Short Interest in Alvotech (NASDAQ:ALVO) Rises By 47.8%

Alvotech (NASDAQ:ALVO - Get Free Report) was the recipient of a large increase in short interest in November. As of November 15th, there was short interest totalling 116,800 shares, an increase of 47.8% from the October 31st total of 79,000 shares. Approximately 0.1% of the shares of the company are sold short. Based on an average daily trading volume, of 94,800 shares, the days-to-cover ratio is currently 1.2 days.

Hedge Funds Weigh In On Alvotech

A number of hedge funds have recently bought and sold shares of ALVO. Wolverine Asset Management LLC acquired a new position in shares of Alvotech during the 3rd quarter worth approximately $70,000. Richmond Brothers Inc. acquired a new stake in shares of Alvotech in the second quarter valued at approximately $170,000. Royce & Associates LP boosted its stake in shares of Alvotech by 39.4% in 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. Geode Capital Management LLC grew its position in Alvotech by 11.2% during the third quarter. Geode Capital Management LLC now owns 209,257 shares of the company's stock worth $2,490,000 after buying an additional 21,022 shares in the last quarter. Finally, PointState Capital LP increased its stake in Alvotech by 3.6% during the 3rd quarter. PointState Capital LP now owns 756,553 shares of the company's stock worth $9,003,000 after acquiring an additional 26,481 shares during the period.

Alvotech Trading Up 0.6 %

ALVO stock traded up $0.07 during trading hours on Friday, hitting $11.75. 36,615 shares of the stock were exchanged, compared to its average volume of 178,991. The company has a 50-day simple moving average of $12.31 and a two-hundred day simple moving average of $12.35. The firm has a market capitalization of $367.19 million, a P/E ratio of -6.31 and a beta of -0.10. Alvotech has a 12 month low of $9.08 and a 12 month high of $18.00.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.