Alvotech (NASDAQ:ALVO) Short Interest Update

Alvotech (NASDAQ:ALVO) saw a significant decline in short interest in June. As of June 15th, there was short interest totalling 44,000 shares, a decline of 53.1% from the May 31st total of 93,900 shares. Currently, 0.1% of the shares of the company are short sold. Based on an average daily trading volume, of 181,500 shares, the short-interest ratio is currently 0.2 days.

Alvotech Stock Down 0.8 %

Shares of NASDAQ ALVO traded down $0.10 during trading on Friday, hitting $11.90. The company had a trading volume of 36,111 shares, compared to its average volume of 245,036. The stock has a fifty day simple moving average of $13.75 and a two-hundred day simple moving average of $13.63. Alvotech has a fifty-two week low of $6.70 and a fifty-two week high of $18.00.

Alvotech (NASDAQ:ALVO) last posted its quarterly earnings results on Wednesday, May 22nd. The company reported ($0.89) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.08) by ($0.81). The company had revenue of $36.89 million for the quarter. During the same quarter last year, the firm earned ($1.24) EPS. Equities analysts predict that Alvotech will post -0.66 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Separately, Barclays lifted their target price on shares of Alvotech from $20.00 to $22.00 and gave the company an “overweight” rating in a research report on Friday, May 24th.

Hedge Funds Weigh In On Alvotech

Institutional investors and hedge funds have recently bought and sold shares of the business. B. Riley Wealth Advisors Inc. boosted its position in Alvotech by 100.0% during the third quarter. B. Riley Wealth Advisors Inc. now owns 50,000 shares of the company’s stock worth $456,000 after acquiring an additional 25,000 shares during the last quarter. Oaktree Fund Advisors LLC raised its stake in Alvotech by 11.2% during the fourth quarter. Oaktree Fund Advisors LLC now owns 523,915 shares of the company’s stock worth $6,015,000 after purchasing an additional 52,662 shares during the period. Littlejohn & Co. LLC raised its stake in Alvotech by 7.6% during the first quarter. Littlejohn & Co. LLC now owns 1,218,534 shares of the company’s stock worth $14,890,000 after purchasing an additional 86,143 shares during the period. Vanguard Group Inc. purchased a new position in Alvotech during the third quarter worth about $26,278,000. Finally, Oaktree Capital Management LP raised its stake in Alvotech by 8.1% during 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 period.

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.