Alvotech (NASDAQ:ALVO) Short Interest Down 43.9% in August

Alvotech (NASDAQ:ALVO) was the target of a large decrease in short interest in the month of August. As of August 31st, there was short interest totalling 76,300 shares, a decrease of 43.9% from the August 15th total of 135,900 shares. Currently, 0.1% of the shares of the company are short sold. Based on an average trading volume of 122,700 shares, the short-interest ratio is currently 0.6 days.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of ALVO. Richmond Brothers Inc. acquired a new position in shares of Alvotech in the second quarter valued at approximately $170,000. Oaktree Fund Advisors LLC increased its position in Alvotech by 11.2% in the 4th quarter. Oaktree Fund Advisors LLC now owns 523,915 shares of the company’s stock valued at $6,015,000 after acquiring an additional 52,662 shares during the period. Littlejohn & Co. LLC raised its stake in shares of Alvotech by 7.6% during the first quarter. Littlejohn & Co. LLC now owns 1,218,534 shares of the company’s stock valued at $14,890,000 after acquiring an additional 86,143 shares during the last quarter. Vanguard Group Inc. lifted its holdings in shares of 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 purchasing an additional 63,948 shares during the period. Finally, Oaktree Capital Management LP grew its stake in shares of Alvotech by 8.1% in the fourth quarter. Oaktree Capital Management LP now owns 5,450,896 shares of the company’s stock worth $62,576,000 after purchasing an additional 407,391 shares during the last quarter.

Wall Street Analysts Forecast Growth

Separately, Barclays reduced their price target on Alvotech from $22.00 to $18.00 and set an “overweight” rating for the company in a research note on Thursday, July 25th.

Alvotech Trading Up 0.1 %

Shares of ALVO opened at $10.81 on Friday. Alvotech has a 52-week low of $8.29 and a 52-week high of $18.00. The business’s fifty day moving average is $11.63 and its 200-day moving average is $12.99.

Alvotech (NASDAQ:ALVO) last issued its earnings results on Thursday, August 15th. The company reported $0.28 EPS for the quarter, topping the consensus estimate of ($0.28) by $0.56. The business had revenue of $198.75 million for the quarter. During the same period last year, the firm posted ($0.43) earnings per share. Research analysts forecast that Alvotech will post -0.66 earnings per share for the current year.

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.