Alvotech (NASDAQ:ALVO) Shares Gap Down – Here’s Why

Alvotech (NASDAQ:ALVO)’s share price gapped down before the market opened 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 firm has a 50 day moving average price of $12.53 and a 200 day moving average price of $12.14. The stock has a market cap of $3.80 billion, a PE ratio of -6.70 and a beta of -0.19.

Hedge Funds Weigh In On Alvotech

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Geode Capital Management LLC lifted 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 worth $2,490,000 after acquiring an additional 21,022 shares in the last quarter. China Universal Asset Management Co. Ltd. acquired a new stake in Alvotech during the 4th quarter worth approximately $748,000. Tempus Wealth Planning LLC acquired a new stake in shares of Alvotech in the 4th quarter valued at approximately $310,000. Wolverine Asset Management LLC acquired a new stake in shares of Alvotech in the 3rd quarter valued at approximately $70,000. Finally, PointState Capital LP increased its stake in Alvotech by 3.6% in the 3rd quarter. PointState Capital LP now owns 756,553 shares of the company’s stock valued at $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.