Alvotech (NASDAQ:ALVO) Sees Unusually-High Trading Volume – Still a Buy?

Alvotech (NASDAQ:ALVO) saw unusually-high trading volume on Monday . Approximately 304,265 shares traded hands during trading, an increase of 64% from the previous session’s volume of 184,975 shares.The stock last traded at $12.42 and had previously closed at $12.72.

Alvotech Trading Down 2.4 %

The firm has a market cap of $3.74 billion, a P/E ratio of -6.71 and a beta of -0.19. The stock’s fifty day moving average is $12.51 and its two-hundred day moving average is $12.13.

Hedge Funds Weigh In On Alvotech

Institutional investors have recently added to or reduced their stakes in the business. PointState Capital LP raised its position in Alvotech by 3.6% during the third quarter. PointState Capital LP now owns 756,553 shares of the company’s stock valued at $9,003,000 after purchasing an additional 26,481 shares in the last quarter. Geode Capital Management LLC grew its holdings in shares of Alvotech by 11.2% in the third quarter. Geode Capital Management LLC now owns 209,257 shares of the company’s stock worth $2,490,000 after purchasing an additional 21,022 shares during the last quarter. Royce & Associates LP increased its position in shares of Alvotech by 39.4% in the third quarter. Royce & Associates LP now owns 131,000 shares of the company’s stock valued at $1,559,000 after acquiring an additional 37,000 shares during the period. China Universal Asset Management Co. Ltd. purchased a new position in Alvotech during the 4th quarter valued at about $748,000. Finally, Tempus Wealth Planning LLC bought a new position in shares of Alvotech during the fourth quarter valued at approximately $310,000.

About Alvotech

Alvotech, through its subsidiaries, develops and manufactures biosimilar medicines for patients worldwide. It offers biosimilar products in the therapeutic areas of autoimmune, eye, and bone disorders, as well as cancer. The company's lead program is AVT02, a high concentration formulation biosimilar to Humira to treat various inflammatory conditions, including rheumatoid arthritis, psoriatic arthritis, Crohn's disease, ulcerative colitis, plaque psoriasis, and other indications; AVT04, a biosimilar to Stelara to treat various inflammatory conditions comprising psoriatic arthritis, Crohn's disease, ulcerative colitis, plaque psoriasis, and other indications; AVT06, a biosimilar to Eylea to treat various conditions, such as age-related macular degeneration, macular edema, and diabetic retinopathy; and AVT03, a biosimilar to Xgeva and Prolia, which is in the pre-clinical phase to treat prevent bone fracture, spinal cord compression, and the need for radiation or bone surgery in patients with certain types of cancer, as well as prevent bone loss and increase bone mass.