Alvotech (NASDAQ:ALVO) Sees Significant Growth in Short Interest

Alvotech (NASDAQ:ALVO - Get Free Report) saw a significant increase in short interest in the month of May. As of May 31st, there was short interest totalling 1,550,000 shares, an increase of 75.2% from the May 15th total of 884,700 shares. Currently, 1.4% of the company's shares are short sold. Based on an average daily trading volume, of 188,500 shares, the days-to-cover ratio is currently 8.2 days.

Alvotech Price Performance

NASDAQ ALVO opened at $9.74 on Friday. The company has a 50 day simple moving average of $9.45 and a 200-day simple moving average of $11.07. The firm has a market capitalization of $2.94 billion, a price-to-earnings ratio of -5.26 and a beta of 0.19. Alvotech has a 52-week low of $7.35 and a 52-week high of $14.14.

Alvotech (NASDAQ:ALVO - Get Free Report) last issued its quarterly earnings data on Wednesday, May 7th. The company reported $0.35 earnings per share for the quarter, beating the consensus estimate of ($0.17) by $0.52. On average, analysts predict that Alvotech will post -0.07 EPS for the current year.

Hedge Funds Weigh In On Alvotech

A number of large investors have recently modified their holdings of the stock. Mirae Asset Global Investments Co. Ltd. bought a new stake in Alvotech in the fourth quarter valued at approximately $113,000. Royce & Associates LP grew its position in shares of Alvotech by 21.4% in the 4th quarter. Royce & Associates LP now owns 159,000 shares of the company's stock valued at $2,104,000 after acquiring an additional 28,000 shares during the period. Vanguard Group Inc. grew its position in shares of Alvotech by 0.8% in the 4th quarter. Vanguard Group Inc. now owns 3,196,923 shares of the company's stock valued at $40,905,000 after acquiring an additional 23,799 shares during the period. ProShare Advisors LLC acquired a new stake in shares of Alvotech during the 4th quarter worth about $167,000. Finally, Geode Capital Management LLC lifted its stake in shares of Alvotech by 4.0% during the 4th quarter. Geode Capital Management LLC now owns 217,587 shares of the company's stock worth $2,879,000 after buying an additional 8,330 shares during the last quarter.

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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