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

Geode Capital Management LLC increased its position in shares of Alvotech (NASDAQ:ALVO) by 11.2% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 209,257 shares of the company’s stock after purchasing an additional 21,022 shares during the quarter. Geode Capital Management LLC’s holdings in Alvotech were worth $2,490,000 as of its most recent SEC filing.

A number of other large investors have also recently bought and sold shares of the company. Royce & Associates LP raised its position in Alvotech by 39.4% during the 3rd 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 during the last quarter. PointState Capital LP increased its stake in shares of 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 acquiring an additional 26,481 shares during the period. Richmond Brothers Inc. acquired a new stake in Alvotech during the 2nd quarter worth about $170,000. Finally, Wolverine Asset Management LLC purchased a new position in shares of Alvotech during the 3rd quarter valued at about $70,000.

Alvotech Stock Down 1.5 %

Shares of ALVO stock opened at $13.10 on Wednesday. The stock has a market cap of $3.95 billion, a PE 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. The business has a 50-day simple moving average of $12.28 and a 200-day simple moving average of $12.02.

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.