Alvotech (NASDAQ:ALVO) Stock Price Down 7.8% – Here’s What Happened

Alvotech (NASDAQ:ALVO)’s share price traded down 7.8% during trading on Wednesday . The stock traded as low as $3.24 and last traded at $3.2450. Approximately 922,223 shares traded hands during trading, an increase of 53% from the average daily volume of 601,939 shares. The stock had previously closed at $3.52.

Wall Street Analyst Weigh In

A number of analysts have commented on the stock. Weiss Ratings downgraded shares of Alvotech from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Tuesday, June 9th. Wall Street Zen cut shares of Alvotech from a “hold” rating to a “sell” rating in a report on Saturday, May 23rd. Two research analysts have rated the stock with a Buy rating, two have given a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $7.60.

Alvotech Trading Down 0.3%

The business’s fifty day moving average is $3.56 and its 200 day moving average is $3.92. The firm has a market capitalization of $959.76 million, a P/E ratio of -12.72 and a beta of 0.19.

Alvotech (NASDAQ:ALVO) last issued its earnings results on Tuesday, March 31st. The company reported ($0.09) earnings per share for the quarter. The business had revenue of $105.90 million for the quarter. Alvotech had a negative return on equity of 11.92% and a negative net margin of 14.36%. As a group, sell-side analysts predict that Alvotech will post 0.05 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Alvotech

Several large investors have recently modified their holdings of the stock. Vanguard Group Inc. raised its position in shares of Alvotech by 2.7% during the third quarter. Vanguard Group Inc. now owns 4,348,151 shares of the company’s stock worth $35,481,000 after purchasing an additional 114,255 shares during the period. Millennium Management LLC lifted 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 valued at $1,832,000 after purchasing an additional 337,417 shares during the last quarter. Goldman Sachs Group Inc. boosted its position in shares of Alvotech by 88.8% in the 4th quarter. Goldman Sachs Group Inc. now owns 259,536 shares of the company’s stock valued at $1,331,000 after purchasing an additional 122,089 shares during the period. Geode Capital Management LLC boosted its position in shares of Alvotech by 10.7% in the 4th quarter. Geode Capital Management LLC now owns 254,921 shares of the company’s stock valued at $1,308,000 after purchasing an additional 24,667 shares during the period. Finally, Gilder Gagnon Howe & Co. LLC purchased a new position in Alvotech in the 2nd quarter worth about $1,782,000.

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).