Alvotech (NASDAQ:ALVO) Sees Unusually-High Trading Volume – Here’s What Happened

Alvotech (NASDAQ:ALVO) saw unusually-strong trading volume on Tuesday . Approximately 469,273 shares changed hands during mid-day trading, an increase of 66% from the previous session’s volume of 283,484 shares.The stock last traded at $5.0650 and had previously closed at $5.03.

Analysts Set New Price Targets

ALVO has been the topic of a number of recent research reports. Zacks Research lowered shares of Alvotech from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, October 21st. Morgan Stanley set a $14.00 price target on Alvotech and gave the company an “overweight” rating in a research report on Tuesday, October 14th. Deutsche Bank Aktiengesellschaft reissued a “hold” rating and set a $8.00 price objective (down from $14.00) on shares of Alvotech in a research report on Tuesday. Northland Securities set a $10.00 price objective on shares of Alvotech in a research report on Tuesday. Finally, UBS Group lowered their price objective on Alvotech from $16.00 to $14.00 and set a “buy” rating for the company in a research report on Friday, July 18th. Two analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, Alvotech presently has a consensus rating of “Hold” and an average price target of $11.50.

Alvotech Stock Up 3.7%

The firm has a market capitalization of $1.53 billion, a price-to-earnings ratio of 22.00 and a beta of 0.10. The company has a fifty day moving average price of $7.96 and a two-hundred day moving average price of $8.77.

Alvotech (NASDAQ:ALVO) last issued its quarterly earnings results on Wednesday, August 13th. The company reported $0.14 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.26) by $0.40. Alvotech had a net margin of 11.26% and a negative return on equity of 38.36%. The firm had revenue of $116.02 million during the quarter, compared to analysts’ expectations of $120.51 million. On average, equities analysts anticipate that Alvotech will post -0.07 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Alvotech

Hedge funds have recently modified their holdings of the stock. Vanguard Group Inc. increased its stake in Alvotech by 31.1% in the 1st quarter. Vanguard Group Inc. now owns 4,192,461 shares of the company’s stock valued at $40,306,000 after buying an additional 995,538 shares during the period. Legal & General Group Plc boosted its holdings in shares of Alvotech by 17.0% in the second quarter. Legal & General Group Plc now owns 657,742 shares of the company’s stock valued at $6,028,000 after acquiring an additional 95,331 shares in the last quarter. Geode Capital Management LLC increased its stake in shares of Alvotech by 0.7% during the second quarter. Geode Capital Management LLC now owns 230,291 shares of the company’s stock worth $2,100,000 after acquiring an additional 1,574 shares during the period. Gilder Gagnon Howe & Co. LLC purchased a new position in Alvotech during the second quarter worth about $1,782,000. Finally, Norges Bank acquired a new stake in Alvotech in the second quarter valued at about $1,656,000.

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.