Avantor shareholders should be happy with the total gain of 136% over the last twelve months. The more recent returns haven't been as impressive as the longer term returns, coming in at just 5.7%. It seems likely the market is waiting on fundamental developments with the business before pushing the share price higher (or lower). While it is well worth considering the different impacts that market conditions can have on the share price, there are other factors that are even more important. Consider for instance, the ever-present spectre of investment risk. We've identified 3 warning signs with Avantor (at least 1 which is a bit concerning), and understanding them should be part of your investment process.