Short Interest in Alvotech (NASDAQ:ALVO) Rises By 108.1%

Alvotech (NASDAQ:ALVO) was the recipient of a significant increase in short interest in the month of August. As of August 15th, there was short interest totalling 135,900 shares, an increase of 108.1% from the July 31st total of 65,300 shares. Currently, 0.1% of the company’s stock are short sold. Based on an average daily volume of 131,500 shares, the short-interest ratio is presently 1.0 days.

Analysts Set New Price Targets

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

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. raised its holdings 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 purchasing an additional 63,948 shares in the last quarter. Oaktree Fund Advisors LLC raised its holdings in Alvotech by 11.2% during the fourth quarter. Oaktree Fund Advisors LLC now owns 523,915 shares of the company’s stock valued at $6,015,000 after buying an additional 52,662 shares in the last quarter. Oaktree Capital Management LP lifted its holdings in Alvotech by 8.1% in the 4th 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. Richmond Brothers Inc. bought a new stake in Alvotech during the second quarter valued at about $170,000. Finally, Littlejohn & Co. LLC increased its position in 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 buying an additional 86,143 shares during the period.

Alvotech Price Performance

ALVO opened at $11.65 on Friday. The firm has a market cap of $364.06 million, a P/E ratio of -5.60 and a beta of -0.08. Alvotech has a 52 week low of $8.29 and a 52 week high of $18.00. The business’s fifty day simple moving average is $11.90 and its 200 day simple moving average is $13.35.

Alvotech (NASDAQ:ALVO) last released its quarterly earnings data on Thursday, August 15th. The company reported $0.28 earnings per share (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 in the prior year, the company posted ($0.43) EPS. As a group, equities analysts expect that Alvotech will post -0.66 EPS for the current fiscal year.

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.