Alvotech (NASDAQ:ALVO) Short Interest Up 47.8% in November

Alvotech (NASDAQ:ALVO) was the target of a large increase in short interest in the month of 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. Based on an average daily trading volume, of 94,800 shares, the short-interest ratio is presently 1.2 days. Currently, 0.1% of the company’s shares are sold short.

Alvotech Price Performance

ALVO opened at $11.75 on Friday. The company’s 50 day moving average price is $12.32 and its two-hundred day moving average price is $12.34. Alvotech has a fifty-two week low of $9.08 and a fifty-two week high of $18.00.

Institutional Trading of Alvotech

A number of institutional investors and hedge funds have recently bought and sold shares of ALVO. Vanguard Group Inc. lifted its holdings in Alvotech by 2.1% during the 1st quarter. Vanguard Group Inc. now owns 3,125,784 shares of the company’s stock worth $38,197,000 after buying an additional 63,948 shares during the period. Richmond Brothers Inc. bought a new position in shares of Alvotech during the second quarter worth about $170,000. Wolverine Asset Management LLC acquired a new position in shares of Alvotech in the third quarter worth approximately $70,000. Royce & Associates LP boosted its holdings in 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 acquiring an additional 37,000 shares during the last quarter. Finally, Geode Capital Management LLC increased its position in Alvotech by 11.2% during the 3rd quarter. Geode Capital Management LLC now owns 209,257 shares of the company’s stock valued at $2,490,000 after purchasing an additional 21,022 shares during the period.

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.