BNP Paribas Financial Markets Takes Position in Alvotech (NASDAQ:ALVO)

BNP Paribas Financial Markets bought a new position in shares of Alvotech (NASDAQ:ALVO) during the 4th quarter, according to its most recent 13F filing with the SEC. The fund bought 4,961 shares of the company’s stock, valued at approximately $66,000.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Vanguard Group Inc. grew its stake in Alvotech by 0.8% during the 4th quarter. Vanguard Group Inc. now owns 3,196,923 shares of the company’s stock valued at $40,905,000 after purchasing an additional 23,799 shares during the last quarter. Geode Capital Management LLC lifted its position in shares of Alvotech by 4.0% in the fourth quarter. Geode Capital Management LLC now owns 217,587 shares of the company’s stock valued at $2,879,000 after acquiring an additional 8,330 shares in the last quarter. Royce & Associates LP increased its holdings in shares of Alvotech by 21.4% in the fourth quarter. Royce & Associates LP now owns 159,000 shares of the company’s stock valued at $2,104,000 after purchasing an additional 28,000 shares during the last quarter. Tempus Wealth Planning LLC acquired a new stake in shares of Alvotech in the fourth quarter valued at approximately $310,000. Finally, JPMorgan Chase & Co. increased its stake in Alvotech by 1,158.5% during the fourth quarter. JPMorgan Chase & Co. now owns 21,508 shares of the company’s stock worth $285,000 after acquiring an additional 19,799 shares during the last quarter.

Analysts Set New Price Targets

Separately, UBS Group started coverage on Alvotech in a research report on Friday, February 14th. They set a “buy” rating and a $18.00 price target for the company.

Alvotech Price Performance

Shares of NASDAQ ALVO opened at $11.22 on Tuesday. The company has a market capitalization of $3.38 billion, a price-to-earnings ratio of -6.06 and a beta of -0.02. The business has a 50-day moving average of $9.22 and a two-hundred day moving average of $11.17. Alvotech has a 1 year low of $7.35 and a 1 year high of $14.65.

Alvotech (NASDAQ:ALVO) last posted its earnings results on Wednesday, May 7th. The company reported $0.35 EPS for the quarter, topping analysts’ consensus estimates of ($0.17) by $0.52. As a group, equities research analysts expect that Alvotech will post -0.07 earnings per share for the current year.

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.