Short Interest in Alvotech (NASDAQ:ALVO) Decreases By 12.9%

Alvotech (NASDAQ:ALVO) saw a large decline in short interest in the month of January. As of January 15th, there was short interest totalling 380,200 shares, a decline of 12.9% from the December 31st total of 436,500 shares. Based on an average daily volume of 120,400 shares, the short-interest ratio is presently 3.2 days. Approximately 0.4% of the company’s shares are sold short.

Hedge Funds Weigh In On Alvotech

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Geode Capital Management LLC boosted its holdings in Alvotech by 11.2% in the third 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 in the last quarter. China Universal Asset Management Co. Ltd. purchased a new stake in shares of Alvotech in the 4th quarter worth about $748,000. Wolverine Asset Management LLC bought a new stake in shares of Alvotech during the 3rd quarter valued at about $70,000. PointState Capital LP increased its position in shares of Alvotech by 3.6% during the third quarter. PointState Capital LP now owns 756,553 shares of the company’s stock valued at $9,003,000 after buying an additional 26,481 shares during the period. Finally, Royce & Associates LP increased its position in shares of Alvotech by 39.4% during the third 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 during the period.

Alvotech Price Performance

ALVO traded up $0.31 during midday trading on Friday, reaching $12.72. 825,257 shares of the company’s stock traded hands, compared to its average volume of 133,991. Alvotech has a 52 week low of $9.15 and a 52 week high of $18.00. The firm has a fifty day moving average of $12.51 and a two-hundred day moving average of $12.13. The stock has a market capitalization of $3.83 billion, a price-to-earnings ratio of -6.88 and a beta of -0.19.

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.