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

Alvotech (NASDAQ:ALVO) saw a significant drop in short interest during the month of June. As of June 15th, there was short interest totalling 44,000 shares, a drop of 53.1% from the May 31st total of 93,900 shares. Based on an average trading volume of 181,500 shares, the days-to-cover ratio is presently 0.2 days. Currently, 0.1% of the company’s shares are sold short.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Vanguard Group Inc. boosted its holdings in Alvotech by 2.1% in 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 period. Littlejohn & Co. LLC boosted its holdings 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 purchasing an additional 86,143 shares during the period. Oaktree Fund Advisors LLC boosted its holdings in Alvotech by 11.2% in 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 period. Oaktree Capital Management LP boosted its holdings 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 purchasing an additional 407,391 shares during the period. Finally, B. Riley Wealth Advisors Inc. boosted its holdings in Alvotech by 100.0% in the third quarter. B. Riley Wealth Advisors Inc. now owns 50,000 shares of the company’s stock valued at $456,000 after purchasing an additional 25,000 shares during the period.

Analysts Set New Price Targets

Separately, Barclays raised their target price on Alvotech from $20.00 to $22.00 and gave the stock an “overweight” rating in a research note on Friday, May 24th.

Alvotech Trading Up 1.3 %

Shares of NASDAQ ALVO traded up $0.16 during trading on Friday, reaching $12.16. The 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 business’s 50-day moving average price is $13.72 and its 200-day moving average price is $13.68.

Alvotech (NASDAQ:ALVO) last issued its quarterly earnings data on Wednesday, May 22nd. The company reported ($0.89) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.08) by ($0.81). The firm had revenue of $36.89 million during the quarter. During the same period in the previous year, the firm earned ($1.24) earnings per share. On average, equities analysts forecast that Alvotech will post -0.66 earnings per share for the current year.

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.