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

Alvotech (NASDAQ:ALVO - Get Free Report) saw a significant increase in short interest in the month of December. As of December 15th, there was short interest totalling 126,800 shares, an increase of 48.8% from the November 30th total of 85,200 shares. Currently, 0.1% of the company's shares are short sold. Based on an average daily volume of 113,800 shares, the short-interest ratio is presently 1.1 days.

Alvotech Price Performance

Shares of Alvotech stock traded up $0.07 during trading on Friday, hitting $12.67. The company's stock had a trading volume of 97,212 shares, compared to its average volume of 177,111. The stock has a market cap of $3.82 billion, a price-to-earnings ratio of -6.85 and a beta of -0.15. Alvotech has a 52 week low of $9.15 and a 52 week high of $18.00. The stock has a 50-day moving average price of $12.23 and a two-hundred day moving average price of $12.06.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Royce & Associates LP raised 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 worth $1,559,000 after acquiring an additional 37,000 shares during the last quarter. PointState Capital LP increased its position in 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 purchasing an additional 26,481 shares during the period. Geode Capital Management LLC raised 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 purchasing an additional 21,022 shares during the last quarter. Richmond Brothers Inc. acquired a new position in shares of Alvotech in the 2nd quarter worth approximately $170,000. Finally, Wolverine Asset Management LLC bought a new stake in shares of Alvotech in the 3rd quarter valued at $70,000.

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.