Why Shares of Alvotech Are Jumping Friday
Shares of biosimilar pharmaceutical maker Alvotech (NASDAQ: ALVO) were up more than 11% as of noon on Friday. On Thursday, it plunged more than 6% after the company announced it had received a complete response letter (CRL) from the Food and Drug Administration (FDA) regarding one of its therapies.
Friday's bounce back is a reaction to what is being viewed as the market's overreaction the day before. While the FDA did issue a complete response to a second Biologics License Application (BLA) for AVT02, a high-concentration Humira biosimilar candidate, delaying the drug's approval, that CRL had to do with deficiencies the FDA saw in the Iceland-based company's Reykjavik facility, rather than any issues with AVT02 itself.
Humira, made by AbbVie, is a therapy approved to treat a variety of inflammatory conditions. Other than COVID-19 vaccines, it was the top-selling drug in the world over the last few years.
Source Fool.com
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