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

Alvotech (NASDAQ:ALVO) saw a large increase in short interest in 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 currently 3.7 days. Approximately 0.4% of the shares of the company are sold short.

Alvotech Stock Performance

Shares of ALVO traded down $0.14 during mid-day trading on Monday, reaching $13.38. The stock had a trading volume of 81,512 shares, compared to its average volume of 114,524. The business has a fifty day moving average of $12.30 and a 200 day moving average of $12.03. The firm has a market cap of $4.03 billion, a price-to-earnings ratio of -7.23 and a beta of -0.19. Alvotech has a 12 month low of $9.15 and a 12 month high of $18.00.

Institutional Investors Weigh In On Alvotech

Institutional investors and hedge funds have recently bought and sold shares of the business. Wolverine Asset Management LLC purchased a new stake in shares of Alvotech during the third quarter worth about $70,000. Richmond Brothers Inc. purchased a new stake in Alvotech during the 2nd quarter valued at approximately $170,000. Royce & Associates LP raised 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 valued at $1,559,000 after buying an additional 37,000 shares during the last quarter. Geode Capital Management LLC boosted its position 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 worth $2,490,000 after acquiring an additional 21,022 shares during the last quarter. Finally, PointState Capital LP grew its stake in 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 acquiring an additional 26,481 shares in the last quarter.

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.