Oaktree Capital Management LP Has $823,000 Stock Holdings in Alvotech $ALVO

Oaktree Capital Management LP lowered its stake in shares of Alvotech (NASDAQ:ALVO) by 55.0% in the first quarter, HoldingsChannel reports. The institutional investor owned 240,038 shares of the company’s stock after selling 293,618 shares during the period. Oaktree Capital Management LP’s holdings in Alvotech were worth $823,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also modified their holdings of the company. Vanguard Group Inc. grew its stake in Alvotech by 2.7% in the third quarter. Vanguard Group Inc. now owns 4,348,151 shares of the company’s stock valued at $35,481,000 after purchasing an additional 114,255 shares in the last quarter. Millennium Management LLC increased its holdings in Alvotech by 1,707.7% in the fourth quarter. Millennium Management LLC now owns 357,176 shares of the company’s stock worth $1,832,000 after buying an additional 337,417 shares during the last quarter. Goldman Sachs Group Inc. raised its position in Alvotech by 88.8% during the fourth quarter. Goldman Sachs Group Inc. now owns 259,536 shares of the company’s stock valued at $1,331,000 after acquiring an additional 122,089 shares in the last quarter. Geode Capital Management LLC raised its position in Alvotech by 10.7% during the fourth quarter. Geode Capital Management LLC now owns 254,921 shares of the company’s stock valued at $1,308,000 after acquiring an additional 24,667 shares in the last quarter. Finally, Gilder Gagnon Howe & Co. LLC acquired a new stake in Alvotech in the second quarter valued at approximately $1,782,000.

Alvotech Price Performance

ALVO stock opened at $3.53 on Thursday. The stock has a market capitalization of $1.07 billion, a price-to-earnings ratio of -14.12 and a beta of 0.19. The company has a 50-day moving average of $3.55 and a two-hundred day moving average of $3.87. Alvotech has a 52-week low of $2.94 and a 52-week high of $9.73.

Alvotech (NASDAQ:ALVO) last announced 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 net margin of 14.36% and a negative return on equity of 11.92%. Equities analysts expect that Alvotech will post 0.05 EPS for the current fiscal year.

Wall Street Analyst Weigh In

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

Alvotech 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).