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

Alvotech (NASDAQ:ALVO) was the target of a large growth in short interest during the month of January. As of January 15th, there was short interest totalling 436,500 shares, a growth of 244.2% from the December 31st total of 126,800 shares. Currently, 0.4% of the shares of the company are sold short. Based on an average trading volume of 117,000 shares, the short-interest ratio is currently 3.7 days.

Alvotech Trading Down 3.0 %

ALVO traded down $0.40 during trading on Tuesday, hitting $12.66. The company’s stock had a trading volume of 120,474 shares, compared to its average volume of 137,997. The firm has a market capitalization of $3.82 billion, a price-to-earnings ratio of -6.85 and a beta of -0.19. Alvotech has a twelve month low of $9.15 and a twelve month high of $18.00. The business’s fifty day simple moving average is $12.47 and its 200 day simple moving average is $12.11.

Hedge Funds Weigh In On Alvotech

Several institutional investors and hedge funds have recently bought and sold shares of ALVO. Wolverine Asset Management LLC acquired a new position in shares of Alvotech in the 3rd quarter worth approximately $70,000. Royce & Associates LP boosted its holdings in Alvotech by 39.4% during the 3rd 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 period. PointState Capital LP grew its position in Alvotech by 3.6% in the 3rd 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 in the last quarter. Geode Capital Management LLC increased its stake in Alvotech by 11.2% during the third quarter. Geode Capital Management LLC now owns 209,257 shares of the company’s stock worth $2,490,000 after purchasing an additional 21,022 shares during the period. Finally, China Universal Asset Management Co. Ltd. acquired a new stake in shares of Alvotech during the fourth quarter worth about $748,000.

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.