Shares of Alvotech (NASDAQ:ALVO - Get Free Report) saw unusually-strong trading volume on Friday . Approximately 1,260,668 shares were traded during mid-day trading, an increase of 96% from the previous session's volume of 641,961 shares.The stock last traded at $4.48 and had previously closed at $4.27.

Analysts Set New Price Targets

• Teva Pharmaceuticals Stock: Unlock Value in This Generic Drug Gem

ALVO has been the topic of several recent analyst reports. Evercore started coverage on shares of Alvotech in a research report on Friday, August 14th. They set an "outperform" rating on the stock. Wall Street Zen cut Alvotech from a "hold" rating to a "sell" rating in a research note on Saturday, May 23rd. Finally, Weiss Ratings downgraded shares of Alvotech from a "sell (d-)" rating to a "sell (e+)" rating in a report on Tuesday, June 9th. Three analysts have rated the stock with a Buy rating, two have issued a Hold rating and two have assigned a Sell rating to the company's stock. According to data from MarketBeat, Alvotech currently has a consensus rating of "Hold" and an average price target of $7.60.

Get Our Latest Stock Analysis on Alvotech

Alvotech Stock Performance

• 2 Generic Drug Makers With Growing Runways

The business's 50 day moving average is $3.66 and its two-hundred day moving average is $3.74. The firm has a market capitalization of $1.35 billion, a PE ratio of -7.34 and a beta of 0.18.

Hedge Funds Weigh In On Alvotech

Several hedge funds have recently made changes to their positions in the stock. Vanguard Group Inc. raised its stake in shares of Alvotech by 2.7% during the 3rd quarter. Vanguard Group Inc. now owns 4,348,151 shares of the company's stock valued at $35,481,000 after purchasing an additional 114,255 shares during the period. Millennium Management LLC boosted its stake in Alvotech by 1,707.7% in the 4th quarter. Millennium Management LLC now owns 357,176 shares of the company's stock worth $1,832,000 after purchasing an additional 337,417 shares during the period. Goldman Sachs Group Inc. grew its holdings in Alvotech by 88.8% during the 4th quarter. Goldman Sachs Group Inc. now owns 259,536 shares of the company's stock valued at $1,331,000 after buying an additional 122,089 shares in the last quarter. Geode Capital Management LLC grew its holdings in Alvotech by 10.7% during the 4th quarter. Geode Capital Management LLC now owns 254,921 shares of the company's stock valued at $1,308,000 after buying an additional 24,667 shares in the last quarter. Finally, Gilder Gagnon Howe & Co. LLC bought a new stake in shares of Alvotech during the second quarter valued at about $1,782,000.

Alvotech Company Profile

(Get Free Report)

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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