Avadel Pharmaceuticals plc (NASDAQ:AVDL) Short Interest Update

Avadel Pharmaceuticals plc (NASDAQ:AVDL) saw a large drop in short interest during the month of October. As of October 15th, there was short interest totalling 10,190,000 shares, a drop of 7.1% from the September 30th total of 10,970,000 shares. Based on an average daily trading volume, of 889,600 shares, the days-to-cover ratio is currently 11.5 days.

Institutional Trading of Avadel Pharmaceuticals

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Investors Asset Management of Georgia Inc. GA ADV raised its holdings in Avadel Pharmaceuticals by 10.7% during the third quarter. Investors Asset Management of Georgia Inc. GA ADV now owns 99,075 shares of the company’s stock worth $1,299,000 after purchasing an additional 9,600 shares in the last quarter. Iridian Asset Management LLC CT increased its position in shares of Avadel Pharmaceuticals by 42.5% during the 3rd quarter. Iridian Asset Management LLC CT now owns 167,700 shares of the company’s stock valued at $2,199,000 after purchasing an additional 50,000 shares during the period. Diversify Wealth Management LLC raised its stake in shares of Avadel Pharmaceuticals by 8.3% in the 3rd quarter. Diversify Wealth Management LLC now owns 31,637 shares of the company’s stock worth $418,000 after buying an additional 2,432 shares in the last quarter. China Universal Asset Management Co. Ltd. lifted its holdings in shares of Avadel Pharmaceuticals by 64.0% in the third quarter. China Universal Asset Management Co. Ltd. now owns 18,516 shares of the company’s stock valued at $243,000 after buying an additional 7,224 shares during the period. Finally, Claro Advisors LLC boosted its stake in Avadel Pharmaceuticals by 379.2% during the third quarter. Claro Advisors LLC now owns 49,080 shares of the company’s stock valued at $644,000 after buying an additional 38,837 shares in the last quarter. 69.19% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on AVDL. HC Wainwright reaffirmed a “buy” rating and set a $27.00 price objective on shares of Avadel Pharmaceuticals in a research report on Monday, October 21st. Needham & Company LLC reissued a “buy” rating and issued a $22.00 price target on shares of Avadel Pharmaceuticals in a report on Thursday. Seven analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock has a consensus rating of “Buy” and a consensus target price of $24.57.

Avadel Pharmaceuticals Price Performance

AVDL stock traded up $2.34 on Thursday, reaching $15.25. The company’s stock had a trading volume of 3,080,081 shares, compared to its average volume of 1,139,562. Avadel Pharmaceuticals has a 52 week low of $9.69 and a 52 week high of $19.09. The company has a market capitalization of $1.47 billion, a P/E ratio of -8.00 and a beta of 1.50. The firm has a fifty day moving average of $13.74 and a two-hundred day moving average of $15.28.

Avadel Pharmaceuticals (NASDAQ:AVDL) last issued its quarterly earnings results on Thursday, August 8th. The company reported ($0.14) EPS for the quarter, beating analysts’ consensus estimates of ($0.17) by $0.03. The company had revenue of $41.50 million for the quarter, compared to analyst estimates of $37.47 million. Avadel Pharmaceuticals had a negative return on equity of 122.64% and a negative net margin of 111.64%. The company’s quarterly revenue was up 2666.7% compared to the same quarter last year. During the same period last year, the company earned ($0.70) earnings per share. As a group, equities analysts expect that Avadel Pharmaceuticals will post -0.5 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.