Avadel Pharmaceuticals plc (NASDAQ:AVDL) Short Interest Down 7.1% in October

Avadel Pharmaceuticals plc (NASDAQ:AVDL) was the recipient of a large decline in short interest in the month of October. As of October 15th, there was short interest totalling 10,190,000 shares, a decline of 7.1% from the September 30th total of 10,970,000 shares. Based on an average daily volume of 889,600 shares, the days-to-cover ratio is currently 11.5 days.

Institutional Investors Weigh In On Avadel Pharmaceuticals

A number of institutional investors and hedge funds have recently bought and sold shares of AVDL. Janus Henderson Group PLC raised its position in Avadel Pharmaceuticals by 16.1% during the 1st quarter. Janus Henderson Group PLC now owns 12,915,160 shares of the company’s stock valued at $218,182,000 after purchasing an additional 1,789,830 shares in the last quarter. Nantahala Capital Management LLC bought a new position in shares of Avadel Pharmaceuticals in the 2nd quarter worth $4,921,000. Bank of New York Mellon Corp bought a new position in shares of Avadel Pharmaceuticals in the 2nd quarter worth $4,575,000. Obermeyer Wood Investment Counsel Lllp bought a new position in shares of Avadel Pharmaceuticals in the 1st quarter worth $4,721,000. Finally, StemPoint Capital LP bought a new position in shares of Avadel Pharmaceuticals in the 1st quarter worth $3,778,000. 69.19% of the stock is owned by institutional investors.

Avadel Pharmaceuticals Price Performance

Shares of AVDL stock opened at $15.47 on Friday. Avadel Pharmaceuticals has a 52-week low of $9.69 and a 52-week high of $19.09. The stock has a 50 day moving average price of $13.74 and a 200 day moving average price of $15.28.

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

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on AVDL. Oppenheimer lifted their target price on Avadel Pharmaceuticals from $29.00 to $30.00 and gave the stock an “outperform” rating in a report on Thursday. HC Wainwright reiterated a “buy” rating and issued a $27.00 target price on shares of Avadel Pharmaceuticals in a report on Thursday. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $22.00 target price on shares of Avadel Pharmaceuticals in a report on Thursday. Seven investment analysts have rated the stock with a buy rating, According to data from MarketBeat, Avadel Pharmaceuticals has a consensus rating of “Buy” and an average target price of $24.71.

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.