JPMorgan Chase & Co. Has $285,000 Stock Holdings in Alvotech (NASDAQ:ALVO)

JPMorgan Chase & Co. lifted its position in shares of Alvotech (NASDAQ:ALVO) by 1,158.5% in the fourth quarter, according to its most recent disclosure with the SEC. The institutional investor owned 21,508 shares of the company’s stock after buying an additional 19,799 shares during the quarter. JPMorgan Chase & Co.’s holdings in Alvotech were worth $285,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. Wolverine Asset Management LLC increased its position in Alvotech by 27.5% during the fourth 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 during the period. Mirae Asset Global Investments Co. Ltd. bought a new position in shares of Alvotech during the fourth quarter worth approximately $113,000. Tempus Wealth Planning LLC acquired a new stake in shares of Alvotech in the fourth quarter valued at approximately $310,000. China Universal Asset Management Co. Ltd. bought a new stake in shares of Alvotech in the fourth quarter valued at approximately $748,000. Finally, Royce & Associates LP grew its position in Alvotech by 21.4% during the fourth quarter. Royce & Associates LP now owns 159,000 shares of the company’s stock worth $2,104,000 after buying an additional 28,000 shares in the last quarter.

Wall Street Analyst Weigh In

Separately, UBS Group initiated coverage on Alvotech in a report on Friday, February 14th. They issued a “buy” rating and a $18.00 price objective for the company.

Alvotech Stock Up 3.5 %

Shares of Alvotech stock opened at $8.22 on Friday. Alvotech has a 12-month low of $7.35 and a 12-month high of $14.65. The company has a market capitalization of $2.48 billion, a price-to-earnings ratio of -4.44 and a beta of -0.05. The firm’s 50-day moving average price is $9.72 and its two-hundred day moving average price is $11.55.

Alvotech (NASDAQ:ALVO) last posted its quarterly earnings results on Wednesday, March 26th. The company reported ($0.24) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.74) by $0.50. The firm had revenue of $153.34 million for the quarter, compared to analyst estimates of $97.99 million. On average, sell-side analysts expect that Alvotech will post -0.07 earnings per share for the current year.

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.