Alvotech (NASDAQ:ALVO) Short Interest Update

Alvotech (NASDAQ:ALVO) was the recipient of a large increase in short interest in the month of February. As of February 27th, there was short interest totaling 2,961,422 shares, an increase of 18.4% from the February 12th total of 2,501,772 shares. Approximately 1.0% of the shares of the stock are short sold. Based on an average daily trading volume, of 690,848 shares, the short-interest ratio is currently 4.3 days. Based on an average daily trading volume, of 690,848 shares, the short-interest ratio is currently 4.3 days. Approximately 1.0% of the shares of the stock are short sold.

Institutional Investors Weigh In On Alvotech

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Goldman Sachs Group Inc. boosted its stake in shares of Alvotech by 40.9% during the 1st quarter. Goldman Sachs Group Inc. now owns 36,444 shares of the company’s stock valued at $352,000 after buying an additional 10,573 shares during the period. Geode Capital Management LLC increased its stake in shares of Alvotech by 0.7% in the second quarter. Geode Capital Management LLC now owns 230,291 shares of the company’s stock worth $2,100,000 after acquiring an additional 1,574 shares during the last quarter. Legal & General Group Plc increased its stake in shares of Alvotech by 17.0% in the second quarter. Legal & General Group Plc now owns 657,742 shares of the company’s stock worth $6,028,000 after acquiring an additional 95,331 shares during the last quarter. Norges Bank purchased a new stake in shares of Alvotech during the second quarter worth $1,656,000. Finally, Invesco Ltd. raised its holdings in shares of Alvotech by 37.3% during the second quarter. Invesco Ltd. now owns 32,398 shares of the company’s stock worth $295,000 after acquiring an additional 8,794 shares in the last quarter.

Wall Street Analysts Forecast Growth

ALVO has been the topic of a number of research analyst reports. Morgan Stanley set a $10.00 price objective on shares of Alvotech in a research note on Wednesday, December 3rd. Zacks Research lowered Alvotech from a “hold” rating to a “strong sell” rating in a report on Wednesday, February 18th. Weiss Ratings restated a “sell (e+)” rating on shares of Alvotech in a research report on Wednesday, January 21st. UBS Group cut their target price on shares of Alvotech from $13.00 to $10.00 and set a “buy” rating for the company in a research note on Tuesday, November 18th. Finally, Barclays assumed coverage on Alvotech in a research report on Monday, December 8th. They set an “underweight” rating and a $5.00 price objective for the company. Two research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and three have assigned a Sell rating to the stock. Based on data from MarketBeat.com, Alvotech presently has a consensus rating of “Reduce” and a consensus target price of $8.60.

Alvotech Price Performance

NASDAQ ALVO opened at $3.61 on Tuesday. The company has a 50 day simple moving average of $4.61 and a 200-day simple moving average of $5.96. The firm has a market capitalization of $1.09 billion, a price-to-earnings ratio of 15.70 and a beta of 0.16. Alvotech has a 52-week low of $3.45 and a 52-week high of $11.85.

About Alvotech

Alvotech (NASDAQ:ALVO) is a global biopharmaceutical company specializing in the development, manufacturing and commercialization of biosimilar medicines. The company focuses on creating high‐quality, cost‐effective alternatives to established biologic therapies in areas such as immunology, oncology and other specialty care fields. By leveraging in‐house research and a vertically integrated manufacturing platform, Alvotech aims to bring approved biosimilars to market more rapidly and with greater cost efficiency than many traditional biosimilar developers.

Since its founding in 2013, Alvotech has built a diversified pipeline of monoclonal antibody biosimilars, targeting blockbuster reference products including adalimumab (originally branded Humira), bevacizumab (Avastin) and ustekinumab (Stelara).