Alvotech (NYSE:ALVO – Get Rating)'s share price traded down 0.4% on Wednesday . The stock traded as low as $12.28 and last traded at $12.35. 77,686 shares were traded during mid-day trading, a decline of 66% from the average session volume of 225,790 shares. The stock had previously closed at $12.40.

Alvotech Stock Down 0.4 %

The firm's fifty day moving average price is $8.49 and its 200 day moving average price is $7.74.

Institutional Investors Weigh In On Alvotech

A number of hedge funds have recently added to or reduced their stakes in the business. Jane Street Group LLC acquired a new stake in Alvotech during the 2nd quarter worth approximately $337,000. Millennium Management LLC acquired a new stake in Alvotech during the 2nd quarter worth approximately $431,000. Gamco Investors INC. ET AL acquired a new stake in Alvotech during the 2nd quarter worth approximately $110,000. Sculptor Capital LP acquired a new stake in Alvotech during the 2nd quarter worth approximately $6,612,000. Finally, UBS Group AG acquired a new stake in shares of Alvotech in the 2nd quarter valued at $112,000. 62.50% of the stock is currently owned by institutional investors and hedge funds.

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.

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