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

Alvotech (NASDAQ:ALVO) was the target of a significant growth in short interest during 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. Based on an average daily volume of 113,800 shares, the days-to-cover ratio is presently 1.1 days. Currently, 0.1% of the shares of the company are short sold.

Institutional Investors Weigh In On Alvotech

Institutional investors have recently added to or reduced their stakes in the business. Richmond Brothers Inc. purchased a new stake in shares of Alvotech during the 2nd quarter worth $170,000. Wolverine Asset Management LLC purchased a new stake in Alvotech during the third quarter worth about $70,000. Royce & Associates LP increased its holdings in Alvotech by 39.4% in the third quarter. Royce & Associates LP now owns 131,000 shares of the company’s stock valued at $1,559,000 after buying an additional 37,000 shares in the last quarter. PointState Capital LP lifted its position in shares of 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 period. Finally, Geode Capital Management LLC grew its holdings in shares of 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 acquiring an additional 21,022 shares during the period.

Alvotech Stock Performance

Alvotech stock traded up $0.07 during trading hours on Friday, reaching $12.67. 97,212 shares of the stock were exchanged, compared to its average volume of 177,111. The stock has a market cap of $3.82 billion, a P/E ratio of -6.85 and a beta of -0.15. The firm’s 50 day moving average is $12.23 and its 200 day moving average is $12.06. Alvotech has a 52-week low of $9.15 and a 52-week high of $18.00.

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.