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

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

Wall Street Analyst Weigh In

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

Institutional Investors Weigh In On Alvotech

Several institutional investors and hedge funds have recently bought and sold shares of the business. Vanguard Group Inc. increased its stake in shares of 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 increased its stake in shares of 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. Finally, Richmond Brothers Inc. acquired a new stake in shares of Alvotech in the second quarter valued at approximately $170,000.

Alvotech Price Performance

NASDAQ:ALVO opened at $12.40 on Thursday. The stock has a market cap of $387.50 million, a P/E ratio of -5.96 and a beta of -0.08. Alvotech has a 1-year low of $8.30 and a 1-year high of $18.00. The firm has a 50-day moving average of $11.69 and a two-hundred day moving average of $12.49.

Alvotech (NASDAQ:ALVO) last released its quarterly earnings data on Thursday, August 15th. The company reported $0.28 earnings per share for the quarter, topping the consensus estimate of ($0.28) by $0.56. The business had revenue of $198.75 million for the quarter. During the same quarter last year, the business posted ($0.43) EPS. As a group, equities analysts expect that Alvotech will post -0.67 earnings per share for the current 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.