Short Interest in Alvotech (NASDAQ:ALVO) Drops By 17.0%

Alvotech (NASDAQ:ALVO) saw a significant drop in short interest in March. As of March 13th, there was short interest totaling 2,457,228 shares, a drop of 17.0% from the February 26th total of 2,961,422 shares. Based on an average daily trading volume, of 671,041 shares, the days-to-cover ratio is presently 3.7 days. Approximately 0.8% of the shares of the stock are short sold.

Alvotech Price Performance

Shares of ALVO opened at $3.11 on Monday. The stock’s fifty day simple moving average is $4.35 and its 200-day simple moving average is $5.67. The firm has a market capitalization of $937.60 million, a PE ratio of 31.10 and a beta of 0.16. Alvotech has a 12-month low of $3.03 and a 12-month high of $11.85.

Alvotech (NASDAQ:ALVO) last announced its quarterly earnings data on Wednesday, March 18th. The company reported ($0.37) EPS for the quarter, missing analysts’ consensus estimates of $0.13 by ($0.50). The firm had revenue of $173.20 million during the quarter, compared to analyst estimates of $162.20 million. Alvotech had a negative return on equity of 12.84% and a net margin of 4.74%. Analysts anticipate that Alvotech will post -0.07 EPS for the current year.

Institutional Investors Weigh In On Alvotech

A number of institutional investors and hedge funds have recently modified their holdings of the business. State of Wyoming acquired a new position in Alvotech in the third quarter valued at approximately $54,000. ProShare Advisors LLC grew its holdings in Alvotech by 24.0% during the 4th quarter. ProShare Advisors LLC now owns 13,826 shares of the company’s stock worth $71,000 after acquiring an additional 2,675 shares during the period. Mirae Asset Global Investments Co. Ltd. grew its holdings in Alvotech by 25.7% during the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 15,211 shares of the company’s stock worth $78,000 after acquiring an additional 3,110 shares during the period. Magnetar Financial LLC bought a new stake in shares of Alvotech during the 3rd quarter valued at $86,000. Finally, Ulland Investment Advisors LLC acquired a new position in shares of Alvotech in the 3rd quarter valued at $92,000.

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on ALVO shares. Barclays reduced their price target on shares of Alvotech from $5.00 to $4.00 and set an “underweight” rating on the stock in a research report on Tuesday, March 24th. Weiss Ratings restated a “sell (e+)” rating on shares of Alvotech in a research report on Wednesday, January 21st. Wall Street Zen raised shares of Alvotech from a “sell” rating to a “hold” rating in a research note on Saturday. UBS Group reduced their target price on shares of Alvotech from $10.00 to $6.00 and set a “buy” rating on the stock in a research report on Tuesday, March 24th. Finally, Zacks Research raised shares of Alvotech from a “strong sell” rating to a “hold” rating in a report on Thursday, March 19th. Two equities research analysts have rated the stock with a Buy rating, two have given a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat.com, Alvotech currently has an average rating of “Hold” and an average target price of $7.60.

Alvotech Company Profile

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).