Alvotech (NASDAQ:ALVO) Short Interest Up 18.4% in February

Alvotech (NASDAQ:ALVO) saw a significant growth in short interest in February. As of February 27th, there was short interest totaling 2,961,422 shares, a growth of 18.4% from the February 12th total of 2,501,772 shares. Approximately 1.0% of the company’s stock are short sold. Based on an average trading volume of 690,848 shares, the short-interest ratio is presently 4.3 days. Based on an average trading volume of 690,848 shares, the short-interest ratio is presently 4.3 days. Approximately 1.0% of the company’s stock are short sold.

Alvotech Trading Up 5.8%

Shares of NASDAQ ALVO opened at $3.82 on Wednesday. The firm has a market capitalization of $1.15 billion, a price-to-earnings ratio of 16.61 and a beta of 0.16. Alvotech has a one year low of $3.45 and a one year high of $11.85. The business has a fifty day simple moving average of $4.59 and a 200 day simple moving average of $5.93.

Hedge Funds Weigh In On Alvotech

A number of hedge funds have recently made changes to their positions in the business. Millennium Management LLC boosted its position in shares of Alvotech by 1,707.7% during the 4th quarter. Millennium Management LLC now owns 357,176 shares of the company’s stock valued at $1,832,000 after acquiring an additional 337,417 shares in the last quarter. Gilder Gagnon Howe & Co. LLC bought a new stake in Alvotech in the second quarter valued at about $1,782,000. Norges Bank acquired a new position in Alvotech in the second quarter worth about $1,656,000. Goldman Sachs Group Inc. lifted its stake in Alvotech by 88.8% during the fourth quarter. Goldman Sachs Group Inc. now owns 259,536 shares of the company’s stock worth $1,331,000 after purchasing an additional 122,089 shares during the period. Finally, Vanguard Group Inc. boosted its holdings in Alvotech by 2.7% during the third quarter. Vanguard Group Inc. now owns 4,348,151 shares of the company’s stock valued at $35,481,000 after purchasing an additional 114,255 shares in the last quarter.

Wall Street Analysts Forecast Growth

ALVO has been the topic of a number of recent research reports. Wall Street Zen downgraded shares of Alvotech from a “hold” rating to a “sell” rating in a report on Saturday, November 22nd. Barclays initiated coverage on shares of Alvotech in a report on Monday, December 8th. They issued an “underweight” rating and a $5.00 price objective for the company. Weiss Ratings restated a “sell (e+)” rating on shares of Alvotech in a report on Wednesday, January 21st. Zacks Research cut Alvotech from a “hold” rating to a “strong sell” rating in a research report on Wednesday, February 18th. Finally, UBS Group decreased their price target on Alvotech from $13.00 to $10.00 and set a “buy” rating for the company in a research note on Tuesday, November 18th. Two research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and three have issued a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Reduce” 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).