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

Alvotech (NASDAQ:ALVO) saw a significant drop in short interest in November. As of November 30th, there was short interest totalling 85,200 shares, a drop of 27.1% from the November 15th total of 116,800 shares. Approximately 0.1% of the shares of the stock are short sold. Based on an average daily trading volume, of 92,300 shares, the short-interest ratio is presently 0.9 days.

Alvotech Stock Up 1.2 %

NASDAQ ALVO opened at $11.80 on Friday. Alvotech has a 1-year low of $9.15 and a 1-year high of $18.00. The business has a 50 day moving average price of $12.29 and a 200 day moving average price of $12.21.

Hedge Funds Weigh In On Alvotech

Several large investors have recently modified their holdings of ALVO. Wolverine Asset Management LLC acquired a new stake in Alvotech during the third quarter valued at approximately $70,000. Richmond Brothers Inc. bought a new stake in shares of Alvotech in the 2nd quarter valued at approximately $170,000. Royce & Associates LP lifted its stake in Alvotech by 39.4% during the third quarter. Royce & Associates LP now owns 131,000 shares of the company’s stock worth $1,559,000 after purchasing an additional 37,000 shares during the last quarter. Geode Capital Management LLC lifted its stake in Alvotech by 11.2% during the third quarter. Geode Capital Management LLC now owns 209,257 shares of the company’s stock worth $2,490,000 after purchasing an additional 21,022 shares during the last quarter. Finally, PointState Capital LP boosted its holdings in Alvotech by 3.6% in the third quarter. PointState Capital LP now owns 756,553 shares of the company’s stock worth $9,003,000 after purchasing an additional 26,481 shares during the period.

Alvotech Company Profile

Alvotech, through its subsidiaries, develops and manufactures biosimilar medicines for patients worldwide. It offers biosimilar products in the therapeutic areas of autoimmune, eye, and bone disorders, as well as cancer. The company's lead program is AVT02, a high concentration formulation biosimilar to Humira to treat various inflammatory conditions, including rheumatoid arthritis, psoriatic arthritis, Crohn's disease, ulcerative colitis, plaque psoriasis, and other indications; AVT04, a biosimilar to Stelara to treat various inflammatory conditions comprising psoriatic arthritis, Crohn's disease, ulcerative colitis, plaque psoriasis, and other indications; AVT06, a biosimilar to Eylea to treat various conditions, such as age-related macular degeneration, macular edema, and diabetic retinopathy; and AVT03, a biosimilar to Xgeva and Prolia, which is in the pre-clinical phase to treat prevent bone fracture, spinal cord compression, and the need for radiation or bone surgery in patients with certain types of cancer, as well as prevent bone loss and increase bone mass.