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

Alvotech (NASDAQ:ALVO) saw a large increase in short interest in the month of September. As of September 30th, there was short interest totalling 80,200 shares, an increase of 8.1% from the September 15th total of 74,200 shares. Currently, 0.1% of the company’s shares are sold short. Based on an average daily volume of 106,600 shares, the days-to-cover ratio is presently 0.8 days.

Analysts Set New Price Targets

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

Alvotech Stock Performance

Alvotech stock opened at $12.40 on Friday. The firm has a market capitalization of $387.50 million, a PE ratio of -5.96 and a beta of -0.08. Alvotech has a one year low of $8.30 and a one year high of $18.00. The stock’s 50 day moving average price is $11.72 and its 200 day moving average price is $12.48.

Alvotech (NASDAQ:ALVO) last released its quarterly earnings results on Thursday, August 15th. The company reported $0.28 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.28) by $0.56. The firm had revenue of $198.75 million for the quarter. During the same period last year, the firm posted ($0.43) earnings per share. On average, analysts forecast that Alvotech will post -0.67 earnings per share for the current fiscal year.

Institutional Trading of Alvotech

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Richmond Brothers Inc. bought a new stake in Alvotech in the second quarter valued at about $170,000. Littlejohn & Co. LLC grew its position in shares of Alvotech by 7.6% in the 1st quarter. Littlejohn & Co. LLC now owns 1,218,534 shares of the company’s stock worth $14,890,000 after acquiring an additional 86,143 shares in the last quarter. Finally, Vanguard Group Inc. grew its position in shares of Alvotech by 2.1% in the 1st 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.

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.