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

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

Institutional Investors Weigh In On Alvotech

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

Alvotech Price Performance

NASDAQ:ALVO opened at $3.66 on Thursday. The firm has a market capitalization of $1.10 billion, a price-to-earnings ratio of 36.60 and a beta of 0.25. Alvotech has a one year low of $3.03 and a one year high of $11.85. The business has a fifty day moving average price of $3.93 and a 200-day moving average price of $5.27.

Alvotech (NASDAQ:ALVO) last posted 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). The company had revenue of $173.20 million during the quarter, compared to analysts’ expectations of $162.20 million. Alvotech had a negative return on equity of 11.92% and a net margin of 4.74%. On average, equities research analysts expect that Alvotech will post -0.07 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on ALVO shares. Wall Street Zen lowered shares of Alvotech from a “hold” rating to a “sell” rating in a report on Sunday, April 5th. Weiss Ratings reiterated a “sell (e+)” rating on shares of Alvotech in a research note on Wednesday, January 21st. UBS Group decreased their target price on shares of Alvotech from $10.00 to $6.00 and set a “buy” rating for the company 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. Finally, Barclays decreased their target price on shares of Alvotech from $5.00 to $4.00 and set an “underweight” rating for the company in a research note on Tuesday, March 24th. Two equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat, the stock currently has a consensus 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).