PointState Capital LP Grows Stock Position in Alvotech (NASDAQ:ALVO)

PointState Capital LP increased its holdings in Alvotech (NASDAQ:ALVO) by 3.6% during the 3rd quarter, Holdings Channel.com reports. The institutional investor owned 756,553 shares of the company’s stock after purchasing an additional 26,481 shares during the quarter. PointState Capital LP’s holdings in Alvotech were worth $9,003,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also made changes to their positions in the business. Vanguard Group Inc. boosted its position 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 worth $38,197,000 after buying an additional 63,948 shares in the last quarter. Royce & Associates LP lifted its holdings in Alvotech by 39.4% in the 3rd quarter. Royce & Associates LP now owns 131,000 shares of the company’s stock valued at $1,559,000 after purchasing an additional 37,000 shares in the last quarter. Richmond Brothers Inc. purchased a new position in Alvotech in the 2nd quarter valued at about $170,000. Finally, Wolverine Asset Management LLC purchased a new position in Alvotech in the 3rd quarter valued at about $70,000.

Alvotech Stock Performance

NASDAQ:ALVO opened at $11.61 on Wednesday. The company’s 50-day moving average is $12.34 and its two-hundred day moving average is $12.30. Alvotech has a 12-month low of $9.08 and a 12-month high of $18.00.

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.