Short Interest in Alvotech (NASDAQ:ALVO) Rises By 244.2%

Alvotech (NASDAQ:ALVO) saw a large increase in short interest in the month of January. As of January 15th, there was short interest totalling 436,500 shares, an increase of 244.2% from the December 31st total of 126,800 shares. Currently, 0.4% of the company’s shares are sold short. Based on an average daily volume of 117,000 shares, the short-interest ratio is presently 3.7 days.

Hedge Funds Weigh In On Alvotech

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Wolverine Asset Management LLC acquired a new position in shares of Alvotech in the 3rd quarter valued at $70,000. Royce & Associates LP increased its holdings in Alvotech by 39.4% in the third quarter. Royce & Associates LP now owns 131,000 shares of the company’s stock valued at $1,559,000 after purchasing an additional 37,000 shares during the last quarter. PointState Capital LP lifted its stake in Alvotech by 3.6% in the third quarter. PointState Capital LP now owns 756,553 shares of the company’s stock valued at $9,003,000 after buying an additional 26,481 shares during the period. Geode Capital Management LLC lifted 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 buying an additional 21,022 shares during the period. Finally, China Universal Asset Management Co. Ltd. bought a new position in Alvotech during the fourth quarter worth about $748,000.

Alvotech Trading Up 0.2 %

Shares of NASDAQ ALVO opened at $12.60 on Thursday. Alvotech has a 1 year low of $9.15 and a 1 year high of $18.00. The firm’s 50-day moving average is $12.49 and its 200-day moving average is $12.12. The firm has a market capitalization of $3.80 billion, a PE ratio of -6.84 and a beta of -0.19.

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.