Oaktree Fund Advisors LLC Sells 2,450 Shares of Alvotech (NASDAQ:ALVO)

Oaktree Fund Advisors LLC trimmed its position in Alvotech (NASDAQ:ALVO) by 2.1% in the 4th quarter, Holdings Channel.com reports. The institutional investor owned 116,294 shares of the company’s stock after selling 2,450 shares during the quarter. Alvotech makes up 2.6% of Oaktree Fund Advisors LLC’s portfolio, making the stock its 15th biggest position. Oaktree Fund Advisors LLC’s holdings in Alvotech were worth $1,539,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. China Universal Asset Management Co. Ltd. purchased a new stake in Alvotech in the fourth quarter worth about $748,000. Royce & Associates LP raised its holdings in shares of Alvotech by 21.4% in the 4th quarter. Royce & Associates LP now owns 159,000 shares of the company’s stock valued at $2,104,000 after purchasing an additional 28,000 shares in the last quarter. PointState Capital LP lifted its position in shares of Alvotech by 3.6% in the 3rd quarter. PointState Capital LP now owns 756,553 shares of the company’s stock worth $9,003,000 after purchasing an additional 26,481 shares during the period. Vanguard Group Inc. boosted its stake in shares of Alvotech by 0.8% during the fourth quarter. Vanguard Group Inc. now owns 3,196,923 shares of the company’s stock valued at $40,905,000 after purchasing an additional 23,799 shares in the last quarter. Finally, Tempus Wealth Planning LLC purchased a new position in Alvotech during the fourth quarter valued at approximately $310,000.

Analyst Ratings Changes

Separately, UBS Group initiated coverage on Alvotech in a research report on Friday, February 14th. They set a “buy” rating and a $18.00 target price on the stock.

Alvotech Stock Performance

Shares of Alvotech stock opened at $9.55 on Friday. Alvotech has a one year low of $9.15 and a one year high of $14.76. The company has a market capitalization of $2.88 billion, a PE ratio of -5.16 and a beta of -0.16. The company has a 50-day simple moving average of $11.97 and a two-hundred day simple moving average of $12.16.

Alvotech (NASDAQ:ALVO) last posted its earnings results on Wednesday, March 26th. The company reported ($0.24) EPS for the quarter, beating analysts’ consensus estimates of ($0.74) by $0.50. The firm had revenue of $153.34 million for the quarter, compared to analysts’ expectations of $97.99 million. On average, equities analysts predict that Alvotech will post -0.07 earnings per share for the current fiscal year.

Alvotech 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.