Avadel Pharmaceuticals plc (NASDAQ:AVDL) Sees Large Decrease in Short Interest

Avadel Pharmaceuticals plc (NASDAQ:AVDL) was the recipient of a significant drop in short interest in the month of October. As of October 31st, there was short interest totalling 9,450,000 shares, a drop of 7.3% from the October 15th total of 10,190,000 shares. Based on an average daily volume of 934,500 shares, the days-to-cover ratio is currently 10.1 days.

Analyst Upgrades and Downgrades

AVDL has been the subject of a number of research analyst reports. Needham & Company LLC reissued a “buy” rating and issued a $22.00 target price on shares of Avadel Pharmaceuticals in a research note on Tuesday, November 12th. Oppenheimer boosted their price target on Avadel Pharmaceuticals from $29.00 to $30.00 and gave the company an “outperform” rating in a research note on Thursday, October 31st. Finally, HC Wainwright lowered their target price on Avadel Pharmaceuticals from $27.00 to $25.00 and set a “buy” rating for the company in a research note on Wednesday, November 13th. Seven investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Avadel Pharmaceuticals has an average rating of “Buy” and a consensus price target of $24.43.

Avadel Pharmaceuticals Stock Up 0.0 %

Shares of AVDL stock opened at $10.72 on Wednesday. The company has a 50 day moving average price of $13.34 and a 200-day moving average price of $14.86. The firm has a market capitalization of $1.03 billion, a PE ratio of -13.57 and a beta of 1.47. Avadel Pharmaceuticals has a 52 week low of $10.41 and a 52 week high of $19.09.

Avadel Pharmaceuticals (NASDAQ:AVDL) last announced its quarterly earnings results on Tuesday, November 12th. The company reported ($0.03) EPS for the quarter, beating analysts’ consensus estimates of ($0.06) by $0.03. Avadel Pharmaceuticals had a negative return on equity of 93.34% and a negative net margin of 52.53%. The company had revenue of $50.00 million during the quarter, compared to analyst estimates of $48.43 million. During the same period in the prior year, the company earned ($0.41) earnings per share. The firm’s revenue was up 624.6% on a year-over-year basis. Analysts anticipate that Avadel Pharmaceuticals will post -0.48 earnings per share for the current year.

Hedge Funds Weigh In On Avadel Pharmaceuticals

Several institutional investors and hedge funds have recently bought and sold shares of AVDL. FMR LLC purchased a new position in Avadel Pharmaceuticals in the third quarter valued at $31,000. Amalgamated Bank purchased a new stake in Avadel Pharmaceuticals during the second quarter worth about $45,000. BNP Paribas Financial Markets increased its holdings in Avadel Pharmaceuticals by 60.5% during the 1st quarter. BNP Paribas Financial Markets now owns 4,469 shares of the company’s stock worth $75,000 after purchasing an additional 1,685 shares during the period. Quarry LP purchased a new position in Avadel Pharmaceuticals in the second quarter worth approximately $63,000. Finally, Advisors Asset Management Inc. lifted its holdings in Avadel Pharmaceuticals by 56.1% during the 3rd quarter. Advisors Asset Management Inc. now owns 7,921 shares of the company’s stock worth $104,000 after buying an additional 2,846 shares during the last quarter. 69.19% of the stock is owned by hedge funds and other institutional investors.

About Avadel Pharmaceuticals

Avadel Pharmaceuticals plc operates as a biopharmaceutical company in the United States. Its lead product candidate is LUMRYZ, a formulation of sodium oxybate, which is in a Phase 3 clinical trial for the treatment of excessive daytime sleepiness or cataplexy in adults with narcolepsy. The company was formerly known as Flamel Technologies SA and changed its name to Avadel Pharmaceuticals plc in January 2017.