PointState Capital LP Has $16.42 Million Stock Holdings in Alvotech (NASDAQ:ALVO)

PointState Capital LP raised its holdings in shares of Alvotech (NASDAQ:ALVO) by 64.1% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 1,241,379 shares of the company’s stock after buying an additional 484,826 shares during the quarter. PointState Capital LP owned about 0.41% of Alvotech worth $16,423,000 as of its most recent SEC filing.

Other hedge funds also recently modified their holdings of the company. BNP Paribas Financial Markets acquired a new stake in Alvotech during the fourth quarter worth $66,000. Wolverine Asset Management LLC increased its stake in Alvotech by 27.5% in the fourth quarter. Wolverine Asset Management LLC now owns 7,448 shares of the company’s stock valued at $99,000 after acquiring an additional 1,607 shares during the period. Mirae Asset Global Investments Co. Ltd. bought a new position in shares of Alvotech during the 4th quarter worth approximately $113,000. Invesco Ltd. acquired a new stake in shares of Alvotech in the fourth quarter valued at approximately $148,000. Finally, ProShare Advisors LLC bought a new position in Alvotech in the 4th quarter worth approximately $167,000.

Alvotech Trading Down 0.6%

Shares of NASDAQ:ALVO opened at $10.50 on Thursday. Alvotech has a 1-year low of $7.35 and a 1-year high of $14.65. The stock has a market capitalization of $3.17 billion, a P/E ratio of -5.68 and a beta of -0.02. The business has a 50-day moving average price of $9.41 and a two-hundred day moving average price of $11.37.

Alvotech (NASDAQ:ALVO) last issued its quarterly earnings results on Wednesday, May 7th. The company reported $0.35 EPS for the quarter, topping the consensus estimate of ($0.17) by $0.52. As a group, equities analysts predict that Alvotech will post -0.07 EPS for the current year.

Analyst Upgrades and Downgrades

Separately, UBS Group began coverage on Alvotech in a research report on Friday, February 14th. They issued a “buy” rating and a $18.00 price objective on the stock.

Alvotech 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.