Alvotech (NASDAQ:ALVO) Short Interest Update

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

Institutional Trading of Alvotech

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Wolverine Asset Management LLC acquired a new stake in Alvotech during the 3rd quarter valued at approximately $70,000. Richmond Brothers Inc. acquired a new stake in shares of Alvotech during the second quarter worth approximately $170,000. Royce & Associates LP increased 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 buying an additional 37,000 shares during the last quarter. Geode Capital Management LLC raised 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 acquiring an additional 21,022 shares in the last quarter. Finally, PointState Capital LP boosted its stake in Alvotech by 3.6% during the 3rd quarter. PointState Capital LP now owns 756,553 shares of the company’s stock valued at $9,003,000 after acquiring an additional 26,481 shares during the last quarter.

Alvotech Price Performance

Alvotech stock traded up $0.07 during midday trading on Friday, hitting $11.75. 36,615 shares of the stock were exchanged, compared to its average volume of 178,991. Alvotech has a 1 year low of $9.08 and a 1 year high of $18.00. The firm has a market cap of $367.19 million, a P/E ratio of -6.35 and a beta of -0.10. The company has a 50 day moving average price of $12.32 and a two-hundred day moving average price of $12.34.

About Alvotech

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.