Alvotech (NASDAQ:ALVO) Shares Gap Up – Still a Buy?

Alvotech (NASDAQ:ALVO) gapped up before the market opened on Monday . The stock had previously closed at $11.91, but opened at $12.49. Alvotech shares last traded at $12.32, with a volume of 8,221 shares.

Alvotech Trading Up 5.1 %

The business has a 50 day moving average of $12.21 and a two-hundred day moving average of $12.10. The firm has a market cap of $3.77 billion, a P/E ratio of -6.77 and a beta of -0.15.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of ALVO. Geode Capital Management LLC grew its position in Alvotech by 11.2% during the third quarter. Geode Capital Management LLC now owns 209,257 shares of the company’s stock worth $2,490,000 after buying an additional 21,022 shares in the last quarter. PointState Capital LP increased its position in Alvotech by 3.6% in the 3rd quarter. PointState Capital LP now owns 756,553 shares of the company’s stock valued at $9,003,000 after acquiring an additional 26,481 shares during the period. Royce & Associates LP raised its stake 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 acquiring an additional 37,000 shares during the last quarter. Wolverine Asset Management LLC bought a new position in Alvotech during the 3rd quarter worth $70,000. Finally, Richmond Brothers Inc. acquired a new stake in shares of Alvotech in the second quarter valued at about $170,000.

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.