Alvotech (NASDAQ:ALVO) Sees Significant Increase in Short Interest

Alvotech (NASDAQ:ALVO) was the target of a large increase in short interest during the month of December. As of December 31st, there was short interest totalling 436,500 shares, an increase of 244.2% from the December 15th total of 126,800 shares. Based on an average trading volume of 117,000 shares, the days-to-cover ratio is presently 3.7 days. Currently, 0.4% of the shares of the stock are short sold.

Institutional Trading of Alvotech

Hedge funds have recently made changes to their positions in the business. Wolverine Asset Management LLC purchased a new position in shares of Alvotech in the 3rd quarter worth approximately $70,000. Richmond Brothers Inc. bought a new position in Alvotech in the 2nd quarter worth about $170,000. Royce & Associates LP increased its position in shares of Alvotech by 39.4% during the third quarter. Royce & Associates LP now owns 131,000 shares of the company’s stock worth $1,559,000 after acquiring an additional 37,000 shares during the period. Geode Capital Management LLC raised its stake in shares of Alvotech by 11.2% during the third quarter. Geode Capital Management LLC now owns 209,257 shares of the company’s stock valued at $2,490,000 after acquiring an additional 21,022 shares in the last quarter. Finally, PointState Capital LP grew its stake in Alvotech by 3.6% in the third 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 Down 1.0 %

Shares of ALVO stock traded down $0.14 on Monday, reaching $13.38. The company’s stock had a trading volume of 81,512 shares, compared to its average volume of 114,524. The company has a market capitalization of $4.03 billion, a price-to-earnings ratio of -7.23 and a beta of -0.19. The stock’s fifty day simple moving average is $12.30 and its 200-day simple moving average is $12.03. Alvotech has a 1 year low of $9.15 and a 1 year 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.