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

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

Analyst Upgrades and Downgrades

ALVO has been the topic of several analyst reports. Weiss Ratings reissued a “sell (e+)” rating on shares of Alvotech in a research note on Wednesday, January 21st. Wall Street Zen upgraded Alvotech from a “sell” rating to a “hold” rating in a research report on Saturday. Zacks Research raised Alvotech from a “strong sell” rating to a “hold” rating in a research note on Thursday, March 19th. Barclays cut 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. Finally, Morgan Stanley set a $10.00 price objective on shares of Alvotech in a report on Wednesday, December 3rd. Two analysts have rated the stock with a Buy rating, two have assigned a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $7.60.

Alvotech Stock Performance

ALVO stock opened at $3.11 on Monday. The business’s 50-day moving average price is $4.35 and its two-hundred day moving average price is $5.67. The firm has a market cap of $937.60 million, a PE ratio of 31.10 and a beta of 0.16. Alvotech has a 1-year low of $3.03 and a 1-year high of $11.85.

Alvotech (NASDAQ:ALVO) last announced its quarterly earnings results on Wednesday, March 18th. The company reported ($0.37) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.13 by ($0.50). The business had revenue of $173.20 million during the quarter, compared to the consensus estimate of $162.20 million. Alvotech had a negative return on equity of 12.84% and a net margin of 4.74%. On average, analysts forecast that Alvotech will post -0.07 earnings per share for the current year.

Hedge Funds Weigh In On Alvotech

Institutional investors and hedge funds have recently modified their holdings of the business. Geode Capital Management LLC increased its stake in Alvotech by 0.7% during the 2nd quarter. Geode Capital Management LLC now owns 230,291 shares of the company’s stock worth $2,100,000 after purchasing an additional 1,574 shares in the last quarter. Tempus Wealth Planning LLC lifted its stake in Alvotech by 6.8% in the third quarter. Tempus Wealth Planning LLC now owns 33,806 shares of the company’s stock valued at $277,000 after buying an additional 2,154 shares in the last quarter. ProShare Advisors LLC boosted its holdings in shares of Alvotech by 24.0% in the fourth quarter. ProShare Advisors LLC now owns 13,826 shares of the company’s stock valued at $71,000 after buying an additional 2,675 shares during the period. Mirae Asset Global Investments Co. Ltd. increased its position in shares of Alvotech by 25.7% during the fourth 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 in the last quarter. Finally, JPMorgan Chase & Co. increased its position in shares of Alvotech by 30.4% during the third quarter. JPMorgan Chase & Co. now owns 24,455 shares of the company’s stock worth $200,000 after acquiring an additional 5,697 shares in the last quarter.

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).