Short Interest in Avadel Pharmaceuticals plc (NASDAQ:AVDL) Drops By 7.3%

Avadel Pharmaceuticals plc (NASDAQ:AVDL) was the recipient of a significant drop in short interest during 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 trading volume of 934,500 shares, the days-to-cover ratio is presently 10.1 days.

Avadel Pharmaceuticals Trading Down 1.8 %

Shares of Avadel Pharmaceuticals stock opened at $10.72 on Tuesday. Avadel Pharmaceuticals has a twelve month low of $10.44 and a twelve month high of $19.09. The company has a 50-day simple moving average of $13.49 and a two-hundred day simple moving average of $14.98.

Avadel Pharmaceuticals (NASDAQ:AVDL) last announced its earnings results on Tuesday, November 12th. The company reported ($0.03) EPS for the quarter, topping the consensus estimate 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 revenue for the quarter was up 624.6% on a year-over-year basis. During the same period last year, the firm earned ($0.41) earnings per share. Analysts predict that Avadel Pharmaceuticals will post -0.48 EPS for the current fiscal year.

Institutional Trading of Avadel Pharmaceuticals

Several large investors have recently modified their holdings of AVDL. FMR LLC acquired a new stake in Avadel Pharmaceuticals in the third quarter valued at about $31,000. Amalgamated Bank bought a new position in Avadel Pharmaceuticals in the 2nd quarter valued at approximately $45,000. Quarry LP acquired a new position in Avadel Pharmaceuticals in the 2nd quarter valued at approximately $63,000. BNP Paribas Financial Markets increased its holdings in Avadel Pharmaceuticals by 60.5% in the first quarter. BNP Paribas Financial Markets now owns 4,469 shares of the company’s stock valued at $75,000 after purchasing an additional 1,685 shares during the period. 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 period. 69.19% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

AVDL has been the topic of several recent analyst reports. HC Wainwright lowered their price objective 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 boosted their price target on Avadel Pharmaceuticals from $29.00 to $30.00 and gave the stock an “outperform” rating in a research report on Thursday, October 31st. Finally, Needham & Company LLC reaffirmed a “buy” rating and issued a $22.00 price objective on shares of Avadel Pharmaceuticals in a research report on Tuesday, November 12th. Seven analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock currently has an average rating of “Buy” and an average target price 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.