Alvotech (NASDAQ:ALVO) Short Interest Down 34.3% in July

Alvotech (NASDAQ:ALVO) was the target of a significant 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 sold short. Based on an average daily volume of 280,700 shares, the short-interest ratio is presently 4.0 days. Based on an average daily volume of 280,700 shares, the short-interest ratio is presently 4.0 days. Approximately1.0% of the shares of the company are sold short.

Wall Street Analysts Forecast Growth

Separately, UBS Group dropped their target price on Alvotech from $16.00 to $14.00 and set a “buy” rating on the stock in a report on Friday, July 18th.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of ALVO. Vanguard Group Inc. grew its holdings in Alvotech by 31.1% during the first quarter. Vanguard Group Inc. now owns 4,192,461 shares of the company’s stock worth $40,306,000 after acquiring an additional 995,538 shares during the period. PointState Capital LP grew its holdings in Alvotech by 64.1% during the fourth quarter. PointState Capital LP now owns 1,241,379 shares of the company’s stock worth $16,423,000 after acquiring an additional 484,826 shares during the period. Gilder Gagnon Howe & Co. LLC acquired a new position in Alvotech during the second quarter worth $1,782,000. Norges Bank acquired a new position in Alvotech during the second quarter worth $1,656,000. Finally, Legal & General Group Plc grew its holdings in Alvotech by 17.0% during the second 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 period.

Alvotech Trading Up 12.2%

NASDAQ:ALVO opened at $9.00 on Tuesday. The firm has a market cap of $2.71 billion, a P/E ratio of 39.13 and a beta of 0.11. The stock’s 50 day simple moving average is $9.02 and its 200-day simple moving average is $9.90. Alvotech has a 12-month low of $7.35 and a 12-month high of $13.70.

Alvotech (NASDAQ:ALVO) last released its earnings results on Wednesday, August 13th. The company reported $0.14 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.26) by $0.40. The business had revenue of $116.02 million for 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 forecast that Alvotech will post -0.07 EPS 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.