Short Interest in Avadel Pharmaceuticals plc (NASDAQ:AVDL) Grows By 17.6%

Avadel Pharmaceuticals plc (NASDAQ:AVDL) saw a large increase in short interest in June. As of June 30th, there was short interest totalling 8,470,000 shares, an increase of 17.6% from the June 15th total of 7,200,000 shares. Based on an average daily volume of 1,340,000 shares, the short-interest ratio is currently 6.3 days.

Avadel Pharmaceuticals Stock Up 2.1 %

AVDL opened at $16.91 on Wednesday. Avadel Pharmaceuticals has a 12-month low of $9.50 and a 12-month high of $19.09. The firm has a market capitalization of $1.63 billion, a P/E ratio of -9.09 and a beta of 1.53. The stock has a fifty day moving average of $15.49 and a 200-day moving average of $15.56.

Avadel Pharmaceuticals (NASDAQ:AVDL) last announced its quarterly earnings data on Wednesday, May 8th. The company reported ($0.30) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.25) by ($0.05). The business had revenue of $27.18 million during the quarter, compared to analysts’ expectations of $25.89 million. Avadel Pharmaceuticals had a negative return on equity of 139.72% and a negative net margin of 284.42%. The firm’s revenue was up 2617.8% on a year-over-year basis. During the same period in the prior year, the company posted ($0.48) earnings per share. On average, analysts expect that Avadel Pharmaceuticals will post -0.58 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

AVDL has been the subject of several recent research reports. Craig Hallum increased their target price on shares of Avadel Pharmaceuticals from $22.00 to $23.00 and gave the company a “buy” rating in a research note on Thursday, May 9th. Rodman & Renshaw initiated coverage on Avadel Pharmaceuticals in a research note on Wednesday, June 12th. They set a “buy” rating and a $27.00 price objective for the company. HC Wainwright boosted their target price on Avadel Pharmaceuticals from $25.00 to $27.00 and gave the stock a “buy” rating in a research report on Thursday, May 9th. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $22.00 price target on shares of Avadel Pharmaceuticals in a research report on Wednesday, May 8th. Seven analysts have rated the stock with a buy rating, According to MarketBeat, the stock currently has a consensus rating of “Buy” and an average target price of $24.57.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in AVDL. Cetera Advisors LLC boosted its stake in shares of Avadel Pharmaceuticals by 8.9% during the 1st quarter. Cetera Advisors LLC now owns 92,017 shares of the company’s stock valued at $1,554,000 after buying an additional 7,531 shares during the period. Cetera Investment Advisers purchased a new stake in shares of Avadel Pharmaceuticals during the first quarter worth $1,925,000. Janus Henderson Group PLC raised its holdings in shares of Avadel Pharmaceuticals by 16.1% during the first quarter. Janus Henderson Group PLC now owns 12,915,160 shares of the company’s stock worth $218,182,000 after acquiring an additional 1,789,830 shares in the last quarter. Kennedy Capital Management LLC boosted its position in Avadel Pharmaceuticals by 1.1% during the first quarter. Kennedy Capital Management LLC now owns 653,147 shares of the company’s stock valued at $11,032,000 after purchasing an additional 7,273 shares during the last quarter. Finally, Gendell Jeffrey L grew its stake in Avadel Pharmaceuticals by 1.7% in the first quarter. Gendell Jeffrey L now owns 5,708,118 shares of the company’s stock valued at $96,410,000 after purchasing an additional 92,768 shares in the last quarter. 69.19% of the stock is owned by hedge funds and other institutional investors.

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.