Alvotech (NASDAQ:ALVO) Shares Gap Down – Should You Sell?

Alvotech (NASDAQ:ALVO)’s stock price gapped down prior to trading on Tuesday . The stock had previously closed at $12.38, but opened at $12.05. Alvotech shares last traded at $12.35, with a volume of 5,105 shares trading hands.

Alvotech Stock Up 0.4 %

The company has a market capitalization of $3.80 billion, a price-to-earnings ratio of -6.70 and a beta of -0.19. The stock’s 50-day moving average price is $12.53 and its 200-day moving average price is $12.14.

Institutional Trading of Alvotech

A number of large investors have recently added to or reduced their stakes in ALVO. Wolverine Asset Management LLC bought a new position in Alvotech in the 3rd quarter valued at about $70,000. Mirae Asset Global Investments Co. Ltd. bought a new stake in shares of Alvotech in the 4th quarter worth $113,000. Tempus Wealth Planning LLC purchased a new stake in Alvotech during the fourth quarter worth about $310,000. China Universal Asset Management Co. Ltd. bought a new position in shares of Alvotech in the fourth quarter valued at approximately $748,000. Finally, Royce & Associates LP boosted 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.

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.