Alvotech (NASDAQ:ALVO) Short Interest Update

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

Hedge Funds Weigh In On Alvotech

A number of institutional investors have recently bought and sold shares of the business. BNP Paribas Financial Markets bought a new position in shares of Alvotech during the 4th quarter worth approximately $66,000. GF Fund Management CO. LTD. bought a new position in shares of Alvotech in the fourth quarter valued at about $74,000. Wolverine Asset Management LLC lifted its stake in shares of Alvotech by 27.5% during the 4th quarter. Wolverine Asset Management LLC now owns 7,448 shares of the company’s stock worth $99,000 after buying an additional 1,607 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. bought a new stake in shares of Alvotech during the 4th quarter worth about $113,000. Finally, Invesco Ltd. acquired a new position in Alvotech in the 4th quarter valued at about $148,000.

Alvotech Price Performance

Alvotech stock opened at $11.34 on Thursday. The company’s 50-day moving average is $12.28 and its 200-day moving average is $12.17. The firm has a market capitalization of $3.42 billion, a PE ratio of -6.13 and a beta of -0.16. Alvotech has a fifty-two week low of $9.15 and a fifty-two week high of $15.30.

Wall Street Analysts Forecast Growth

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

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.