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

Alvotech (NASDAQ:ALVO) saw a large growth in short interest in December. As of December 31st, there was short interest totalling 436,500 shares, a growth of 244.2% from the December 15th total of 126,800 shares. Based on an average daily trading volume, of 117,000 shares, the days-to-cover ratio is presently 3.7 days. Approximately 0.4% of the shares of the stock are sold short.

Alvotech Stock Up 0.3 %

Shares of NASDAQ:ALVO traded up $0.04 during midday trading on Wednesday, hitting $13.35. The stock had a trading volume of 12,317 shares, compared to its average volume of 130,753. The company’s 50-day moving average price is $12.32 and its 200-day moving average price is $12.05. The company has a market capitalization of $4.02 billion, a P/E ratio of -7.22 and a beta of -0.19. Alvotech has a fifty-two week low of $9.15 and a fifty-two week high of $18.00.

Institutional Investors Weigh In On Alvotech

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Wolverine Asset Management LLC bought a new stake in Alvotech during the 3rd quarter worth approximately $70,000. Richmond Brothers Inc. bought a new stake in Alvotech during the 2nd quarter worth approximately $170,000. Geode Capital Management LLC grew its holdings in Alvotech by 11.2% during the 3rd quarter. Geode Capital Management LLC now owns 209,257 shares of the company’s stock worth $2,490,000 after acquiring an additional 21,022 shares during the last quarter. PointState Capital LP grew its holdings in Alvotech by 3.6% during the 3rd quarter. PointState Capital LP now owns 756,553 shares of the company’s stock worth $9,003,000 after acquiring an additional 26,481 shares during the last quarter. Finally, Royce & Associates LP grew its holdings in Alvotech by 39.4% during the 3rd quarter. Royce & Associates LP now owns 131,000 shares of the company’s stock worth $1,559,000 after acquiring an additional 37,000 shares during 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.