Geode Capital Management LLC Increases Stock Position in Alvotech (NASDAQ:ALVO)

Geode Capital Management LLC raised its stake in shares of Alvotech (NASDAQ:ALVO) by 11.2% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 209,257 shares of the company’s stock after acquiring an additional 21,022 shares during the quarter. Geode Capital Management LLC owned approximately 0.67% of Alvotech worth $2,490,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also made changes to their positions in ALVO. Wolverine Asset Management LLC purchased a new position in Alvotech in the third quarter worth $70,000. Richmond Brothers Inc. purchased a new stake in Alvotech in the second quarter valued at about $170,000. Royce & Associates LP boosted its holdings 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 acquiring an additional 37,000 shares in the last quarter. Finally, PointState Capital LP grew its stake in shares of Alvotech by 3.6% during the third quarter. PointState Capital LP now owns 756,553 shares of the company’s stock worth $9,003,000 after acquiring an additional 26,481 shares during the last quarter.

Alvotech Stock Down 1.5 %

Shares of Alvotech stock opened at $13.10 on Wednesday. The company has a 50 day moving average price of $12.28 and a 200 day moving average price of $12.02. The firm has a market capitalization of $3.95 billion, a P/E ratio of -7.08 and a beta of -0.19. Alvotech has a 52 week low of $9.15 and a 52 week high of $18.00.

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.