Alvotech (NASDAQ:ALVO – Get Free Report) shares were down 6.7% during mid-day trading on Monday . The stock traded as low as $3.77 and last traded at $3.78. Approximately 336,143 shares traded hands during trading, a decline of 47% from the average session volume of 636,458 shares. The stock had previously closed at $4.05.
Wall Street Analysts Forecast Growth
A number of brokerages recently commented on ALVO. Weiss Ratings lowered Alvotech from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Tuesday, June 9th. Wall Street Zen downgraded shares of Alvotech from a “hold” rating to a “sell” rating in a research report on Saturday, May 23rd. Finally, Evercore assumed coverage on shares of Alvotech in a research note on Friday. They issued an “outperform” rating on the stock. Three research analysts have rated the stock with a Buy rating, two have issued a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat, the company has an average rating of “Hold” and an average target price of $7.60.
Get Our Latest Research Report on ALVO
Alvotech Stock Performance
Hedge Funds Weigh In On Alvotech
Hedge funds have recently added to or reduced their stakes in the stock. Renaissance Technologies LLC grew its position in shares of Alvotech by 146.9% during the 1st quarter. Renaissance Technologies LLC now owns 63,200 shares of the company’s stock worth $217,000 after buying an additional 37,600 shares during the period. Invesco Ltd. raised its position in shares of Alvotech by 57.5% in the 4th quarter. Invesco Ltd. now owns 73,360 shares of the company’s stock valued at $376,000 after acquiring an additional 26,784 shares during the period. Millennium Management LLC raised its position in shares of Alvotech by 1,707.7% in the 4th quarter. Millennium Management LLC now owns 357,176 shares of the company’s stock valued at $1,832,000 after acquiring an additional 337,417 shares during the period. Stifel Financial Corp bought a new position in Alvotech during the 4th quarter worth approximately $108,000. Finally, Jane Street Group LLC acquired a new position in Alvotech during the fourth quarter valued at approximately $474,000.
Alvotech Company Profile
Alvotech (NASDAQ:ALVO) is a global biopharmaceutical company specializing in the development, manufacturing and commercialization of biosimilar medicines. The company focuses on creating high‐quality, cost‐effective alternatives to established biologic therapies in areas such as immunology, oncology and other specialty care fields. By leveraging in‐house research and a vertically integrated manufacturing platform, Alvotech aims to bring approved biosimilars to market more rapidly and with greater cost efficiency than many traditional biosimilar developers.
Since its founding in 2013, Alvotech has built a diversified pipeline of monoclonal antibody biosimilars, targeting blockbuster reference products including adalimumab (originally branded Humira), bevacizumab (Avastin) and ustekinumab (Stelara).
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