Short Interest in Alvotech (NASDAQ:ALVO) Grows By 244.2%

Alvotech (NASDAQ:ALVO) was the recipient of a large growth in short interest in the month of December. As of December 31st, there was short interest totalling 436,500 shares, a growth of 244.2% from the December 15th total of 126,800 shares. Currently, 0.4% of the company’s shares are sold short. Based on an average daily volume of 117,000 shares, the short-interest ratio is currently 3.7 days.

Alvotech Stock Performance

Shares of NASDAQ ALVO traded up $0.04 during midday trading on Wednesday, reaching $13.35. The stock had a trading volume of 12,317 shares, compared to its average volume of 130,753. The firm has a market cap of $4.02 billion, a price-to-earnings ratio of -7.22 and a beta of -0.19. Alvotech has a twelve month low of $9.15 and a twelve month high of $18.00. The company’s 50 day moving average price is $12.32 and its 200 day moving average price is $12.05.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of ALVO. Wolverine Asset Management LLC acquired a new position in shares of Alvotech in the 3rd quarter worth approximately $70,000. Richmond Brothers Inc. acquired a new position in shares of Alvotech during the 2nd quarter valued at $170,000. Royce & Associates LP lifted 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 acquiring an additional 37,000 shares during the period. Geode Capital Management LLC lifted its position in shares of Alvotech by 11.2% during the 3rd quarter. Geode Capital Management LLC now owns 209,257 shares of the company’s stock valued at $2,490,000 after acquiring an additional 21,022 shares during the period. Finally, PointState Capital LP lifted its position in shares of Alvotech by 3.6% during the 3rd quarter. PointState Capital LP now owns 756,553 shares of the company’s stock valued at $9,003,000 after acquiring an additional 26,481 shares during the period.

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.