Short Interest in Avadel Pharmaceuticals plc (NASDAQ:AVDL) Drops By 8.3%

Avadel Pharmaceuticals plc (NASDAQ:AVDL) was the recipient of a significant decrease in short interest in January. As of January 31st, there was short interest totalling 10,550,000 shares, a decrease of 8.3% from the January 15th total of 11,510,000 shares. Based on an average daily volume of 1,520,000 shares, the short-interest ratio is currently 6.9 days.

Avadel Pharmaceuticals Stock Performance

Shares of NASDAQ AVDL opened at $8.61 on Monday. Avadel Pharmaceuticals has a 1 year low of $7.39 and a 1 year high of $19.09. The firm’s 50 day moving average price is $9.26 and its 200 day moving average price is $12.14. The firm has a market cap of $829.66 million, a P/E ratio of -10.90 and a beta of 1.28.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on the stock. Needham & Company LLC dropped their target price on shares of Avadel Pharmaceuticals from $22.00 to $19.00 and set a “buy” rating for the company in a report on Thursday, January 9th. Oppenheimer increased their price target 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. HC Wainwright reiterated a “buy” rating and issued a $21.00 price target (down from $25.00) on shares of Avadel Pharmaceuticals in a research report on Friday, January 10th. UBS Group lowered their price target on shares of Avadel Pharmaceuticals from $22.00 to $14.00 and set a “buy” rating on the stock in a research report on Monday, January 13th. Finally, Piper Sandler lowered their price target on shares of Avadel Pharmaceuticals from $24.00 to $13.00 and set an “overweight” rating on the stock in a research report on Friday, January 10th. Eight research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock presently has an average rating of “Buy” and an average target price of $19.88.

Insider Buying and Selling

In related news, CEO Gregory J. Divis bought 9,598 shares of the company’s stock in a transaction on Friday, December 6th. The stock was bought at an average cost of $9.98 per share, with a total value of $95,788.04. Following the completion of the acquisition, the chief executive officer now owns 9,598 shares in the company, valued at approximately $95,788.04. This represents a ∞ increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Linda Palczuk bought 5,000 shares of the company’s stock in a transaction on Tuesday, January 21st. The stock was bought at an average cost of $7.93 per share, with a total value of $39,650.00. Following the completion of the acquisition, the director now owns 67,900 shares of the company’s stock, valued at $538,447. This represents a 7.95 % increase in their position. The disclosure for this purchase can be found here. Insiders bought 55,579 shares of company stock valued at $526,363 over the last ninety days. Corporate insiders own 4.80% of the company’s stock.

Institutional Trading of Avadel Pharmaceuticals

A number of hedge funds have recently bought and sold shares of the company. Braidwell LP increased its holdings in shares of Avadel Pharmaceuticals by 21.2% during the 4th quarter. Braidwell LP now owns 4,105,726 shares of the company’s stock worth $43,151,000 after buying an additional 716,787 shares during the last quarter. BNP Paribas Financial Markets acquired a new stake in shares of Avadel Pharmaceuticals in the fourth quarter valued at about $245,000. Northern Trust Corp grew its stake in shares of Avadel Pharmaceuticals by 11.3% in the fourth quarter. Northern Trust Corp now owns 658,582 shares of the company’s stock valued at $6,922,000 after buying an additional 66,948 shares in the last quarter. Tri Locum Partners LP grew its stake in shares of Avadel Pharmaceuticals by 16.7% in the fourth quarter. Tri Locum Partners LP now owns 1,937,984 shares of the company’s stock valued at $20,368,000 after buying an additional 277,029 shares in the last quarter. Finally, Two Seas Capital LP grew its stake in shares of Avadel Pharmaceuticals by 90.6% in the fourth quarter. Two Seas Capital LP now owns 4,296,449 shares of the company’s stock valued at $45,156,000 after buying an additional 2,042,669 shares in the last quarter. Institutional investors and hedge funds own 69.19% of the company’s stock.

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.