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

Key Points

• Short interest surged: short positions rose 22.1% to 3,000,511 shares as of March 31, equal to about 1.0% of the company's stock and a days-to-cover ratio of 4.4.
• Mixed analyst outlook: the consensus rating is "Hold" with a $7.60 target, while UBS cut its price objective to $6 (still a Buy) and Barclays trimmed its target to $4 and set an Underweight; overall there are two Buy, two Hold and two Sell ratings.
• Earnings miss but revenue beat: Alvotech reported -$0.37 EPS vs. $0.13 expected while posting $173.2M in revenue (vs. $162.2M estimate); the stock trades around $3.66 with a $1.10B market cap.

Alvotech (NASDAQ:ALVO - Get Free Report) was the target of a large increase in short interest in March. As of March 31st, there was short interest totaling 3,000,511 shares, an increase of 22.1% from the March 15th total of 2,457,228 shares. Currently, 1.0% of the company's stock are short sold. Based on an average trading volume of 681,383 shares, the days-to-cover ratio is currently 4.4 days.

Analyst Upgrades and Downgrades

Several analysts have weighed in on the company. Zacks Research raised Alvotech from a "strong sell" rating to a "hold" rating in a research report on Thursday, March 19th. Weiss Ratings reaffirmed a "sell (e+)" rating on shares of Alvotech in a research report on Wednesday, January 21st. Wall Street Zen cut Alvotech from a "hold" rating to a "sell" rating in a research report on Sunday, April 5th. UBS Group cut their price objective on Alvotech from $10.00 to $6.00 and set a "buy" rating on the stock in a research report on Tuesday, March 24th. Finally, Barclays cut their price objective on Alvotech from $5.00 to $4.00 and set an "underweight" rating on the stock in a research report on Tuesday, March 24th. Two investment analysts have rated the stock with a Buy rating, two have given a Hold rating and two have issued a Sell rating to the company. According to MarketBeat, the stock has an average rating of "Hold" and a consensus target price of $7.60.

Institutional Trading of Alvotech

A number of hedge funds have recently made changes to their positions in ALVO. State of Wyoming bought a new stake in shares of Alvotech in the 3rd quarter worth approximately $54,000. ProShare Advisors LLC raised its holdings in Alvotech by 24.0% in the 4th quarter. ProShare Advisors LLC now owns 13,826 shares of the company's stock worth $71,000 after acquiring an additional 2,675 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. raised its holdings in Alvotech by 25.7% in the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 15,211 shares of the company's stock worth $78,000 after acquiring an additional 3,110 shares during the last quarter. Magnetar Financial LLC purchased a new position in Alvotech in the 3rd quarter worth approximately $86,000. Finally, Ulland Investment Advisors LLC purchased a new position in Alvotech in the 3rd quarter worth approximately $92,000.

Alvotech Stock Up 3.7%

Shares of ALVO opened at $3.66 on Thursday. The business's 50 day moving average price is $3.93 and its 200-day moving average price is $5.27. Alvotech has a 52 week low of $3.03 and a 52 week high of $11.85. The stock has a market cap of $1.10 billion, a P/E ratio of 36.60 and a beta of 0.25.

Alvotech (NASDAQ:ALVO - Get Free Report) last issued its quarterly earnings results on Wednesday, March 18th. The company reported ($0.37) EPS for the quarter, missing analysts' consensus estimates of $0.13 by ($0.50). Alvotech had a negative return on equity of 11.92% and a net margin of 4.74%.The company had revenue of $173.20 million during the quarter, compared to the consensus estimate of $162.20 million. On average, equities analysts anticipate that Alvotech will post -0.07 EPS for the current year.

About Alvotech

Alvotech NASDAQ: ALVO is a global biopharmaceutical company specializing in the development, manufacturing and commercialization of biosimilar medicines. The company focuses on creating high‐quality, cost‐effective alternatives to established biologic therapies in areas such as immunology, oncology and other specialty care fields. By leveraging in‐house research and a vertically integrated manufacturing platform, Alvotech aims to bring approved biosimilars to market more rapidly and with greater cost efficiency than many traditional biosimilar developers.

Since its founding in 2013, Alvotech has built a diversified pipeline of monoclonal antibody biosimilars, targeting blockbuster reference products including adalimumab (originally branded Humira), bevacizumab (Avastin) and ustekinumab (Stelara).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.