Avadel Pharmaceuticals plc (NASDAQ:AVDL) Short Interest Update

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

Hedge Funds Weigh In On Avadel Pharmaceuticals

Several institutional investors and hedge funds have recently modified their holdings of AVDL. Cetera Investment Advisers bought a new position in Avadel Pharmaceuticals in the 1st quarter worth about $1,925,000. Cetera Advisors LLC lifted its stake in shares of Avadel Pharmaceuticals by 8.9% in the first quarter. Cetera Advisors LLC now owns 92,017 shares of the company’s stock worth $1,554,000 after buying an additional 7,531 shares in the last quarter. Krilogy Financial LLC purchased a new stake in shares of Avadel Pharmaceuticals during the second quarter valued at approximately $243,000. Bank of New York Mellon Corp bought a new stake in shares of Avadel Pharmaceuticals during the second quarter valued at approximately $4,575,000. Finally, Iridian Asset Management LLC CT raised its holdings in Avadel Pharmaceuticals by 63.4% in the 2nd quarter. Iridian Asset Management LLC CT now owns 117,700 shares of the company’s stock worth $1,655,000 after acquiring an additional 45,675 shares during the last quarter. 69.19% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several equities research analysts have recently commented on AVDL shares. Needham & Company LLC reaffirmed a “buy” rating and issued a $22.00 target price on shares of Avadel Pharmaceuticals in a research report on Tuesday, November 12th. Oppenheimer raised their price objective on shares of Avadel Pharmaceuticals from $29.00 to $30.00 and gave the stock an “outperform” rating in a report on Thursday, October 31st. Finally, HC Wainwright reduced their target price on Avadel Pharmaceuticals from $27.00 to $25.00 and set a “buy” rating on the stock in a report on Wednesday, November 13th. Seven research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company has a consensus rating of “Buy” and an average target price of $24.43.

Avadel Pharmaceuticals Stock Performance

Shares of AVDL opened at $11.59 on Tuesday. Avadel Pharmaceuticals has a fifty-two week low of $10.41 and a fifty-two week high of $19.09. The firm’s 50-day simple moving average is $12.92 and its two-hundred day simple moving average is $14.52.

Avadel Pharmaceuticals (NASDAQ:AVDL) last posted its quarterly earnings results on Tuesday, November 12th. The company reported ($0.03) earnings per share 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 the consensus estimate of $48.43 million. Avadel Pharmaceuticals had a negative return on equity of 93.34% and a negative net margin of 52.53%. The firm’s quarterly revenue was up 624.6% compared to the same quarter last year. During the same quarter in the prior year, the business posted ($0.41) EPS. As a group, equities analysts expect that Avadel Pharmaceuticals will post -0.48 earnings per share for the current fiscal 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.