Alvotech (NASDAQ:ALVO) Sees Large Increase in Short Interest

Alvotech (NASDAQ:ALVO) was the target of a large growth in short interest in September. As of September 30th, there was short interest totalling 80,200 shares, a growth of 8.1% from the September 15th total of 74,200 shares. Currently, 0.1% of the shares of the stock are short sold. Based on an average trading volume of 106,600 shares, the days-to-cover ratio is currently 0.8 days.

Alvotech Price Performance

Shares of Alvotech stock opened at $12.40 on Thursday. Alvotech has a 1 year low of $8.30 and a 1 year high of $18.00. The company has a market capitalization of $387.50 million, a P/E ratio of -5.96 and a beta of -0.08. The business has a 50 day moving average price of $11.69 and a 200 day moving average price of $12.49.

Alvotech (NASDAQ:ALVO) last issued 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 company had revenue of $198.75 million for the quarter. During the same period in the prior year, the company earned ($0.43) EPS. As a group, research analysts expect that Alvotech will post -0.67 EPS for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the business. Richmond Brothers Inc. acquired a new position in Alvotech in the 2nd quarter valued at $170,000. Littlejohn & Co. LLC raised its holdings in Alvotech by 7.6% in the 1st 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, Vanguard Group Inc. raised its holdings in Alvotech by 2.1% in the 1st quarter. Vanguard Group Inc. now owns 3,125,784 shares of the company’s stock valued at $38,197,000 after acquiring an additional 63,948 shares during the last quarter.

Analysts Set New Price Targets

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

About Alvotech

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.