Short Interest in Alvotech (NASDAQ:ALVO) Expands By 23.7%

Alvotech (NASDAQ:ALVO - Get Free Report) was the recipient of a significant growth in short interest in April. As of April 15th, there was short interest totalling 794,500 shares, a growth of 23.7% from the March 31st total of 642,500 shares. Currently, 0.7% of the shares of the stock are sold short. Based on an average daily volume of 149,700 shares, the short-interest ratio is presently 5.3 days.

Analysts Set New Price Targets

Separately, UBS Group began coverage on Alvotech in a report on Friday, February 14th. They issued a "buy" rating and a $18.00 target price for the company.

Alvotech Price Performance

Shares of ALVO traded up $0.28 during trading hours on Friday, hitting $8.22. The stock had a trading volume of 132,030 shares, compared to its average volume of 127,426. The stock has a market capitalization of $2.48 billion, a price-to-earnings ratio of -4.44 and a beta of -0.05. The company's fifty day moving average is $9.72 and its two-hundred day moving average is $11.54. Alvotech has a 52 week low of $7.35 and a 52 week high of $14.65.

Alvotech (NASDAQ:ALVO - Get Free Report) last posted its quarterly earnings data on Wednesday, March 26th. The company reported ($0.24) earnings per share for the quarter, topping the consensus estimate of ($0.74) by $0.50. The firm had revenue of $153.34 million for the quarter, compared to analyst estimates of $97.99 million. Equities analysts predict that Alvotech will post -0.07 EPS for the current fiscal year.

Hedge Funds Weigh In On Alvotech

Institutional investors and hedge funds have recently bought and sold shares of the business. PointState Capital LP lifted its position in Alvotech by 64.1% during the 4th quarter. PointState Capital LP now owns 1,241,379 shares of the company's stock worth $16,423,000 after buying an additional 484,826 shares in the last quarter. China Universal Asset Management Co. Ltd. acquired a new position in shares of Alvotech during the fourth quarter worth approximately $748,000. Royce & Associates LP grew its stake in shares of Alvotech by 21.4% during the fourth quarter. Royce & Associates LP now owns 159,000 shares of the company's stock valued at $2,104,000 after purchasing an additional 28,000 shares during the last quarter. Vanguard Group Inc. increased its holdings in shares of Alvotech by 0.8% in the fourth quarter. Vanguard Group Inc. now owns 3,196,923 shares of the company's stock valued at $40,905,000 after purchasing an additional 23,799 shares in the last quarter. Finally, Tempus Wealth Planning LLC bought a new position in Alvotech in the 4th quarter worth approximately $310,000.

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.