Short Interest in Alvotech (NASDAQ:ALVO) Increases By 244.2%

Alvotech (NASDAQ:ALVOGet Free Report) was the target of a large growth in short interest in 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. Based on an average daily trading volume, of 117,000 shares, the days-to-cover ratio is presently 3.7 days. Currently, 0.4% of the company’s stock are short sold.

Hedge Funds Weigh In On Alvotech

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Wolverine Asset Management LLC purchased a new position in shares of Alvotech in the 3rd quarter valued at about $70,000. Mirae Asset Global Investments Co. Ltd. purchased a new stake in Alvotech during the fourth quarter worth approximately $113,000. Tempus Wealth Planning LLC purchased a new stake in Alvotech during the fourth quarter worth approximately $310,000. China Universal Asset Management Co. Ltd. purchased a new stake in Alvotech during the fourth quarter worth approximately $748,000. Finally, Royce & Associates LP lifted its stake in Alvotech by 39.4% during the third 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 last quarter.

Alvotech Stock Performance

Shares of ALVO opened at $12.74 on Wednesday. The stock has a 50-day simple moving average of $12.49 and a 200-day simple moving average of $12.12. The stock has a market capitalization of $3.84 billion, a PE ratio of -6.89 and a beta of -0.19. Alvotech has a 1 year low of $9.15 and a 1 year high of $18.00.

Alvotech Company Profile

(Get Free Report)

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.

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