Alvotech (NASDAQ:ALVO) Sees Significant Growth in Short Interest

Alvotech (NASDAQ:ALVO) was the recipient of a large increase in short interest in the month of February. As of February 28th, there was short interest totalling 519,100 shares, an increase of 21.7% from the February 13th total of 426,400 shares. Approximately 0.5% of the shares of the stock are short sold. Based on an average daily volume of 162,900 shares, the short-interest ratio is presently 3.2 days.

Wall Street Analysts Forecast Growth

Separately, UBS Group began coverage on shares of Alvotech in a report on Friday, February 14th. They set a “buy” rating and a $18.00 price objective for the company.

Hedge Funds Weigh In On Alvotech

A number of large investors have recently added to or reduced their stakes in ALVO. Royce & Associates LP raised its position in Alvotech by 39.4% in the 3rd quarter. Royce & Associates LP now owns 131,000 shares of the company’s stock worth $1,559,000 after purchasing an additional 37,000 shares during the period. PointState Capital LP increased its position in shares of Alvotech by 3.6% in the third quarter. PointState Capital LP now owns 756,553 shares of the company’s stock valued at $9,003,000 after acquiring an additional 26,481 shares during the period. Geode Capital Management LLC increased its position in shares of Alvotech by 11.2% in the third quarter. Geode Capital Management LLC now owns 209,257 shares of the company’s stock valued at $2,490,000 after acquiring an additional 21,022 shares during the period. China Universal Asset Management Co. Ltd. purchased a new position in shares of Alvotech in the fourth quarter valued at about $748,000. Finally, Tempus Wealth Planning LLC purchased a new position in shares of Alvotech in the fourth quarter valued at about $310,000.

Alvotech Stock Up 0.3 %

Shares of NASDAQ:ALVO opened at $11.34 on Wednesday. The stock has a market cap of $3.42 billion, a PE ratio of -6.13 and a beta of -0.16. The company’s fifty day moving average is $12.32 and its 200 day moving average is $12.18. Alvotech has a 52 week low of $9.15 and a 52 week high of $15.31.

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.