Avadel Pharmaceuticals plc (NASDAQ:AVDL) Sees Significant Drop in Short Interest

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

Analyst Ratings Changes

Several analysts have recently commented on the stock. HC Wainwright decreased their price target on shares of Avadel Pharmaceuticals from $27.00 to $25.00 and set a “buy” rating on the stock in a research note on Wednesday, November 13th. Oppenheimer raised their price target on Avadel Pharmaceuticals from $29.00 to $30.00 and gave the company an “outperform” rating in a report on Thursday, October 31st. Finally, Needham & Company LLC reissued a “buy” rating and set a $22.00 price objective on shares of Avadel Pharmaceuticals in a report on Tuesday, November 12th. Seven research analysts have rated the stock with a buy rating, According to MarketBeat.com, Avadel Pharmaceuticals presently has a consensus rating of “Buy” and an average price target of $24.43.

Hedge Funds Weigh In On Avadel Pharmaceuticals

Institutional investors have recently modified their holdings of the business. BNP Paribas Financial Markets raised 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 buying an additional 1,685 shares during the period. Russell Investments Group Ltd. bought a new stake in Avadel Pharmaceuticals in the 1st quarter valued at $1,943,000. StemPoint Capital LP bought a new position in Avadel Pharmaceuticals during the 1st quarter worth about $3,778,000. Gendell Jeffrey L raised its stake in shares of Avadel Pharmaceuticals by 1.7% in the 1st quarter. Gendell Jeffrey L now owns 5,708,118 shares of the company’s stock valued at $96,410,000 after purchasing an additional 92,768 shares during the period. Finally, Kennedy Capital Management LLC lifted its holdings in shares of Avadel Pharmaceuticals by 1.1% in the first quarter. Kennedy Capital Management LLC now owns 653,147 shares of the company’s stock valued at $11,032,000 after purchasing an additional 7,273 shares in the last quarter. Institutional investors own 69.19% of the company’s stock.

Avadel Pharmaceuticals Price Performance

Avadel Pharmaceuticals stock opened at $10.72 on Tuesday. Avadel Pharmaceuticals has a fifty-two week low of $10.44 and a fifty-two week high of $19.09. The company’s 50 day simple moving average is $13.49 and its 200 day simple moving average is $14.98.

Avadel Pharmaceuticals (NASDAQ:AVDL) last announced its quarterly earnings results on Tuesday, November 12th. The company reported ($0.03) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.06) by $0.03. The company had revenue of $50.00 million for the quarter, compared to analysts’ expectations of $48.43 million. Avadel Pharmaceuticals had a negative net margin of 52.53% and a negative return on equity of 93.34%. The business’s quarterly revenue was up 624.6% compared to the same quarter last year. During the same period last year, the firm posted ($0.41) earnings per share. Equities research analysts predict that Avadel Pharmaceuticals will post -0.48 EPS for the current fiscal year.

Avadel Pharmaceuticals Company Profile

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.