Short Interest in Alvotech (NASDAQ:ALVO) Increases By 48.8%

Alvotech (NASDAQ:ALVO) was the target of a significant growth in short interest in the month of December. As of December 15th, there was short interest totalling 126,800 shares, a growth of 48.8% from the November 30th total of 85,200 shares. Approximately 0.1% of the company’s shares are short sold. Based on an average daily trading volume, of 113,800 shares, the short-interest ratio is presently 1.1 days.

Institutional Investors Weigh In On Alvotech

Hedge funds have recently modified their holdings of the business. Wolverine Asset Management LLC acquired a new position in shares of Alvotech in the third quarter valued at approximately $70,000. Richmond Brothers Inc. acquired a new stake in shares of Alvotech during the second quarter worth $170,000. Royce & Associates LP lifted its position 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 acquiring an additional 37,000 shares in the last quarter. Geode Capital Management LLC boosted its stake in Alvotech by 11.2% in the 3rd quarter. Geode Capital Management LLC now owns 209,257 shares of the company’s stock worth $2,490,000 after purchasing an additional 21,022 shares during the period. Finally, PointState Capital LP increased its holdings in Alvotech by 3.6% during the 3rd quarter. PointState Capital LP now owns 756,553 shares of the company’s stock worth $9,003,000 after purchasing an additional 26,481 shares in the last quarter.

Alvotech Trading Up 0.6 %

NASDAQ ALVO opened at $12.67 on Friday. The stock has a 50-day simple moving average of $12.23 and a 200 day simple moving average of $12.08. The company has a market capitalization of $3.82 billion, a PE ratio of -6.85 and a beta of -0.15. Alvotech has a 12 month low of $9.15 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.