Short Interest in Alvotech (NASDAQ:ALVO) Declines By 27.1%

Alvotech (NASDAQ:ALVO) was the target of a large drop in short interest during the month of 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. Based on an average daily volume of 92,300 shares, the short-interest ratio is currently 0.9 days. Approximately 0.1% of the shares of the company are short sold.

Alvotech Stock Performance

NASDAQ:ALVO opened at $11.80 on Friday. The business has a 50 day simple moving average of $12.29 and a 200 day simple moving average of $12.21. Alvotech has a 12-month low of $9.15 and a 12-month high of $18.00.

Institutional Investors Weigh In On Alvotech

A number of hedge funds have recently added to or reduced their stakes in ALVO. PointState Capital LP grew its position in shares of Alvotech by 3.6% during the third quarter. PointState Capital LP now owns 756,553 shares of the company’s stock worth $9,003,000 after acquiring an additional 26,481 shares during the last quarter. Geode Capital Management LLC grew its position in Alvotech by 11.2% in the 3rd 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. Royce & Associates LP raised its holdings in shares of Alvotech by 39.4% during the third quarter. Royce & Associates LP now owns 131,000 shares of the company’s stock valued at $1,559,000 after buying an additional 37,000 shares during the last quarter. Richmond Brothers Inc. acquired a new position in shares of Alvotech during the second quarter worth approximately $170,000. Finally, Wolverine Asset Management LLC bought a new position in Alvotech in the 3rd quarter worth approximately $70,000.

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.