Alvotech (NASDAQ:ALVO) Sees Large Decrease in Short Interest

Alvotech (NASDAQ:ALVO) was the recipient of a significant decline in short interest during the month of July. As of July 31st, there was short interest totalling 65,300 shares, a decline of 11.5% from the July 15th total of 73,800 shares. Based on an average daily volume of 115,100 shares, the days-to-cover ratio is presently 0.6 days. Approximately 0.1% of the shares of the stock are sold short.

Institutional Trading of Alvotech

Several hedge funds and other institutional investors have recently made changes to their positions in ALVO. Richmond Brothers Inc. purchased a new stake in shares of Alvotech during the 2nd quarter valued at $170,000. Oaktree Fund Advisors LLC raised its stake in Alvotech by 11.2% in the 4th quarter. Oaktree Fund Advisors LLC now owns 523,915 shares of the company’s stock worth $6,015,000 after acquiring an additional 52,662 shares during the last quarter. Littlejohn & Co. LLC raised its stake in Alvotech by 7.6% in the 1st 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 during the last quarter. Vanguard Group Inc. raised its stake in Alvotech by 2.1% in the 1st 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 last quarter. Finally, Oaktree Capital Management LP raised its stake in Alvotech by 8.1% in the 4th quarter. Oaktree Capital Management LP now owns 5,450,896 shares of the company’s stock worth $62,576,000 after acquiring an additional 407,391 shares during the last quarter.

Alvotech Price Performance

NASDAQ ALVO traded up $1.04 during midday trading on Friday, hitting $12.97. 675,627 shares of the company traded hands, compared to its average volume of 216,169. The company has a market cap of $405.31 million, a PE ratio of -6.24 and a beta of -0.08. The company’s 50-day simple moving average is $12.25 and its 200-day simple moving average is $13.57. Alvotech has a 52 week low of $8.29 and a 52 week high of $18.00.

Alvotech (NASDAQ:ALVO) last announced its earnings results on Wednesday, May 22nd. The company reported ($0.89) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.08) by ($0.81). The business had revenue of $36.89 million during the quarter. During the same quarter in the previous year, the firm posted ($1.24) EPS. On average, research analysts predict that Alvotech will post -0.66 earnings per share for the current year.

Analysts Set New Price Targets

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