Alvotech (NASDAQ:ALVO) Short Interest Update

Alvotech (NASDAQ:ALVO) was the target of a large decline in short interest during the month of August. As of August 31st, there was short interest totalling 76,300 shares, a decline of 43.9% from the August 15th total of 135,900 shares. Currently, 0.1% of the shares of the company are short sold. Based on an average daily volume of 122,700 shares, the short-interest ratio is currently 0.6 days.

Hedge Funds Weigh In On Alvotech

A number of large investors have recently bought and sold shares of ALVO. Vanguard Group Inc. increased its stake in shares of Alvotech by 2.1% during the first quarter. Vanguard Group Inc. now owns 3,125,784 shares of the company’s stock worth $38,197,000 after acquiring an additional 63,948 shares during the period. Oaktree Fund Advisors LLC lifted its holdings in shares of Alvotech by 11.2% in the 4th quarter. Oaktree Fund Advisors LLC now owns 523,915 shares of the company’s stock valued at $6,015,000 after buying an additional 52,662 shares during the period. Oaktree Capital Management LP boosted its stake in shares of 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 buying an additional 407,391 shares in the last quarter. Richmond Brothers Inc. acquired a new position in Alvotech during the second quarter worth $170,000. Finally, Littlejohn & Co. LLC raised its position in Alvotech by 7.6% in the first quarter. Littlejohn & Co. LLC now owns 1,218,534 shares of the company’s stock worth $14,890,000 after acquiring an additional 86,143 shares in the last quarter.

Alvotech Stock Performance

Shares of NASDAQ ALVO traded up $0.01 during midday trading on Friday, reaching $10.81. 38,888 shares of the company were exchanged, compared to its average volume of 204,752. Alvotech has a 1 year low of $8.29 and a 1 year high of $18.00. The stock has a fifty day simple moving average of $11.63 and a 200 day simple moving average of $12.96.

Alvotech (NASDAQ:ALVO) last released its earnings results on Thursday, August 15th. The company reported $0.28 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.28) by $0.56. The company had revenue of $198.75 million during the quarter. During the same quarter in the prior year, the firm posted ($0.43) earnings per share. On average, equities research analysts expect that Alvotech will post -0.66 earnings per share for the current year.

Wall Street Analyst Weigh In

Separately, Barclays dropped their price target on Alvotech from $22.00 to $18.00 and set an “overweight” rating on the stock in a research note on Thursday, July 25th.

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.