Alvotech (NASDAQ:ALVO) Short Interest Update

Key Points

Error: Response status code does not indicate success: 429 (Too Many Requests).

Alvotech (NASDAQ:ALVO - Get Free Report) was the recipient of a large decline in short interest in the month of July. As of July 31st, there was short interest totaling 1,110,000 shares, adeclineof34.3% from the July 15th total of 1,690,000 shares. Approximately1.0% of the shares of the company are short sold. Based on an average daily trading volume, of 280,700 shares, the days-to-cover ratio is currently 4.0 days. Based on an average daily trading volume, of 280,700 shares, the days-to-cover ratio is currently 4.0 days. Approximately1.0% of the shares of the company are short sold.

Alvotech Price Performance

Shares of ALVO traded down $0.02 during trading hours on Friday, hitting $8.45. The stock had a trading volume of 469,269 shares, compared to its average volume of 458,067. The company's fifty day moving average is $8.89 and its two-hundred day moving average is $9.80. Alvotech has a 52 week low of $7.35 and a 52 week high of $13.70. The stock has a market capitalization of $2.55 billion, a price-to-earnings ratio of 36.74 and a beta of 0.11.

Alvotech (NASDAQ:ALVO - Get Free Report) last posted its earnings results on Wednesday, August 13th. The company reported $0.14 earnings per share for the quarter, topping 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 business had revenue of $116.02 million for the quarter, compared to analyst estimates of $120.51 million. Equities analysts predict that Alvotech will post -0.07 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

ALVO has been the topic of several analyst reports. Zacks Research lowered shares of Alvotech from a "strong-buy" rating to a "hold" rating in a report on Monday, August 18th. UBS Group lowered 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 analyst has rated the stock with a Buy rating and one has assigned a Hold rating to the company. According to data from MarketBeat.com, Alvotech has a consensus rating of "Moderate Buy" and an average price target of $14.00.

Institutional Investors Weigh In On Alvotech

A number of hedge funds have recently added to or reduced their stakes in the stock. Gilder Gagnon Howe & Co. LLC bought a new stake in Alvotech during the 2nd quarter worth about $1,782,000. Bank of America Corp DE grew its holdings in Alvotech by 218.0% during the 2nd quarter. Bank of America Corp DE now owns 16,623 shares of the company's stock worth $152,000 after acquiring an additional 11,395 shares during the last quarter. Invesco Ltd. grew its holdings in Alvotech by 37.3% during the 2nd quarter. Invesco Ltd. now owns 32,398 shares of the company's stock worth $295,000 after acquiring an additional 8,794 shares during the last quarter. Norges Bank acquired a new position in Alvotech during the 2nd quarter valued at about $1,656,000. Finally, Legal & General Group Plc lifted its position in Alvotech by 17.0% during the 2nd quarter. Legal & General Group Plc now owns 657,742 shares of the company's stock valued at $6,028,000 after purchasing an additional 95,331 shares during the period.

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.