Short Interest in Alvotech (NASDAQ:ALVO) Expands By 21.7%

Alvotech (NASDAQ:ALVO - Get Free Report) saw a large increase in short interest in the month of February. As of February 28th, there was short interest totalling 519,100 shares, an increase of 21.7% from the February 13th total of 426,400 shares. Approximately 0.5% of the company's shares are sold short. Based on an average daily volume of 162,900 shares, the short-interest ratio is presently 3.2 days.

Alvotech Trading Up 0.2 %

Shares of ALVO stock traded up $0.02 during midday trading on Friday, reaching $11.57. 233,864 shares of the stock were exchanged, compared to its average volume of 137,014. Alvotech has a 1 year low of $9.15 and a 1 year high of $15.04. The company's 50 day moving average is $12.20 and its two-hundred day moving average is $12.16. The firm has a market cap of $3.49 billion, a PE ratio of -6.25 and a beta of -0.16.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in ALVO. BNP Paribas Financial Markets purchased a new position in shares of Alvotech during the 4th quarter worth approximately $66,000. GF Fund Management CO. LTD. purchased a new position in shares of Alvotech during the 4th quarter worth approximately $74,000. Wolverine Asset Management LLC grew its holdings in shares of Alvotech by 27.5% during the 4th quarter. Wolverine Asset Management LLC now owns 7,448 shares of the company's stock worth $99,000 after acquiring an additional 1,607 shares during the period. Mirae Asset Global Investments Co. Ltd. purchased a new position in shares of Alvotech during the 4th quarter worth approximately $113,000. Finally, Invesco Ltd. purchased a new position in shares of Alvotech during the 4th quarter worth approximately $148,000.

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Analyst Ratings Changes

Separately, UBS Group started coverage on Alvotech in a report on Friday, February 14th. They set a "buy" rating and a $18.00 price target on the stock.

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.