Alvotech (NASDAQ:ALVO) Stock Price Up 5.5% – Here’s Why

Alvotech (NASDAQ:ALVO) shares rose 5.5% on Friday . The stock traded as high as $12.38 and last traded at $12.35. Approximately 94,093 shares were traded during mid-day trading, a decline of 46% from the average daily volume of 174,914 shares. The stock had previously closed at $11.70.

Wall Street Analyst Weigh In

Separately, UBS Group initiated coverage on shares of Alvotech in a research report on Friday, February 14th. They issued a “buy” rating and a $18.00 price target on the stock.

Alvotech Stock Up 5.0 %

The stock has a market capitalization of $3.70 billion, a PE ratio of -6.64 and a beta of -0.19. The stock’s 50 day moving average price is $12.79 and its 200-day moving average price is $12.22.

Institutional Trading of Alvotech

A number of hedge funds have recently added to or reduced their stakes in the business. GF Fund Management CO. LTD. bought a new position in Alvotech in the fourth quarter worth about $74,000. Vident Advisory LLC bought a new position in Alvotech in the fourth quarter worth about $268,000. PointState Capital LP raised its holdings in Alvotech by 64.1% in the fourth quarter. PointState Capital LP now owns 1,241,379 shares of the company’s stock worth $16,423,000 after purchasing an additional 484,826 shares in the last quarter. ProShare Advisors LLC bought a new position in Alvotech in the fourth quarter worth about $167,000. Finally, Bank of America Corp DE increased its holdings in shares of Alvotech by 19.7% during the fourth quarter. Bank of America Corp DE now owns 16,240 shares of the company’s stock valued at $215,000 after acquiring an additional 2,677 shares in the last quarter.

Alvotech Company Profile

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.