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

Alvotech (NASDAQ:ALVO) was the target of a significant decline in short interest during 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 days-to-cover ratio is currently 3.7 days. Currently, 0.8% of the shares of the stock are sold short.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on the stock. Zacks Research raised shares of Alvotech from a “strong sell” rating to a “hold” rating in a report on Thursday, March 19th. Wall Street Zen raised shares of Alvotech from a “sell” rating to a “hold” rating in a report on Saturday. Weiss Ratings reiterated a “sell (e+)” rating on shares of Alvotech in a research report on Wednesday, January 21st. Barclays reduced their target price on Alvotech from $5.00 to $4.00 and set an “underweight” rating on the stock in a research note on Tuesday, March 24th. Finally, Morgan Stanley set a $10.00 price target on Alvotech in a research report on Wednesday, December 3rd. Two analysts have rated the stock with a Buy rating, two have given a Hold rating and two have given a Sell rating to the company. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $7.60.

Alvotech Price Performance

Shares of NASDAQ ALVO opened at $3.29 on Tuesday. The stock has a market capitalization of $991.87 million, a P/E ratio of 32.90 and a beta of 0.16. Alvotech has a one year low of $3.03 and a one year high of $11.85. The firm’s 50 day simple moving average is $4.32 and its two-hundred day simple moving average is $5.63.

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

Institutional Trading of Alvotech

Several institutional investors have recently added to or reduced their stakes in the business. State of Wyoming purchased a new stake in shares of Alvotech during the third quarter worth about $54,000. ProShare Advisors LLC grew its stake in shares of Alvotech by 24.0% in the fourth quarter. ProShare Advisors LLC now owns 13,826 shares of the company’s stock worth $71,000 after purchasing an additional 2,675 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. increased its holdings in Alvotech by 25.7% during the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 15,211 shares of the company’s stock valued at $78,000 after purchasing an additional 3,110 shares during the period. Magnetar Financial LLC bought a new position in Alvotech during the 3rd quarter valued at approximately $86,000. Finally, Ulland Investment Advisors LLC bought a new position in Alvotech during the 3rd quarter valued at approximately $92,000.

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).