Alvotech (NASDAQ:ALVO) Reaches New 12-Month Low – Should You Sell?

Shares of Alvotech (NASDAQ:ALVO) hit a new 52-week low on Thursday . The stock traded as low as $9.15 and last traded at $9.19, with a volume of 168910 shares traded. The stock had previously closed at $9.64.

Wall Street Analysts Forecast Growth

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

Alvotech Stock Down 4.7 %

The firm has a market cap of $2.77 billion, a price-to-earnings ratio of -4.97 and a beta of -0.16. The business’s 50-day simple moving average is $11.74 and its two-hundred day simple moving average is $12.14.

Alvotech (NASDAQ:ALVO) last posted its quarterly earnings results on Wednesday, March 26th. The company reported ($0.24) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.74) by $0.50. The business had revenue of $153.34 million for the quarter, compared to analyst estimates of $97.99 million. On average, analysts expect that Alvotech will post -0.07 earnings per share for the current year.

Institutional Investors Weigh In On Alvotech

Hedge funds have recently added to or reduced their stakes in the business. Wolverine Asset Management LLC lifted its position in shares of Alvotech by 27.5% during the 4th quarter. Wolverine Asset Management LLC now owns 7,448 shares of the company’s stock worth $99,000 after purchasing an additional 1,607 shares during the last quarter. Bank of America Corp DE increased its holdings in shares of Alvotech by 19.7% in the 4th 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 during the last quarter. BNP Paribas Financial Markets acquired a new stake in shares of Alvotech during the 4th quarter worth about $66,000. GF Fund Management CO. LTD. purchased a new stake in Alvotech during the fourth quarter worth approximately $74,000. Finally, Geode Capital Management LLC raised its holdings in Alvotech by 4.0% during the fourth quarter. Geode Capital Management LLC now owns 217,587 shares of the company’s stock worth $2,879,000 after purchasing an additional 8,330 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.