Short Interest in Alvotech (NASDAQ:ALVO) Drops By 43.9%

Alvotech (NASDAQ:ALVO) saw a significant decline in short interest in August. As of August 31st, there was short interest totalling 76,300 shares, a decline of 43.9% from the August 15th total of 135,900 shares. Currently, 0.1% of the shares of the stock are short sold. Based on an average daily trading volume, of 122,700 shares, the short-interest ratio is currently 0.6 days.

Alvotech Price Performance

Shares of ALVO opened at $10.81 on Monday. Alvotech has a one year low of $8.29 and a one year high of $18.00. The company has a market cap of $337.81 million, a PE ratio of -5.20 and a beta of -0.08. The stock has a 50-day moving average of $11.63 and a 200-day moving average of $12.94.

Alvotech (NASDAQ:ALVO) last announced its quarterly earnings data on Thursday, August 15th. The company reported $0.28 EPS for the quarter, topping the consensus estimate of ($0.28) by $0.56. The company had revenue of $198.75 million during the quarter. During the same quarter last year, the company posted ($0.43) earnings per share. Analysts expect that Alvotech will post -0.66 EPS for the current fiscal year.

Institutional Trading of Alvotech

Hedge funds have recently bought and sold shares of the company. Vanguard Group Inc. raised its position 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 purchasing an additional 63,948 shares during the period. Oaktree Fund Advisors LLC increased its stake in shares of Alvotech by 11.2% in the fourth quarter. Oaktree Fund Advisors LLC now owns 523,915 shares of the company’s stock worth $6,015,000 after buying an additional 52,662 shares during the period. Oaktree Capital Management LP boosted its position in Alvotech by 8.1% during the 4th quarter. Oaktree Capital Management LP now owns 5,450,896 shares of the company’s stock valued at $62,576,000 after buying an additional 407,391 shares during the period. Richmond Brothers Inc. bought a new stake in Alvotech in the 2nd quarter worth $170,000. Finally, Littlejohn & Co. LLC raised its stake in shares of Alvotech by 7.6% during the first quarter. Littlejohn & Co. LLC now owns 1,218,534 shares of the company’s stock valued at $14,890,000 after acquiring an additional 86,143 shares during the last quarter.

Analyst Upgrades and Downgrades

Separately, Barclays lowered their price objective on shares of Alvotech from $22.00 to $18.00 and set an “overweight” rating for the company in a research report 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.