Richmond Brothers Inc. Acquires New Position in Alvotech (NASDAQ:ALVO)

Richmond Brothers Inc. acquired a new stake in shares of Alvotech (NASDAQ:ALVO) in the second quarter, according to the company in its most recent filing with the SEC. The firm acquired 13,966 shares of the company’s stock, valued at approximately $170,000. Alvotech makes up 0.3% of Richmond Brothers Inc.’s holdings, making the stock its 21st biggest position.

Other large investors have also modified their holdings of the company. Oaktree Fund Advisors LLC raised its holdings in shares of Alvotech by 11.2% in the 4th quarter. Oaktree Fund Advisors LLC now owns 523,915 shares of the company’s stock valued at $6,015,000 after purchasing an additional 52,662 shares in the last quarter. Littlejohn & Co. LLC raised its holdings in shares of Alvotech by 7.6% in the 1st quarter. Littlejohn & Co. LLC now owns 1,218,534 shares of the company’s stock valued at $14,890,000 after purchasing an additional 86,143 shares in the last quarter. Vanguard Group Inc. raised its holdings in shares of Alvotech by 2.1% in the 1st quarter. Vanguard Group Inc. now owns 3,125,784 shares of the company’s stock valued at $38,197,000 after purchasing an additional 63,948 shares in the last quarter. Finally, Oaktree Capital Management LP raised its holdings in shares of Alvotech by 8.1% in the 4th quarter. Oaktree Capital Management LP now owns 5,450,896 shares of the company’s stock valued at $62,576,000 after purchasing an additional 407,391 shares in the last quarter.

Analyst Ratings Changes

Separately, Barclays reduced their price target on shares of Alvotech from $22.00 to $18.00 and set an “overweight” rating for the company in a report on Thursday, July 25th.

Alvotech Stock Up 0.5 %

Shares of Alvotech stock opened at $11.07 on Thursday. The firm’s 50 day moving average price is $11.56 and its 200-day moving average price is $12.87. Alvotech has a 52-week low of $8.30 and a 52-week high of $18.00. The company has a market cap of $345.94 million, a P/E ratio of -5.32 and a beta of -0.08.

Alvotech (NASDAQ:ALVO) last issued its quarterly earnings data on Thursday, August 15th. The company reported $0.28 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.28) by $0.56. The firm had revenue of $198.75 million during the quarter. During the same quarter in the prior year, the firm posted ($0.43) earnings per share. As a group, equities research analysts forecast that Alvotech will post -0.66 EPS for the current fiscal 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.