Avadel Pharmaceuticals PLC. (NASDAQ:AVDL) Short Interest Update

Avadel Pharmaceuticals PLC. (NASDAQ:AVDL) saw a significant growth in short interest in January. As of January 15th, there was short interest totaling 3,607,258 shares, a growth of 32.1% from the December 31st total of 2,730,297 shares. Currently, 3.9% of the shares of the stock are sold short. Based on an average daily volume of 2,113,434 shares, the days-to-cover ratio is currently 1.7 days. Based on an average daily volume of 2,113,434 shares, the days-to-cover ratio is currently 1.7 days. Currently, 3.9% of the shares of the stock are sold short.

Avadel Pharmaceuticals Trading Down 0.0%

Shares of NASDAQ AVDL opened at $21.55 on Monday. Avadel Pharmaceuticals has a 12-month low of $6.38 and a 12-month high of $23.57. The firm’s 50-day simple moving average is $21.54 and its 200 day simple moving average is $17.62.

Avadel Pharmaceuticals (NASDAQ:AVDL) last announced its earnings results on Tuesday, November 4th. The company reported $0.00 earnings per share for the quarter, missing analysts’ consensus estimates of $0.04 by ($0.04). Avadel Pharmaceuticals had a negative return on equity of 0.33% and a negative net margin of 0.11%.The company had revenue of $77.47 million during the quarter, compared to the consensus estimate of $78.05 million. During the same period in the prior year, the firm posted ($0.03) earnings per share. The company’s revenue was up 55.0% on a year-over-year basis. Research analysts expect that Avadel Pharmaceuticals will post -0.51 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several research firms recently commented on AVDL. Weiss Ratings restated a “sell (d-)” rating on shares of Avadel Pharmaceuticals in a research report on Monday, December 29th. Wells Fargo & Company lifted their price objective on Avadel Pharmaceuticals from $20.00 to $22.50 and gave the company an “equal weight” rating in a report on Thursday, November 20th. Craig Hallum downgraded shares of Avadel Pharmaceuticals from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, October 22nd. Needham & Company LLC lowered shares of Avadel Pharmaceuticals from a “buy” rating to a “hold” rating in a report on Wednesday, October 22nd. Finally, Piper Sandler downgraded shares of Avadel Pharmaceuticals from a “strong-buy” rating to a “hold” rating in a report on Wednesday, October 22nd. One investment analyst has rated the stock with a Buy rating, ten have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, Avadel Pharmaceuticals presently has a consensus rating of “Hold” and an average price target of $18.86.

Institutional Investors Weigh In On Avadel Pharmaceuticals

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Bridgefront Capital LLC raised its position in shares of Avadel Pharmaceuticals by 3.4% during the third quarter. Bridgefront Capital LLC now owns 28,395 shares of the company’s stock worth $434,000 after acquiring an additional 931 shares during the last quarter. TD Waterhouse Canada Inc. bought a new position in Avadel Pharmaceuticals in the fourth quarter valued at about $27,000. Kovack Advisors Inc. increased its position in Avadel Pharmaceuticals by 13.0% in the second quarter. Kovack Advisors Inc. now owns 13,000 shares of the company’s stock worth $115,000 after purchasing an additional 1,500 shares during the period. Creative Planning raised its holdings in Avadel Pharmaceuticals by 10.0% during the 2nd quarter. Creative Planning now owns 19,376 shares of the company’s stock worth $171,000 after purchasing an additional 1,759 shares during the last quarter. Finally, Nisa Investment Advisors LLC lifted its position in Avadel Pharmaceuticals by 164.5% during the 2nd quarter. Nisa Investment Advisors LLC now owns 3,304 shares of the company’s stock valued at $29,000 after purchasing an additional 2,055 shares during the period. 69.19% of the stock is owned by institutional investors and hedge funds.

Avadel Pharmaceuticals Company Profile

Avadel Pharmaceuticals plc is a global specialty biopharmaceutical company focused on developing and delivering treatments for rare diseases and central nervous system disorders. Headquartered in Dublin, Ireland, with operations in the United States, Avadel’s portfolio centers on sleep disorder therapeutics, including its flagship low-sodium oxybate product, XYWAV, which is approved in the U.S. for the treatment of cataplexy or excessive daytime sleepiness in patients with narcolepsy. The company is also advancing FT218, a once-nightly formulation of sodium oxybate, currently under regulatory review for narcolepsy management.

Formed through a rebranding of Flamel Technologies in 2016 and a strategic shift toward rare disease drug development, Avadel has built its R&D capabilities around improving patient compliance and reducing daily sodium exposure compared to traditional therapies.