Alvotech (NASDAQ:ALVO) Short Interest Down 41.1% in December

Alvotech (NASDAQ:ALVO) was the recipient of a large decrease in short interest in December. As of December 15th, there was short interest totaling 1,885,572 shares, a decrease of 41.1% from the November 30th total of 3,202,404 shares. Based on an average daily volume of 602,879 shares, the days-to-cover ratio is presently 3.1 days. Currently, 0.6% of the shares of the stock are sold short. Currently, 0.6% of the shares of the stock are sold short. Based on an average daily volume of 602,879 shares, the days-to-cover ratio is presently 3.1 days.

Alvotech Stock Performance

Shares of ALVO stock opened at $5.26 on Friday. Alvotech has a fifty-two week low of $4.32 and a fifty-two week high of $13.70. The firm has a market cap of $1.59 billion, a P/E ratio of 22.87 and a beta of 0.13. The business’s 50 day moving average price is $5.79 and its 200-day moving average price is $7.64.

Alvotech (NASDAQ:ALVO) last announced its earnings results on Wednesday, November 12th. The company reported ($0.02) EPS for the quarter, missing analysts’ consensus estimates of $0.05 by ($0.07). Alvotech had a net margin of 12.12% and a negative return on equity of 26.10%. The business had revenue of $113.95 million for the quarter, compared to the consensus estimate of $116.80 million. As a group, equities analysts predict that Alvotech will post -0.07 EPS for the current year.

Institutional Trading of Alvotech

Institutional investors and hedge funds have recently bought and sold shares of the stock. Geode Capital Management LLC boosted its position in Alvotech by 0.7% during the 2nd quarter. Geode Capital Management LLC now owns 230,291 shares of the company’s stock valued at $2,100,000 after acquiring an additional 1,574 shares in the last quarter. Tempus Wealth Planning LLC lifted its stake in shares of Alvotech by 6.8% in the 3rd quarter. Tempus Wealth Planning LLC now owns 33,806 shares of the company’s stock valued at $277,000 after purchasing an additional 2,154 shares during the period. TBH Global Asset Management LLC boosted its position in shares of Alvotech by 16.4% during the second quarter. TBH Global Asset Management LLC now owns 35,500 shares of the company’s stock valued at $324,000 after purchasing an additional 5,000 shares in the last quarter. Vident Advisory LLC grew its stake in Alvotech by 24.7% in the first quarter. Vident Advisory LLC now owns 25,281 shares of the company’s stock worth $244,000 after purchasing an additional 5,009 shares during the period. Finally, JPMorgan Chase & Co. grew its stake in Alvotech by 30.4% in the third quarter. JPMorgan Chase & Co. now owns 24,455 shares of the company’s stock worth $200,000 after purchasing an additional 5,697 shares during the period.

Analysts Set New Price Targets

A number of research firms recently weighed in on ALVO. Weiss Ratings restated a “sell (e+)” rating on shares of Alvotech in a research report on Wednesday, October 8th. UBS Group lowered their price objective on shares of Alvotech from $13.00 to $10.00 and set a “buy” rating for the company in a report on Tuesday, November 18th. Northland Securities set a $10.00 price objective on shares of Alvotech in a research note on Tuesday, November 4th. Barclays began coverage on shares of Alvotech in a research report on Monday, December 8th. They issued an “underweight” rating and a $5.00 target price on the stock. Finally, Deutsche Bank Aktiengesellschaft restated a “hold” rating and set a $8.00 price target (down from $14.00) on shares of Alvotech in a research report on Tuesday, November 4th. Two equities research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $8.60.

About Alvotech

Alvotech (NASDAQ:ALVO) is a global biopharmaceutical company specializing in the development, manufacturing and commercialization of biosimilar medicines. The company focuses on creating high‐quality, cost‐effective alternatives to established biologic therapies in areas such as immunology, oncology and other specialty care fields. By leveraging in‐house research and a vertically integrated manufacturing platform, Alvotech aims to bring approved biosimilars to market more rapidly and with greater cost efficiency than many traditional biosimilar developers.

Since its founding in 2013, Alvotech has built a diversified pipeline of monoclonal antibody biosimilars, targeting blockbuster reference products including adalimumab (originally branded Humira), bevacizumab (Avastin) and ustekinumab (Stelara).