Invesco Ltd. grew its position in shares of Alvotech by 57.5% during the 4th quarter. Invesco Ltd. now owns 73,360 shares of the company’s stock worth $376,000 after purchasing an additional 26,784 shares in the last quarter. Millennium Management LLC increased its holdings in shares of Alvotech by 1,707.7% during the fourth quarter. Millennium Management LLC now owns 357,176 shares of the company’s stock worth $1,832,000 after purchasing an additional 337,417 shares during the period. Stifel Financial Corp bought a new position in shares of Alvotech during the fourth quarter worth approximately $108,000. Finally, Jane Street Group LLC acquired a new stake in shares of Alvotech in the fourth quarter valued at approximately $474,000.

About Alvotech

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).