Alvotech (NASDAQ:ALVO) Short Interest Update

Alvotech (NASDAQ:ALVO) was the target of a large drop in short interest in November. As of November 30th, there was short interest totalling 85,200 shares, a drop of 27.1% from the November 15th total of 116,800 shares. Approximately 0.1% of the company’s stock are short sold. Based on an average trading volume of 92,300 shares, the short-interest ratio is currently 0.9 days.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the company. Wolverine Asset Management LLC purchased a new position in Alvotech during the 3rd quarter worth approximately $70,000. Richmond Brothers Inc. purchased a new position in Alvotech during the 2nd quarter worth approximately $170,000. Geode Capital Management LLC grew its stake 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 buying an additional 21,022 shares during the last quarter. PointState Capital LP grew its stake 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 buying an additional 26,481 shares during the last quarter. Finally, Royce & Associates LP grew its stake in shares of Alvotech by 39.4% in the 3rd quarter. Royce & Associates LP now owns 131,000 shares of the company’s stock valued at $1,559,000 after purchasing an additional 37,000 shares during the last quarter.

Alvotech Price Performance

Shares of NASDAQ ALVO traded up $0.14 during midday trading on Friday, hitting $11.80. 132,851 shares of the company’s stock were exchanged, compared to its average volume of 175,324. The firm’s fifty day simple moving average is $12.29 and its 200-day simple moving average is $12.21. Alvotech has a twelve month low of $9.15 and a twelve month high of $18.00.

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.