Alvotech (NASDAQ:ALVO) Sees Large Drop in Short Interest

Alvotech (NASDAQ:ALVO) was the target of a significant drop in short interest in the month of November. As of November 30th, there was short interest totalling 85,200 shares, a drop of 27.1% from the November 15th total of 116,800 shares. Currently, 0.1% of the company’s shares are sold short. Based on an average daily volume of 92,300 shares, the short-interest ratio is currently 0.9 days.

Alvotech Trading Up 1.2 %

ALVO stock traded up $0.14 during mid-day trading on Friday, reaching $11.80. The company’s stock had a trading volume of 136,083 shares, compared to its average volume of 175,337. The company has a market cap of $368.75 million, a price-to-earnings ratio of -6.38 and a beta of -0.15. Alvotech has a 12 month low of $9.15 and a 12 month high of $18.00. The business’s 50 day moving average price is $12.28 and its 200 day moving average price is $12.18.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of the stock. Wolverine Asset Management LLC bought a new stake in Alvotech in the third quarter valued at $70,000. Richmond Brothers Inc. acquired a new stake in shares of Alvotech in the 2nd quarter valued at about $170,000. Geode Capital Management LLC increased its position in Alvotech by 11.2% in the 3rd quarter. Geode Capital Management LLC now owns 209,257 shares of the company’s stock valued at $2,490,000 after buying an additional 21,022 shares in the last quarter. PointState Capital LP raised its stake in Alvotech by 3.6% during the 3rd quarter. PointState Capital LP now owns 756,553 shares of the company’s stock worth $9,003,000 after buying an additional 26,481 shares during the period. Finally, Royce & Associates LP boosted its holdings in Alvotech by 39.4% in the third quarter. Royce & Associates LP now owns 131,000 shares of the company’s stock worth $1,559,000 after acquiring an additional 37,000 shares in the last quarter.

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.