Alvotech (NASDAQ:ALVO) Shares Gap Up After Earnings Beat

Shares of Alvotech (NASDAQ:ALVO) gapped up before the market opened on Thursday following a better than expected earnings announcement. The stock had previously closed at $7.94, but opened at $9.30. Alvotech shares last traded at $9.61, with a volume of 397,636 shares.

The company reported $0.35 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.17) by $0.52.

Wall Street Analyst Weigh In

Separately, UBS Group assumed coverage on shares of Alvotech in a research note on Friday, February 14th. They set a “buy” rating and a $18.00 price target on the stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of the business. China Universal Asset Management Co. Ltd. purchased a new position in shares of Alvotech during the 4th quarter valued at approximately $748,000. Tempus Wealth Planning LLC bought a new position in Alvotech during the 4th quarter valued at $310,000. Mirae Asset Global Investments Co. Ltd. acquired a new position in Alvotech during the 4th quarter worth $113,000. Wolverine Asset Management LLC grew its holdings in Alvotech by 27.5% during the 4th quarter. Wolverine Asset Management LLC now owns 7,448 shares of the company’s stock worth $99,000 after acquiring an additional 1,607 shares in the last quarter. Finally, Royce & Associates LP increased its position in shares of Alvotech by 21.4% in the 4th quarter. Royce & Associates LP now owns 159,000 shares of the company’s stock worth $2,104,000 after purchasing an additional 28,000 shares during the last quarter.

Alvotech Price Performance

The firm has a market cap of $2.83 billion, a P/E ratio of -5.07 and a beta of -0.02. The firm’s 50-day moving average price is $9.47 and its 200 day moving average price is $11.44.

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.