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

Alvotech (NASDAQ:ALVO) saw a significant growth in short interest in March. As of March 31st, there was short interest totaling 3,000,511 shares, a growth of 22.1% from the March 15th total of 2,457,228 shares. Currently, 1.0% of the company’s stock are sold short. Based on an average trading volume of 681,383 shares, the short-interest ratio is presently 4.4 days.

Institutional Investors Weigh In On Alvotech

Several hedge funds and other institutional investors have recently made changes to their positions in ALVO. Vanguard Group Inc. raised its position in Alvotech by 2.7% in the third quarter. Vanguard Group Inc. now owns 4,348,151 shares of the company’s stock worth $35,481,000 after acquiring an additional 114,255 shares during the period. Millennium Management LLC raised its position in Alvotech by 1,707.7% in the fourth quarter. Millennium Management LLC now owns 357,176 shares of the company’s stock worth $1,832,000 after acquiring an additional 337,417 shares during the period. Goldman Sachs Group Inc. raised its position in Alvotech by 88.8% in the fourth quarter. Goldman Sachs Group Inc. now owns 259,536 shares of the company’s stock worth $1,331,000 after acquiring an additional 122,089 shares during the period. Geode Capital Management LLC raised its position in Alvotech by 10.7% in the fourth quarter. Geode Capital Management LLC now owns 254,921 shares of the company’s stock worth $1,308,000 after acquiring an additional 24,667 shares during the period. Finally, Gilder Gagnon Howe & Co. LLC bought a new position in Alvotech in the second quarter worth approximately $1,782,000.

Alvotech Price Performance

Shares of ALVO opened at $3.62 on Friday. Alvotech has a one year low of $3.03 and a one year high of $11.85. The firm has a market capitalization of $1.09 billion, a P/E ratio of 36.20 and a beta of 0.25. The business has a fifty day moving average of $3.90 and a 200 day moving average of $5.26.

Alvotech (NASDAQ:ALVO) last issued its quarterly earnings data on Wednesday, March 18th. The company reported ($0.37) EPS for the quarter, missing the consensus estimate of $0.13 by ($0.50). Alvotech had a negative return on equity of 11.92% and a net margin of 4.74%.The firm had revenue of $173.20 million during the quarter, compared to the consensus estimate of $162.20 million. Analysts expect that Alvotech will post -0.07 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

ALVO has been the subject of several recent analyst reports. Weiss Ratings restated a “sell (e+)” rating on shares of Alvotech in a research note on Wednesday, January 21st. Barclays lowered their target price on shares of Alvotech from $5.00 to $4.00 and set an “underweight” rating on the stock in a research note on Tuesday, March 24th. Zacks Research upgraded shares of Alvotech from a “strong sell” rating to a “hold” rating in a research note on Thursday, March 19th. UBS Group lowered their target price on shares of Alvotech from $10.00 to $6.00 and set a “buy” rating on the stock in a research note on Tuesday, March 24th. Finally, Wall Street Zen cut shares of Alvotech from a “hold” rating to a “sell” rating in a research note on Sunday, April 5th. Two equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat.com, Alvotech currently has an average rating of “Hold” and an average price target 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).