Short Interest in Alvotech (NASDAQ:ALVO) Decreases By 53.1%

Alvotech (NASDAQ:ALVO) saw a large decline in short interest in the month of 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 sold short. Based on an average daily volume of 181,500 shares, the days-to-cover ratio is presently 0.2 days.

Analyst Ratings Changes

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

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the business. B. Riley Wealth Advisors Inc. raised its position in Alvotech by 100.0% in the third quarter. B. Riley Wealth Advisors Inc. now owns 50,000 shares of the company’s stock worth $456,000 after purchasing an additional 25,000 shares in the last quarter. Oaktree Fund Advisors LLC grew its stake in shares of 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 purchasing an additional 52,662 shares during the last quarter. Vanguard Group Inc. grew its stake in shares of Alvotech by 2.1% during the first quarter. Vanguard Group Inc. now owns 3,125,784 shares of the company’s stock valued at $38,197,000 after purchasing an additional 63,948 shares during the last quarter. Littlejohn & Co. LLC boosted its stake in Alvotech by 7.6% in the first quarter. Littlejohn & Co. LLC now owns 1,218,534 shares of the company’s stock valued at $14,890,000 after acquiring an additional 86,143 shares during the last quarter. Finally, Oaktree Capital Management LP boosted its stake in Alvotech by 8.1% in the fourth quarter. Oaktree Capital Management LP now owns 5,450,896 shares of the company’s stock valued at $62,576,000 after acquiring an additional 407,391 shares during the last quarter.

Alvotech Stock Performance

NASDAQ:ALVO traded up $0.16 during mid-day trading on Friday, hitting $12.16. The company’s stock had a trading volume of 167,044 shares, compared to its average volume of 145,628. Alvotech has a fifty-two week low of $6.70 and a fifty-two week high of $18.00. The stock has a fifty day moving average of $13.72 and a 200-day moving average of $13.68.

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