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

Alvotech (NASDAQ:ALVO) was the recipient of a significant increase in short interest in February. As of February 28th, there was short interest totalling 519,100 shares, an increase of 21.7% from the February 13th total of 426,400 shares. Approximately 0.5% of the company’s stock are sold short. Based on an average daily trading volume, of 162,900 shares, the short-interest ratio is currently 3.2 days.

Hedge Funds Weigh In On Alvotech

Several institutional investors have recently bought and sold shares of the business. GF Fund Management CO. LTD. bought a new position in Alvotech during the fourth quarter valued at $74,000. Vident Advisory LLC bought a new stake in shares of Alvotech in the 4th quarter worth about $268,000. PointState Capital LP lifted its holdings in shares of Alvotech by 64.1% in the 4th quarter. PointState Capital LP now owns 1,241,379 shares of the company’s stock worth $16,423,000 after acquiring an additional 484,826 shares during the last quarter. ProShare Advisors LLC bought a new stake in shares of Alvotech in the 4th quarter worth about $167,000. Finally, Bank of America Corp DE lifted its holdings in shares of Alvotech by 19.7% in the 4th quarter. Bank of America Corp DE now owns 16,240 shares of the company’s stock worth $215,000 after acquiring an additional 2,677 shares during the last quarter.

Alvotech Trading Up 0.3 %

Shares of ALVO stock opened at $11.34 on Wednesday. The company has a 50 day simple moving average of $12.32 and a two-hundred day simple moving average of $12.18. The stock has a market cap of $3.42 billion, a P/E ratio of -6.13 and a beta of -0.16. Alvotech has a 12 month low of $9.15 and a 12 month high of $15.31.

Wall Street Analyst Weigh In

Separately, UBS Group began coverage on shares of Alvotech in a report on Friday, February 14th. They set a “buy” rating and a $18.00 price objective for the company.

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.