Alvotech (NASDAQ:ALVO) Short Interest Update

Key Points

• Alvotech experienced a significant increase in short interest, rising by 77.5% in August to a total of 1,970,000 shares.
• Research firms have revised their ratings on Alvotech, with Zacks Research downgrading it from "strong-buy" to "hold" and UBS Group lowering the target price from $16.00 to $14.00.
• In its most recent earnings report, Alvotech reported earnings of $0.14 per share, exceeding expectations and highlighting a net margin of 11.26%.

Alvotech (NASDAQ:ALVO - Get Free Report) was the target of a large increase in short interest in August. As of August 15th, there was short interest totaling 1,970,000 shares, an increase of 77.5% from the July 31st total of 1,110,000 shares. Currently, 1.8% of the company's stock are short sold. Based on an average daily volume of 339,800 shares, the days-to-cover ratio is presently 5.8 days. Based on an average daily volume of 339,800 shares, the days-to-cover ratio is presently 5.8 days. Currently, 1.8% of the company's stock are short sold.

Institutional Investors Weigh In On Alvotech

Several hedge funds have recently modified their holdings of the business. Vanguard Group Inc. boosted its position in Alvotech by 31.1% in the 1st quarter. Vanguard Group Inc. now owns 4,192,461 shares of the company's stock worth $40,306,000 after purchasing an additional 995,538 shares in the last quarter. PointState Capital LP grew its position in shares of Alvotech by 64.1% in the fourth quarter. PointState Capital LP now owns 1,241,379 shares of the company's stock valued at $16,423,000 after purchasing an additional 484,826 shares in the last quarter. Legal & General Group Plc increased its stake in shares of Alvotech by 17.0% in the 2nd quarter. Legal & General Group Plc now owns 657,742 shares of the company's stock worth $6,028,000 after acquiring an additional 95,331 shares during the last quarter. Geode Capital Management LLC increased its holdings in shares of Alvotech by 0.7% during the 2nd quarter. Geode Capital Management LLC now owns 230,291 shares of the company's stock worth $2,100,000 after buying an additional 1,574 shares during the last quarter. Finally, Gilder Gagnon Howe & Co. LLC acquired a new stake in Alvotech during the second quarter worth $1,782,000.

Analyst Upgrades and Downgrades

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

Alvotech Price Performance

Shares of NASDAQ:ALVO traded down $0.14 during midday trading on Wednesday, hitting $7.97. The company had a trading volume of 84,188 shares, compared to its average volume of 238,670. The company has a fifty day moving average of $8.63 and a two-hundred day moving average of $9.43. Alvotech has a 12-month low of $7.35 and a 12-month high of $13.70. The company has a market cap of $2.40 billion, a price-to-earnings ratio of 34.70 and a beta of 0.10.

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