Short Interest in Avadel Pharmaceuticals plc (NASDAQ:AVDL) Drops By 6.8%

Avadel Pharmaceuticals plc (NASDAQ:AVDL) was the recipient of a significant decrease in short interest in the month of November. As of November 15th, there was short interest totalling 8,810,000 shares, a decrease of 6.8% from the October 31st total of 9,450,000 shares. Based on an average trading volume of 1,180,000 shares, the short-interest ratio is presently 7.5 days.

Institutional Investors Weigh In On Avadel Pharmaceuticals

A number of hedge funds and other institutional investors have recently bought and sold shares of AVDL. FMR LLC purchased a new position in shares of Avadel Pharmaceuticals during the 3rd quarter valued at $31,000. Amalgamated Bank purchased a new position in Avadel Pharmaceuticals during the second quarter worth about $45,000. Quarry LP purchased a new stake in Avadel Pharmaceuticals in the second quarter valued at approximately $63,000. Advisors Asset Management Inc. lifted its position in Avadel Pharmaceuticals by 56.1% during the third quarter. Advisors Asset Management Inc. now owns 7,921 shares of the company’s stock valued at $104,000 after purchasing an additional 2,846 shares during the last quarter. Finally, Beverly Hills Private Wealth LLC bought a new stake in shares of Avadel Pharmaceuticals during the 2nd quarter worth $146,000. Institutional investors own 69.19% of the company’s stock.

Avadel Pharmaceuticals Stock Up 4.6 %

AVDL traded up $0.51 during trading on Monday, hitting $11.57. The company’s stock had a trading volume of 376,891 shares, compared to its average volume of 1,188,680. The firm has a market capitalization of $1.11 billion, a P/E ratio of -14.58 and a beta of 1.47. Avadel Pharmaceuticals has a twelve month low of $10.41 and a twelve month high of $19.09. The stock’s fifty day moving average price is $12.95 and its 200-day moving average price is $14.55.

Avadel Pharmaceuticals (NASDAQ:AVDL) last issued its 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 analyst estimates of $48.43 million. Avadel Pharmaceuticals had a negative return on equity of 93.34% and a negative net margin of 52.53%. Avadel Pharmaceuticals’s revenue for the quarter was up 624.6% on a year-over-year basis. During the same period in the prior year, the firm earned ($0.41) earnings per share. Equities research analysts expect that Avadel Pharmaceuticals will post -0.48 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

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

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.