Alvotech (NASDAQ:ALVO) Reaches New 12-Month Low – Here’s What Happened

Alvotech (NASDAQ:ALVO) shares reached a new 52-week low during mid-day trading on Thursday . The stock traded as low as $4.21 and last traded at $4.2050, with a volume of 158582 shares trading hands. The stock had previously closed at $4.37.

Analyst Upgrades and Downgrades

A number of analysts have recently commented on ALVO shares. Weiss Ratings reiterated a “sell (e+)” rating on shares of Alvotech in a research note on Wednesday, January 21st. Morgan Stanley set a $10.00 target price on shares of Alvotech in a report on Wednesday, December 3rd. Wall Street Zen lowered shares of Alvotech from a “hold” rating to a “sell” rating in a research note on Saturday, November 22nd. Northland Securities set a $10.00 price target on Alvotech in a report on Tuesday, November 4th. Finally, Deutsche Bank Aktiengesellschaft restated a “hold” rating and issued a $8.00 price target (down from $14.00) on shares of Alvotech in a research note on Tuesday, November 4th. Two investment analysts have rated the stock with a Buy rating, two have assigned a Hold rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $8.60.

Alvotech Trading Down 6.4%

The firm has a 50 day moving average price of $5.03 and a 200 day moving average price of $6.55. The stock has a market capitalization of $1.23 billion, a PE ratio of 17.92 and a beta of 0.12.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the company. Norges Bank bought a new position in shares of Alvotech in the second quarter worth about $1,656,000. Wolverine Asset Management LLC lifted its holdings in Alvotech by 158.8% in the 2nd quarter. Wolverine Asset Management LLC now owns 24,028 shares of the company’s stock worth $219,000 after purchasing an additional 14,742 shares in the last quarter. Legal & General Group Plc boosted its stake in Alvotech by 17.0% in the 2nd quarter. Legal & General Group Plc now owns 657,742 shares of the company’s stock worth $6,028,000 after purchasing an additional 95,331 shares during the period. Mirae Asset Global Investments Co. Ltd. grew its holdings in Alvotech by 25.7% during 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 in the last quarter. Finally, Tempus Wealth Planning LLC raised its position in shares of Alvotech by 59.4% during the fourth quarter. Tempus Wealth Planning LLC now owns 53,880 shares of the company’s stock valued at $276,000 after buying an additional 20,074 shares during the last quarter.

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).