Alvotech (NASDAQ:ALVO) Shares Gap Up – Time to Buy?

Alvotech (NASDAQ:ALVO) shares gapped up prior to trading on Wednesday . The stock had previously closed at $13.10, but opened at $13.42. Alvotech shares last traded at $13.34, with a volume of 2,115 shares.

Alvotech Stock Up 1.8 %

The firm has a market cap of $4.07 billion, a PE ratio of -7.29 and a beta of -0.19. The stock’s fifty day simple moving average is $12.29 and its two-hundred day simple moving average is $12.03.

Institutional Investors Weigh In On Alvotech

Hedge funds and other institutional investors have recently bought and sold shares of the business. Wolverine Asset Management LLC purchased a new stake in shares of Alvotech during the third quarter valued at approximately $70,000. Richmond Brothers Inc. purchased a new stake in shares of Alvotech during the second quarter valued at approximately $170,000. Royce & Associates LP grew its holdings in shares of Alvotech by 39.4% during the third quarter. Royce & Associates LP now owns 131,000 shares of the company’s stock valued at $1,559,000 after buying an additional 37,000 shares during the last quarter. Geode Capital Management LLC grew its holdings in shares of Alvotech by 11.2% during the third quarter. Geode Capital Management LLC now owns 209,257 shares of the company’s stock valued at $2,490,000 after buying an additional 21,022 shares during the last quarter. Finally, PointState Capital LP grew its holdings in shares of Alvotech by 3.6% during the third quarter. PointState Capital LP now owns 756,553 shares of the company’s stock valued at $9,003,000 after buying an additional 26,481 shares during 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.