Alvotech (NASDAQ:ALVO) Now Covered by UBS Group

UBS Group initiated coverage on shares of Alvotech (NASDAQ:ALVO) in a research report report published on Friday, MarketBeat Ratings reports. The brokerage issued a buy rating and a $18.00 price objective on the stock.

Alvotech Stock Up 1.6 %

Alvotech stock opened at $12.99 on Friday. Alvotech has a 1-year low of $9.15 and a 1-year high of $18.00. The firm’s 50 day simple moving average is $12.69 and its 200 day simple moving average is $12.18.

Hedge Funds Weigh In On Alvotech

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Geode Capital Management LLC grew its stake in Alvotech by 11.2% in the 3rd quarter. Geode Capital Management LLC now owns 209,257 shares of the company’s stock worth $2,490,000 after buying an additional 21,022 shares in the last quarter. China Universal Asset Management Co. Ltd. purchased a new position in Alvotech in the 4th quarter worth approximately $748,000. Tempus Wealth Planning LLC purchased a new position in Alvotech in the 4th quarter worth approximately $310,000. Mirae Asset Global Investments Co. Ltd. purchased a new position in Alvotech in the 4th quarter worth approximately $113,000. Finally, Wolverine Asset Management LLC purchased a new position in Alvotech in the 3rd quarter worth approximately $70,000.

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.