Alvotech (NASDAQ:ALVO) Stock Price Up 5.5% – Here’s Why

Alvotech (NASDAQ:ALVO) shares shot up 5.5% during mid-day trading on Friday . The stock traded as high as $12.38 and last traded at $12.35. 94,093 shares were traded during trading, a decline of 46% from the average session volume of 174,914 shares. The stock had previously closed at $11.70.

Analyst Upgrades and Downgrades

Separately, UBS Group assumed coverage on shares of Alvotech in a report on Friday, February 14th. They set a “buy” rating and a $18.00 price objective on the stock.

Alvotech Trading Up 5.0 %

The stock has a market cap of $3.70 billion, a PE ratio of -6.64 and a beta of -0.19. The business has a 50-day moving average price of $12.79 and a 200-day moving average price of $12.22.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in ALVO. GF Fund Management CO. LTD. acquired a new position in Alvotech in the 4th quarter valued at $74,000. Vident Advisory LLC acquired a new stake in shares of Alvotech in the 4th quarter worth $268,000. PointState Capital LP increased its position in shares of Alvotech by 64.1% during the 4th quarter. PointState Capital LP now owns 1,241,379 shares of the company’s stock worth $16,423,000 after purchasing an additional 484,826 shares during the last quarter. ProShare Advisors LLC acquired a new stake in shares of Alvotech during the 4th quarter worth about $167,000. Finally, Bank of America Corp DE increased its position in shares of Alvotech by 19.7% during the 4th quarter. Bank of America Corp DE now owns 16,240 shares of the company’s stock worth $215,000 after purchasing an additional 2,677 shares during the last quarter.

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.