Alvotech (NASDAQ:ALVO) Short Interest Update

Alvotech (NASDAQ:ALVO) was the recipient of a significant increase in short interest in the month of November. As of November 15th, there was short interest totalling 116,800 shares, an increase of 47.8% from the October 31st total of 79,000 shares. Currently, 0.1% of the shares of the company are sold short. Based on an average daily volume of 94,800 shares, the days-to-cover ratio is currently 1.2 days.

Hedge Funds Weigh In On Alvotech

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Vanguard Group Inc. boosted its holdings in shares of Alvotech by 2.1% during the first quarter. Vanguard Group Inc. now owns 3,125,784 shares of the company’s stock valued at $38,197,000 after acquiring an additional 63,948 shares during the period. Richmond Brothers Inc. bought a new stake in Alvotech in the 2nd quarter valued at about $170,000. Wolverine Asset Management LLC bought a new stake in shares of Alvotech during the third quarter valued at approximately $70,000. Royce & Associates LP grew its stake in shares of Alvotech by 39.4% in the third quarter. Royce & Associates LP now owns 131,000 shares of the company’s stock worth $1,559,000 after purchasing an additional 37,000 shares in the last quarter. Finally, PointState Capital LP raised its stake in shares of Alvotech by 3.6% during 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 in the last quarter.

Alvotech Stock Performance

Shares of NASDAQ ALVO traded up $0.07 during midday trading on Friday, hitting $11.75. The company’s stock had a trading volume of 36,615 shares, compared to its average volume of 178,991. The firm has a market cap of $367.19 million, a P/E ratio of -6.35 and a beta of -0.10. Alvotech has a 1-year low of $9.08 and a 1-year high of $18.00. The firm’s fifty day moving average price is $12.32 and its 200-day moving average price is $12.34.

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.