Alvotech (NASDAQ:ALVO) Short Interest Up 108.1% in August

Alvotech (NASDAQ:ALVO - Get Free Report) was the recipient of a significant increase in short interest in August. As of August 15th, there was short interest totalling 135,900 shares, an increase of 108.1% from the July 31st total of 65,300 shares. Currently, 0.1% of the shares of the stock are sold short. Based on an average daily volume of 131,500 shares, the days-to-cover ratio is presently 1.0 days.

Hedge Funds Weigh In On Alvotech

Hedge funds and other institutional investors have recently modified their holdings of the business. Richmond Brothers Inc. purchased a new stake in Alvotech during the second quarter worth $170,000. Vanguard Group Inc. lifted its stake in shares of Alvotech by 2.1% during the 1st quarter. Vanguard Group Inc. now owns 3,125,784 shares of the company's stock worth $38,197,000 after purchasing an additional 63,948 shares during the last quarter. Littlejohn & Co. LLC boosted its position in Alvotech by 7.6% during the first quarter. Littlejohn & Co. LLC now owns 1,218,534 shares of the company's stock valued at $14,890,000 after purchasing an additional 86,143 shares in the last quarter. Oaktree Fund Advisors LLC grew its stake in Alvotech by 11.2% in the fourth quarter. Oaktree Fund Advisors LLC now owns 523,915 shares of the company's stock valued at $6,015,000 after purchasing an additional 52,662 shares during the last quarter. Finally, Oaktree Capital Management LP grew its stake in Alvotech by 8.1% in the fourth quarter. Oaktree Capital Management LP now owns 5,450,896 shares of the company's stock valued at $62,576,000 after purchasing an additional 407,391 shares during the last quarter.

Alvotech Price Performance

Shares of Alvotech stock traded down $0.08 during trading on Wednesday, hitting $11.65. The stock had a trading volume of 58,270 shares, compared to its average volume of 212,344. The stock has a market cap of $364.06 million, a PE ratio of -5.60 and a beta of -0.08. Alvotech has a 12 month low of $8.29 and a 12 month high of $18.00. The firm's fifty day simple moving average is $11.94 and its 200-day simple moving average is $13.36.

Alvotech (NASDAQ:ALVO - Get Free Report) last announced its earnings results on Thursday, August 15th. The company reported $0.28 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.28) by $0.56. The business had revenue of $198.75 million for the quarter. During the same period in the previous year, the business earned ($0.43) EPS. Analysts expect that Alvotech will post -0.66 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Separately, Barclays lowered their price objective on shares of Alvotech from $22.00 to $18.00 and set an "overweight" rating for the company in a research report on Thursday, July 25th.

About Alvotech

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.