Alvotech (NASDAQ:ALVO) Reaches New 52-Week Low – Here’s What Happened

Alvotech (NASDAQ:ALVO)’s stock price hit a new 52-week low during trading on Thursday . The stock traded as low as $3.42 and last traded at $3.59, with a volume of 402802 shares traded. The stock had previously closed at $3.80.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on the company. Wall Street Zen cut Alvotech from a “hold” rating to a “sell” rating in a report on Saturday, November 22nd. Barclays began coverage on Alvotech in a research report on Monday, December 8th. They set an “underweight” rating and a $5.00 target price on the stock. Morgan Stanley set a $10.00 target price on Alvotech in a report on Wednesday, December 3rd. Zacks Research cut Alvotech from a “hold” rating to a “strong sell” rating in a research report on Wednesday, February 18th. Finally, Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Alvotech in a research note on Wednesday, January 21st. Two equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and three have issued a Sell rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Reduce” and a consensus target price of $8.60.

Alvotech Trading Down 5.3%

The stock has a market capitalization of $1.09 billion, a PE ratio of 15.57 and a beta of 0.16. The company’s 50 day simple moving average is $4.57 and its 200 day simple moving average is $5.92.

Institutional Investors Weigh In On Alvotech

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Geode Capital Management LLC increased its stake in Alvotech by 0.7% in the second quarter. Geode Capital Management LLC now owns 230,291 shares of the company’s stock valued at $2,100,000 after purchasing an additional 1,574 shares during the last quarter. Tempus Wealth Planning LLC boosted its stake in Alvotech by 6.8% in the 3rd quarter. Tempus Wealth Planning LLC now owns 33,806 shares of the company’s stock worth $277,000 after buying an additional 2,154 shares during the last quarter. ProShare Advisors LLC grew its holdings in Alvotech by 24.0% in the 4th quarter. ProShare Advisors LLC now owns 13,826 shares of the company’s stock valued at $71,000 after buying an additional 2,675 shares during the period. Mirae Asset Global Investments Co. Ltd. grew its holdings in 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 buying an additional 3,110 shares during the period. Finally, JPMorgan Chase & Co. increased its stake in shares of Alvotech by 30.4% during the 3rd quarter. JPMorgan Chase & Co. now owns 24,455 shares of the company’s stock valued at $200,000 after acquiring an additional 5,697 shares during the last quarter.

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).