Richmond Brothers Inc. Purchases Shares of 13,966 Alvotech (NASDAQ:ALVO)

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

Other hedge funds have also bought and sold shares of the company. Vanguard Group Inc. increased its stake in Alvotech by 2.1% during 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. Oaktree Fund Advisors LLC increased its stake in Alvotech by 11.2% during 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. Oaktree Capital Management LP increased its stake in Alvotech by 8.1% during 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. Finally, Littlejohn & Co. LLC increased its stake in Alvotech by 7.6% during 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.

Wall Street Analyst Weigh In

Separately, Barclays cut their price target on shares of Alvotech from $22.00 to $18.00 and set an “overweight” rating on the stock in a research note on Thursday, July 25th.

Alvotech Price Performance

NASDAQ:ALVO opened at $11.07 on Thursday. The firm has a market capitalization of $345.94 million, a P/E ratio of -5.32 and a beta of -0.08. Alvotech has a 1-year low of $8.30 and a 1-year high of $18.00. The company’s fifty day moving average price is $11.56 and its 200-day moving average price is $12.87.

Alvotech (NASDAQ:ALVO) last released its quarterly earnings data on Thursday, August 15th. The company reported $0.28 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.28) by $0.56. The business had revenue of $198.75 million during the quarter. During the same quarter in the prior year, the firm earned ($0.43) EPS. Equities analysts anticipate 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.