Short Interest in Avadel Pharmaceuticals plc (NASDAQ:AVDL) Increases By 11.1%

Avadel Pharmaceuticals plc (NASDAQ:AVDL) was the recipient of a large growth in short interest in 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 volume of 1,180,000 shares, the days-to-cover ratio is currently 8.3 days.

Avadel Pharmaceuticals Stock Down 2.1 %

AVDL opened at $10.39 on Monday. Avadel Pharmaceuticals has a 52 week low of $9.41 and a 52 week high of $19.09. The business’s 50 day moving average is $12.43 and its two-hundred day moving average is $14.17. The firm has a market cap of $1.00 billion, a price-to-earnings ratio of -13.15 and a beta of 1.32.

Avadel Pharmaceuticals (NASDAQ:AVDL) last announced its earnings results on Tuesday, November 12th. The company reported ($0.03) EPS for the quarter, beating analysts’ consensus estimates of ($0.06) by $0.03. Avadel Pharmaceuticals had a negative net margin of 52.53% and a negative return on equity of 93.34%. The business had revenue of $50.00 million for the quarter, compared to analysts’ expectations of $48.43 million. During the same period in the previous year, the company posted ($0.41) EPS. The company’s quarterly revenue was up 624.6% on a year-over-year basis. Equities analysts expect that Avadel Pharmaceuticals will post -0.48 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on AVDL shares. HC Wainwright dropped their price objective on Avadel Pharmaceuticals from $27.00 to $25.00 and set a “buy” rating on the stock in a report on Wednesday, November 13th. Needham & Company LLC reiterated a “buy” rating and issued a $22.00 price target 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 stock an “outperform” rating in a report on Thursday, October 31st. Seven research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock presently has an average rating of “Buy” and an average target price of $24.43.

Insider Buying and Selling

In other news, CFO Thomas S. Mchugh purchased 5,000 shares of the stock in a transaction on Wednesday, December 11th. The stock was bought at an average price of $10.49 per share, for a total transaction of $52,450.00. Following the acquisition, the chief financial officer now directly owns 85,500 shares of the company’s stock, valued at approximately $896,895. The trade was a 6.21 % increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Geoffrey Michael Glass acquired 20,279 shares of Avadel Pharmaceuticals stock in a transaction dated 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 acquisition, the director now directly owns 75,904 shares in the company, valued at approximately $746,895.36. This represents a 36.46 % increase in their position. The disclosure for this purchase can be found here. Insiders purchased 40,579 shares of company stock valued at $406,313 in the last three months. 4.80% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Avadel Pharmaceuticals

Institutional investors and hedge funds have recently made changes to their positions in the business. FMR LLC purchased a new position in shares of Avadel Pharmaceuticals during the third quarter worth about $31,000. Amalgamated Bank acquired a new stake in Avadel Pharmaceuticals during the 2nd quarter worth approximately $45,000. Quarry LP purchased a new position in shares of Avadel Pharmaceuticals in the 2nd quarter valued at approximately $63,000. Advisors Asset Management Inc. increased its holdings in shares of Avadel Pharmaceuticals by 56.1% in 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 period. Finally, Beverly Hills Private Wealth LLC purchased a new stake in shares of Avadel Pharmaceuticals during the second quarter worth approximately $146,000. 69.19% of the stock is owned by hedge funds and other institutional investors.

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.