Alvotech (NASDAQ:ALVO) Sees Large Drop in Short Interest

Key Points

• Short Interest Decrease: Alvotech experienced a significant decline in short interest of 24.9% in August, decreasing to 1,480,000 shares, which is approximately 1.4% of the company's total shares.
• Analyst Ratings: Zacks Research downgraded Alvotech from a "strong-buy" to a "hold," while UBS Group lowered its price target from $16.00 to $14.00, maintaining a "buy" rating.
• Quarterly Performance: In its recent earnings report, Alvotech posted earnings of $0.14 per share, exceeding expectations by $0.40, although it reported revenues of $116.02 million, falling short of the $120.51 million forecasted by analysts.

Alvotech (NASDAQ:ALVO - Get Free Report) was the target of a large decrease in short interest in the month of August. As of August 31st, there was short interest totaling 1,480,000 shares, a decrease of 24.9% from the August 15th total of 1,970,000 shares. Approximately 1.4% of the company's shares are short sold. Based on an average trading volume of 337,900 shares, the short-interest ratio is currently 4.4 days. Based on an average trading volume of 337,900 shares, the short-interest ratio is currently 4.4 days. Approximately 1.4% of the company's shares are short sold.

Analysts Set New Price Targets

Several research analysts recently commented on ALVO shares. Zacks Research lowered shares of Alvotech from a "strong-buy" rating to a "hold" rating in a report on Monday, August 18th. UBS Group cut their price target on shares of Alvotech from $16.00 to $14.00 and set a "buy" rating on the stock in a report on Friday, July 18th. One research analyst has rated the stock with a Buy rating and one has assigned a Hold rating to the company's stock. According to data from MarketBeat.com, Alvotech has a consensus rating of "Moderate Buy" and an average target price of $14.00.

Hedge Funds Weigh In On Alvotech

Several large investors have recently made changes to their positions in ALVO. BNP Paribas Financial Markets purchased a new stake in shares of Alvotech in the 4th quarter valued at approximately $66,000. GF Fund Management CO. LTD. acquired a new position in Alvotech in the fourth quarter worth approximately $74,000. Wolverine Asset Management LLC increased its holdings in Alvotech by 24.7% in the first quarter. Wolverine Asset Management LLC now owns 9,286 shares of the company's stock worth $90,000 after buying an additional 1,838 shares during the last quarter. Bank of America Corp DE increased its holdings in Alvotech by 218.0% in the second quarter. Bank of America Corp DE now owns 16,623 shares of the company's stock worth $152,000 after buying an additional 11,395 shares during the last quarter. Finally, ProShare Advisors LLC bought a new position in shares of Alvotech in the fourth quarter valued at approximately $167,000.

Alvotech Stock Down 2.0%

Shares of ALVO opened at $7.96 on Wednesday. Alvotech has a 52-week low of $7.35 and a 52-week high of $13.70. The firm has a market capitalization of $2.40 billion, a PE ratio of 34.61 and a beta of 0.10. The firm has a 50-day moving average price of $8.53 and a 200 day moving average price of $9.30.

Alvotech (NASDAQ:ALVO - Get Free Report) last posted its quarterly earnings data on Wednesday, August 13th. The company reported $0.14 earnings per share for the quarter, beating the consensus estimate of ($0.26) by $0.40. Alvotech had a net margin of 11.26% and a negative return on equity of 38.36%. The company had revenue of $116.02 million during the quarter, compared to analyst estimates of $120.51 million. On average, equities analysts expect that Alvotech will post -0.07 EPS for the current year.

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.

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