Alvotech (NASDAQ:ALVO) Shares Gap Up – Here’s What Happened

Alvotech (NASDAQ:ALVO)’s stock price gapped up prior to trading on Monday . The stock had previously closed at $11.91, but opened at $12.49. Alvotech shares last traded at $12.32, with a volume of 8,221 shares trading hands.

Alvotech Trading Up 5.1 %

The company has a market cap of $3.77 billion, a P/E ratio of -6.77 and a beta of -0.15. The firm has a 50-day moving average of $12.21 and a 200 day moving average of $12.10.

Institutional Investors Weigh In On Alvotech

Several hedge funds and other institutional investors have recently modified their holdings of ALVO. Wolverine Asset Management LLC bought a new stake in Alvotech during the 3rd quarter valued at $70,000. Richmond Brothers Inc. acquired a new stake in shares of Alvotech in the 2nd quarter worth about $170,000. Royce & Associates LP lifted its position in Alvotech by 39.4% in the 3rd 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 in the last quarter. Geode Capital Management LLC boosted its stake in Alvotech by 11.2% during the 3rd quarter. Geode Capital Management LLC now owns 209,257 shares of the company’s stock valued at $2,490,000 after purchasing an additional 21,022 shares during the last quarter. Finally, PointState Capital LP increased its holdings in Alvotech by 3.6% during the 3rd quarter. PointState Capital LP now owns 756,553 shares of the company’s stock worth $9,003,000 after purchasing an additional 26,481 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.