Alvotech (NASDAQ:ALVO) Short Interest Update

Alvotech (NASDAQ:ALVO - Get Free Report) was the target of a significant drop in short interest in May. As of May 15th, there was short interest totalling 884,700 shares, a drop of 12.4% from the April 30th total of 1,010,000 shares. Based on an average daily trading volume, of 167,000 shares, the days-to-cover ratio is currently 5.3 days. Currently, 0.8% of the shares of the stock are sold short.

Analyst Upgrades and Downgrades

Separately, UBS Group started coverage on shares of Alvotech in a research report on Friday, February 14th. They issued a "buy" rating and a $18.00 price objective on the stock.

Alvotech Trading Up 1.5%

Shares of ALVO stock traded up $0.16 during trading hours on Friday, hitting $10.66. The company's stock had a trading volume of 173,756 shares, compared to its average volume of 142,784. The business has a fifty day moving average of $9.28 and a 200-day moving average of $11.16. Alvotech has a twelve month low of $7.35 and a twelve month high of $14.65. The stock has a market cap of $3.21 billion, a price-to-earnings ratio of -5.76 and a beta of 0.19.

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

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in ALVO. Goldman Sachs Group Inc. lifted its position in Alvotech by 40.9% during the first quarter. Goldman Sachs Group Inc. now owns 36,444 shares of the company's stock worth $352,000 after buying an additional 10,573 shares during the period. Vident Advisory LLC raised its position in Alvotech by 24.7% in the first quarter. Vident Advisory LLC now owns 25,281 shares of the company's stock valued at $244,000 after purchasing an additional 5,009 shares during the period. Invesco Ltd. boosted its holdings in Alvotech by 110.6% in the 1st quarter. Invesco Ltd. now owns 23,604 shares of the company's stock worth $228,000 after acquiring an additional 12,394 shares during the period. Wolverine Asset Management LLC grew its holdings in Alvotech by 24.7% during the 1st quarter. Wolverine Asset Management LLC now owns 9,286 shares of the company's stock valued at $90,000 after purchasing an additional 1,838 shares in the last quarter. Finally, Vanguard Group Inc. increased its stake in Alvotech by 31.1% during the 1st quarter. Vanguard Group Inc. now owns 4,192,461 shares of the company's stock worth $40,306,000 after buying an additional 995,538 shares during the period.

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.