Should You Exit Alvotech (ALVO)?

Alphyn Capital Management, an investment management firm, released its second-quarter 2023 investor letter. The same can be downloaded here. The goal of the firm is to balance and avoid dependence on any single position by ensuring sufficient allocation that results in successful investments that can meaningfully contribute to overall returns. The firm withholds the performance report until the next quarter. In addition, please check the fund’s top five holdings to know its best picks in 2023.

Alphyn Capital Management highlighted stocks like Alvotech (NASDAQ:ALVO) in the second quarter 2023 investor letter. Headquartered in Reykjavik, Iceland, Alvotech (NASDAQ:ALVO) is a global biopharmaceutical company. On July 5, 2023, Alvotech (NASDAQ:ALVO) stock closed at $8.12 per share. One-month return of Alvotech (NASDAQ:ALVO) was -1.34 %, and its shares gained 13.41% of their value over the last 52 weeks. Alvotech (NASDAQ:ALVO) has a market capitalization of $2.14 billion.

Alphyn Capital Management made the following comment about Alvotech (NASDAQ:ALVO) in its second quarter 2023 investor letter:

“I exited our Alvotech (NASDAQ:ALVO) stake after it failed an FDA re-inspection in April, which along with an intensifying competitive biosimilar market, undermined my confidence in the company. This surprise news hurt the share price, which was once at 1440. We sold at around $11/share, realizing an 8% profit. (The price has since fallen to about $7/share).”

microscope, health

Tonhom1009/Shutterstock.com

Alvotech (NASDAQ:ALVO) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 8 hedge fund portfolios held Alvotech (NASDAQ:ALVO) at the end of first quarter which was 11 in the previous quarter. In addition, please check out our hedge fund investor letters Q2 2023 page for more investor letters from hedge funds and other leading investors.

Suggested Articles:

Disclosure: None. This article is originally published at Insider Monkey.