Alvotech Shares Rebound 20% After FDA Letter Selloff
By Dean Seal
Shares of Alvotech have rebounded on Monday from a minor selloff last week following the company's disclosure that approval for its drug candidate AVT02 would likely be delayed in the U.S.
The stock is up 20% at $9.30 in premarket trading. At Friday's close, shares had fallen 22% since the start of the year.
The Icelandic company said Wednesday that it had received a complete response letter from the U.S. Food and Drug Administration for a second biologics license application it submitted for AVT02, a biosimilar candidate to Abbvie's Humira.
Because approval is likely to be delayed, Alvotech said it would explore options to raise additional capital to continue advancing pipeline development in the near-term.
Shares sank by more than 8% the next day but recovered on Friday to close at $7.74.
Write to Dean Seal at dean.seal@wsj.com
(END) Dow Jones Newswires
July 03, 2023 09:22 ET (13:22 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.-
5 Undervalued Stocks to Buy to Play a Little Defense
-
Markets Brief: AI Leaders Excel In Earnings Season So Far
-
What History Tells Us About the Fed’s Next Move
-
What’s Happening In the Markets This Week
-
Alphabet’s New Dividend: What Investors Need to Know
-
Going Into Earnings, Is Palantir Stock a Buy, a Sell, or Fairly Valued?
-
Going Into Earnings, Is Eli Lilly Stock a Buy, a Sell, or Fairly Valued?
-
What’s the Difference Between the CPI and PCE Indexes?
-
Eli Lilly Earnings: Strong Weight-Loss Drug Sales Expand Margins
-
What the Fed’s QT Program Is, and Why Its End Matters
-
After Earnings, Is Meta Stock a Buy, a Sell, or Fairly Valued?
-
After Earnings, Is Boeing Stock a Buy, a Sell, or Fairly Valued?
-
The 10 Best Companies to Invest in Now
-
Paramount Earnings: CEO Has Gone, For-Sale Sign Is Up; Good Results Would’ve Been Nice to Learn
-
After Earnings, Is Tesla Stock a Buy, a Sell, or Fairly Valued?
-
After Earnings, Is GE Aerospace Stock a Buy, a Sell, or Fairly Valued?