Alvotech (NASDAQ:ALVO) Short Interest Update

Alvotech (NASDAQ:ALVO) was the target of a large drop in short interest in November. As of November 30th, there was short interest totalling 85,200 shares, a drop of 27.1% from the November 15th total of 116,800 shares. Currently, 0.1% of the company’s stock are short sold. Based on an average trading volume of 92,300 shares, the days-to-cover ratio is presently 0.9 days.

Institutional Investors Weigh In On Alvotech

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Royce & Associates LP increased its holdings in Alvotech by 39.4% in the 3rd 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 last quarter. PointState Capital LP increased its position in shares of 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 during the last quarter. Geode Capital Management LLC raised its stake 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 purchasing an additional 21,022 shares in the last quarter. Richmond Brothers Inc. bought a new stake in Alvotech during the second quarter valued at approximately $170,000. Finally, Wolverine Asset Management LLC purchased a new position in Alvotech in the 3rd quarter worth approximately $70,000.

Alvotech Stock Up 1.2 %

ALVO stock traded up $0.14 during mid-day trading on Friday, reaching $11.80. 136,083 shares of the company traded hands, compared to its average volume of 175,337. The stock has a market cap of $368.75 million, a price-to-earnings ratio of -6.38 and a beta of -0.15. Alvotech has a fifty-two week low of $9.15 and a fifty-two week high of $18.00. The firm’s 50 day moving average price is $12.28 and its 200 day moving average price is $12.18.

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.