Short Interest in Alvotech (NASDAQ:ALVO) Grows By 48.8%

Alvotech (NASDAQ:ALVO) was the target of a large growth in short interest in December. As of December 15th, there was short interest totalling 126,800 shares, a growth of 48.8% from the November 30th total of 85,200 shares. Based on an average trading volume of 113,800 shares, the days-to-cover ratio is currently 1.1 days. Currently, 0.1% of the company’s stock are short sold.

Alvotech Stock Down 0.2 %

ALVO traded down $0.02 during midday trading on Monday, hitting $12.65. 5,704 shares of the company traded hands, compared to its average volume of 176,418. Alvotech has a 52 week low of $9.15 and a 52 week high of $18.00. The firm has a market capitalization of $3.81 billion, a PE ratio of -6.84 and a beta of -0.15. The company’s 50-day moving average is $12.23 and its 200 day moving average is $12.05.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in ALVO. Wolverine Asset Management LLC bought a new position in shares of Alvotech in the third quarter worth approximately $70,000. Richmond Brothers Inc. purchased a new stake in Alvotech during the second quarter valued at $170,000. Geode Capital Management LLC lifted its position in Alvotech by 11.2% during the third quarter. Geode Capital Management LLC now owns 209,257 shares of the company’s stock valued at $2,490,000 after purchasing an additional 21,022 shares during the last quarter. PointState Capital LP increased its holdings in shares of Alvotech by 3.6% in 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 raised its position in shares of Alvotech by 39.4% during the 3rd quarter. Royce & Associates LP now owns 131,000 shares of the company’s stock valued at $1,559,000 after buying an additional 37,000 shares in the last quarter.

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.