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

Avadel Pharmaceuticals plc (NASDAQ:AVDL) saw a large growth in short interest during the month of November. As of November 30th, there was short interest totalling 9,790,000 shares, a growth of 11.1% from the November 15th total of 8,810,000 shares. Based on an average daily trading volume, of 1,180,000 shares, the days-to-cover ratio is currently 8.3 days.

Insider Buying and Selling

In related news, CEO Gregory J. Divis purchased 9,598 shares of the firm’s stock in a transaction dated Friday, December 6th. The stock was bought at an average price of $9.98 per share, for a total transaction of $95,788.04. Following the purchase, the chief executive officer now directly owns 9,598 shares in the company, valued at approximately $95,788.04. This trade represents a ∞ increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Geoffrey Michael Glass bought 20,279 shares of the stock in a transaction on Tuesday, December 10th. The stock was purchased at an average price of $9.84 per share, for a total transaction of $199,545.36. Following the completion of the purchase, the director now owns 75,904 shares of the company’s stock, valued at approximately $746,895.36. This trade represents a 36.46 % increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last ninety days, insiders have purchased 38,279 shares of company stock valued at $382,301. 4.80% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of the business. Creative Planning increased its stake in shares of Avadel Pharmaceuticals by 8.2% in the 3rd quarter. Creative Planning now owns 12,381 shares of the company’s stock worth $162,000 after purchasing an additional 938 shares in the last quarter. MAI Capital Management increased its position in Avadel Pharmaceuticals by 1.0% in the third quarter. MAI Capital Management now owns 107,533 shares of the company’s stock worth $1,410,000 after buying an additional 1,031 shares in the last quarter. Investors Asset Management of Georgia Inc. GA ADV raised its stake in shares of Avadel Pharmaceuticals by 2.4% in the second quarter. Investors Asset Management of Georgia Inc. GA ADV now owns 89,475 shares of the company’s stock worth $1,258,000 after buying an additional 2,100 shares during the period. Modera Wealth Management LLC lifted its position in shares of Avadel Pharmaceuticals by 0.4% during the 2nd quarter. Modera Wealth Management LLC now owns 602,608 shares of the company’s stock valued at $8,473,000 after buying an additional 2,159 shares in the last quarter. Finally, FMR LLC bought a new position in shares of Avadel Pharmaceuticals during the 3rd quarter valued at approximately $31,000. Hedge funds and other institutional investors own 69.19% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on the company. Oppenheimer raised their price target on Avadel Pharmaceuticals from $29.00 to $30.00 and gave the company an “outperform” rating in a research report on Thursday, October 31st. 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. Finally, Needham & Company LLC reaffirmed a “buy” rating and issued a $22.00 price objective on shares of Avadel Pharmaceuticals in a research note on Tuesday, November 12th. Seven analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock has an average rating of “Buy” and a consensus price target of $24.43.

Avadel Pharmaceuticals Trading Down 2.1 %

AVDL stock opened at $10.39 on Friday. The stock has a market capitalization of $1.00 billion, a PE ratio of -13.15 and a beta of 1.32. The stock’s 50 day simple moving average is $12.43 and its 200 day simple moving average is $14.18. Avadel Pharmaceuticals has a 12-month low of $9.41 and a 12-month 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, topping analysts’ consensus estimates of ($0.06) by $0.03. The firm had revenue of $50.00 million during the quarter, compared to analyst estimates 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 revenue for the quarter was up 624.6% on a year-over-year basis. During the same period in the previous year, the business posted ($0.41) earnings per share. On average, research analysts predict that Avadel Pharmaceuticals will post -0.48 earnings per share for the current year.

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.