Alvotech (NASDAQ:ALVO) Short Interest Update

Alvotech (NASDAQ:ALVO) was the recipient of a large growth in short interest in May. As of May 31st, there was short interest totalling 1,550,000 shares, a growth of 75.2% from the May 15th total of 884,700 shares. Approximately 1.4% of the shares of the company are sold short. Based on an average trading volume of 188,500 shares, the short-interest ratio is currently 8.2 days.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the stock. Wolverine Asset Management LLC raised its position in Alvotech by 27.5% in the fourth quarter. Wolverine Asset Management LLC now owns 7,448 shares of the company’s stock worth $99,000 after acquiring an additional 1,607 shares in the last quarter. Bank of America Corp DE grew its position in Alvotech by 19.7% in the fourth quarter. Bank of America Corp DE now owns 16,240 shares of the company’s stock worth $215,000 after buying an additional 2,677 shares during the last quarter. China Universal Asset Management Co. Ltd. grew its holdings in shares of Alvotech by 6.9% in the 1st quarter. China Universal Asset Management Co. Ltd. now owns 60,472 shares of the company’s stock worth $585,000 after acquiring an additional 3,896 shares during the last quarter. BNP Paribas Financial Markets acquired a new stake in shares of Alvotech during the fourth quarter worth $66,000. Finally, Vident Advisory LLC lifted its holdings in shares of Alvotech by 24.7% during the first quarter. Vident Advisory LLC now owns 25,281 shares of the company’s stock valued at $244,000 after purchasing an additional 5,009 shares during the last quarter.

Alvotech Stock Performance

Shares of ALVO stock opened at $9.34 on Tuesday. Alvotech has a 1 year low of $7.35 and a 1 year high of $14.14. The firm has a market capitalization of $2.82 billion, a PE ratio of -5.05 and a beta of 0.19. The stock has a fifty day moving average of $9.48 and a two-hundred day moving average of $11.05.

Alvotech (NASDAQ:ALVO) last announced its earnings results on Wednesday, May 7th. The company reported $0.35 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.17) by $0.52. Equities research analysts predict that Alvotech will post -0.07 earnings per share for the current fiscal year.

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.