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

Alvotech (NASDAQ:ALVO - Get Free Report) was the target of a large growth in short interest during 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. Based on an average trading volume of 117,000 shares, the days-to-cover ratio is currently 3.7 days. Approximately 0.4% of the company's shares are short sold.

Institutional Trading of Alvotech

Several hedge funds have recently made changes to their positions in ALVO. Wolverine Asset Management LLC acquired a new stake in Alvotech in the 3rd quarter valued at about $70,000. Richmond Brothers Inc. acquired a new stake in Alvotech in the second quarter valued at approximately $170,000. Royce & Associates LP lifted its stake in Alvotech by 39.4% in the third quarter. Royce & Associates LP now owns 131,000 shares of the company's stock worth $1,559,000 after acquiring an additional 37,000 shares during the last quarter. Geode Capital Management LLC grew its holdings in Alvotech by 11.2% during the 3rd quarter. Geode Capital Management LLC now owns 209,257 shares of the company's stock worth $2,490,000 after acquiring an additional 21,022 shares in the last quarter. Finally, PointState Capital LP increased its position in shares of Alvotech by 3.6% in the 3rd quarter. PointState Capital LP now owns 756,553 shares of the company's stock valued at $9,003,000 after purchasing an additional 26,481 shares during the last quarter.

Alvotech Stock Down 2.2 %

Shares of Alvotech stock traded down $0.30 during mid-day trading on Monday, hitting $13.22. The stock had a trading volume of 264,761 shares, compared to its average volume of 141,266. The firm has a 50-day moving average of $12.30 and a two-hundred day moving average of $12.03. The firm has a market cap of $3.99 billion, a P/E ratio of -7.15 and a beta of -0.19. Alvotech has a 12-month low of $9.15 and a 12-month high of $18.00.

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.