Alvotech (NASDAQ:ALVO) Shares Gap Up – Time to Buy?

Alvotech (NASDAQ:ALVO) gapped up before the market opened on Wednesday . The stock had previously closed at $13.10, but opened at $13.42. Alvotech shares last traded at $13.34, with a volume of 2,115 shares trading hands.

Alvotech Stock Up 1.8 %

The firm has a market capitalization of $4.07 billion, a PE ratio of -7.29 and a beta of -0.19. The firm’s 50-day simple moving average is $12.29 and its 200-day simple moving average is $12.03.

Hedge Funds Weigh In On Alvotech

Several hedge funds and other institutional investors have recently modified their holdings of the company. Wolverine Asset Management LLC bought a new position in Alvotech in the third quarter worth about $70,000. Richmond Brothers Inc. bought a new position in Alvotech in the second quarter worth about $170,000. Royce & Associates LP raised its stake in Alvotech by 39.4% in the third quarter. Royce & Associates LP now owns 131,000 shares of the company’s stock worth $1,559,000 after buying an additional 37,000 shares in the last quarter. Geode Capital Management LLC raised its stake in Alvotech by 11.2% in 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. Finally, PointState Capital LP raised its stake in Alvotech by 3.6% in the third quarter. PointState Capital LP now owns 756,553 shares of the company’s stock worth $9,003,000 after buying an additional 26,481 shares in the last quarter.

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.