Alvotech (NASDAQ:ALVO) Short Interest Update

Alvotech (NASDAQ:ALVO) was the recipient of a large drop in short interest in March. As of March 13th, there was short interest totaling 2,457,228 shares, a drop of 17.0% from the February 26th total of 2,961,422 shares. Approximately 0.8% of the shares of the stock are sold short. Based on an average daily trading volume, of 671,041 shares, the days-to-cover ratio is presently 3.7 days.

Wall Street Analyst Weigh In

Several equities research analysts have commented on ALVO shares. UBS Group cut their price objective on Alvotech from $10.00 to $6.00 and set a “buy” rating for the company in a research note on Tuesday, March 24th. Morgan Stanley set a $10.00 target price on Alvotech in a research report on Wednesday, December 3rd. Wall Street Zen raised Alvotech from a “sell” rating to a “hold” rating in a research note on Saturday. Weiss Ratings reiterated a “sell (e+)” rating on shares of Alvotech in a research report on Wednesday, January 21st. Finally, Zacks Research raised Alvotech from a “strong sell” rating to a “hold” rating in a research note on Thursday, March 19th. Two investment analysts have rated the stock with a Buy rating, two have issued a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $7.60.

Hedge Funds Weigh In On Alvotech

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. State of Wyoming acquired a new stake in shares of Alvotech in the 3rd quarter worth $54,000. Magnetar Financial LLC acquired a new position in shares of Alvotech during the 3rd quarter valued at about $86,000. ProShare Advisors LLC acquired a new position in shares of Alvotech during the 3rd quarter valued at about $91,000. Ulland Investment Advisors LLC purchased a new stake in shares of Alvotech in the third quarter valued at about $92,000. Finally, Orion Porfolio Solutions LLC purchased a new stake in shares of Alvotech in the third quarter valued at about $92,000.

Alvotech Trading Up 4.3%

ALVO opened at $3.43 on Wednesday. Alvotech has a twelve month low of $3.03 and a twelve month high of $11.85. The firm has a market capitalization of $1.04 billion, a PE ratio of 34.30 and a beta of 0.16. The firm’s 50-day moving average price is $4.29 and its 200 day moving average price is $5.60.

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

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).