Mirae Asset Global Investments Co. Ltd. Takes Position in Alvotech (NASDAQ:ALVO)

Mirae Asset Global Investments Co. Ltd. bought a new position in Alvotech (NASDAQ:ALVO) during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm bought 8,891 shares of the company’s stock, valued at approximately $113,000.

A number of other institutional investors have also recently bought and sold shares of ALVO. Geode Capital Management LLC raised its stake 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 purchasing an additional 21,022 shares during the period. China Universal Asset Management Co. Ltd. acquired a new stake in shares of Alvotech during the 4th quarter worth $748,000. Tempus Wealth Planning LLC purchased a new position in shares of Alvotech in the 4th quarter worth $310,000. Wolverine Asset Management LLC acquired a new position in Alvotech in the third quarter valued at $70,000. Finally, PointState Capital LP grew its position in Alvotech by 3.6% during the third 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.

Alvotech Stock Up 1.6 %

ALVO opened at $12.99 on Friday. Alvotech has a 52-week low of $9.15 and a 52-week high of $18.00. The company has a 50 day moving average of $12.69 and a two-hundred day moving average of $12.18. The company has a market cap of $3.92 billion, a P/E ratio of -7.02 and a beta of -0.19.

Analyst Ratings Changes

Separately, UBS Group started coverage on Alvotech in a report on Friday. They issued a “buy” rating and a $18.00 price objective on the stock.

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.