Alvotech (NASDAQ:ALVO) Short Interest Update

Alvotech (NASDAQ:ALVO) was the target of a significant increase in short interest in February. As of February 28th, there was short interest totalling 519,100 shares, an increase of 21.7% from the February 13th total of 426,400 shares. Based on an average daily trading volume, of 162,900 shares, the days-to-cover ratio is presently 3.2 days. Currently, 0.5% of the company’s stock are sold short.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the business. Geode Capital Management LLC boosted its holdings in Alvotech by 11.2% in the third quarter. Geode Capital Management LLC now owns 209,257 shares of the company’s stock valued at $2,490,000 after purchasing an additional 21,022 shares during the last quarter. China Universal Asset Management Co. Ltd. purchased a new position in Alvotech in the fourth quarter valued at about $748,000. Mirae Asset Global Investments Co. Ltd. purchased a new position in Alvotech in the fourth quarter valued at about $113,000. Tempus Wealth Planning LLC purchased a new position in Alvotech in the fourth quarter valued at about $310,000. Finally, PointState Capital LP boosted its holdings in Alvotech by 3.6% in the third quarter. PointState Capital LP now owns 756,553 shares of the company’s stock valued at $9,003,000 after purchasing an additional 26,481 shares during the last quarter.

Wall Street Analysts Forecast Growth

Separately, UBS Group began coverage on Alvotech in a research note on Friday, February 14th. They issued a “buy” rating and a $18.00 target price for the company.

Alvotech Stock Performance

ALVO stock opened at $11.31 on Tuesday. Alvotech has a 1 year low of $9.15 and a 1 year high of $15.83. The firm has a market cap of $3.41 billion, a P/E ratio of -6.11 and a beta of -0.16. The stock has a 50-day simple moving average of $12.35 and a 200-day simple moving average of $12.18.

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.