Alvotech (NASDAQ:ALVO) Short Interest Up 47.8% in November

Alvotech (NASDAQ:ALVO) was the recipient of a large 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. Based on an average daily trading volume, of 94,800 shares, the days-to-cover ratio is presently 1.2 days. Currently, 0.1% of the shares of the stock are short sold.

Alvotech Price Performance

NASDAQ:ALVO traded up $0.07 during mid-day trading on Friday, reaching $11.75. The stock had a trading volume of 36,615 shares, compared to its average volume of 178,991. Alvotech has a 12 month low of $9.08 and a 12 month high of $18.00. The stock has a market capitalization of $367.19 million, a PE ratio of -6.31 and a beta of -0.10. The stock has a 50-day simple moving average of $12.31 and a two-hundred day simple moving average of $12.35.

Institutional Trading of Alvotech

Several institutional investors and hedge funds have recently modified their holdings of the business. Vanguard Group Inc. raised its stake in Alvotech by 2.1% during the first quarter. Vanguard Group Inc. now owns 3,125,784 shares of the company’s stock worth $38,197,000 after acquiring an additional 63,948 shares in the last quarter. Richmond Brothers Inc. bought a new stake in shares of Alvotech during the 2nd quarter valued at approximately $170,000. Wolverine Asset Management LLC acquired a new position in Alvotech during the 3rd quarter worth approximately $70,000. Royce & Associates LP increased its holdings 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 buying an additional 37,000 shares in the last quarter. Finally, PointState Capital LP increased its holdings in Alvotech by 3.6% in the 3rd 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 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.