Alvotech (NASDAQ:ALVO) Sees Strong Trading Volume – What’s Next?

Alvotech (NASDAQ:ALVO) saw strong trading volume on Monday . 304,265 shares changed hands during mid-day trading, an increase of 64% from the previous session’s volume of 184,975 shares.The stock last traded at $12.42 and had previously closed at $12.72.

Alvotech Price Performance

The company’s fifty day simple moving average is $12.52 and its 200 day simple moving average is $12.13.

Institutional Trading of Alvotech

Hedge funds have recently made changes to their positions in the stock. Wolverine Asset Management LLC bought a new position in Alvotech in the 3rd quarter worth about $70,000. Mirae Asset Global Investments Co. Ltd. bought a new stake in shares of Alvotech in the 4th quarter worth $113,000. Tempus Wealth Planning LLC purchased a new position in shares of Alvotech in the fourth quarter worth $310,000. China Universal Asset Management Co. Ltd. bought a new position in shares of Alvotech during the fourth quarter valued at $748,000. Finally, Royce & Associates LP boosted its position 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.

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.