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

Avadel Pharmaceuticals plc (NASDAQ:AVDL) saw a significant drop in short interest in 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 volume of 889,600 shares, the short-interest ratio is currently 11.5 days.

Avadel Pharmaceuticals Stock Performance

Shares of NASDAQ AVDL traded up $2.34 during midday trading on Thursday, reaching $15.25. 3,080,081 shares of the company’s stock were exchanged, 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 business’s fifty day moving average price is $13.74 and its two-hundred day moving average price is $15.28. The stock has a market capitalization of $1.47 billion, a PE ratio of -8.00 and a beta of 1.50.

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

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. Chilton Capital Management LLC acquired a new stake in shares of Avadel Pharmaceuticals in the 1st quarter valued at about $51,000. Amalgamated Bank bought a new position in Avadel Pharmaceuticals during the 2nd quarter worth approximately $45,000. BNP Paribas Financial Markets grew its position in shares of Avadel Pharmaceuticals by 60.5% in the 1st quarter. BNP Paribas Financial Markets now owns 4,469 shares of the company’s stock worth $75,000 after acquiring an additional 1,685 shares in the last quarter. Quarry LP acquired a new position in shares of Avadel Pharmaceuticals in the 2nd quarter worth approximately $63,000. Finally, Claro Advisors LLC bought a new stake in shares of Avadel Pharmaceuticals in the 1st quarter valued at approximately $172,000. 69.19% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on AVDL shares. Needham & Company LLC reiterated a “buy” rating and issued a $22.00 target price on shares of Avadel Pharmaceuticals in a report on Thursday. HC Wainwright reiterated a “buy” rating and set a $27.00 target price on shares of Avadel Pharmaceuticals in a report on Monday, October 21st. Seven research analysts have rated the stock with a buy rating, According to MarketBeat.com, Avadel Pharmaceuticals currently has an average rating of “Buy” and a consensus price target of $24.57.

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.