Avadel Pharmaceuticals plc (NASDAQ:AVDL) Sees Significant Decrease in Short Interest

Avadel Pharmaceuticals plc (NASDAQ:AVDL - Get Free Report) was the recipient of a large decrease in short interest in the month of April. As of April 30th, there was short interest totalling 4,800,000 shares, a decrease of 54.8% from the April 15th total of 10,610,000 shares. Based on an average daily volume of 1,250,000 shares, the short-interest ratio is currently 3.8 days.

Analysts Set New Price Targets

A number of research analysts have recently commented on AVDL shares. UBS Group started coverage on Avadel Pharmaceuticals in a research report on Tuesday, February 6th. They set a "buy" rating and a $21.00 target price for the company. HC Wainwright raised their price target on Avadel Pharmaceuticals from $25.00 to $27.00 and gave the company a "buy" rating in a research note on Thursday. Needham & Company LLC reiterated a "buy" rating and issued a $22.00 target price on shares of Avadel Pharmaceuticals in a research note on Wednesday. Craig Hallum boosted their price target on Avadel Pharmaceuticals from $22.00 to $23.00 and gave the stock a "buy" rating in a research note on Thursday. Finally, Piper Sandler boosted their price target on Avadel Pharmaceuticals from $18.00 to $23.00 and gave the stock an "overweight" rating in a research note on Tuesday, March 5th. Six investment analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock currently has a consensus rating of "Buy" and an average target price of $24.17.

Get Our Latest Stock Report on Avadel Pharmaceuticals

Avadel Pharmaceuticals Trading Up 4.4 %

AVDL traded up $0.69 during trading on Friday, hitting $16.52. 1,889,582 shares of the stock were exchanged, compared to its average volume of 1,335,944. The stock has a fifty day moving average price of $16.83 and a two-hundred day moving average price of $14.40. Avadel Pharmaceuticals has a 1-year low of $9.50 and a 1-year high of $19.09.

Avadel Pharmaceuticals (NASDAQ:AVDL - Get Free Report) last posted its earnings results on Wednesday, May 8th. The company reported ($0.30) EPS for the quarter, missing analysts' consensus estimates of ($0.25) by ($0.05). Avadel Pharmaceuticals had a negative return on equity of 139.72% and a negative net margin of 284.42%. The firm had revenue of $27.18 million for the quarter, compared to analysts' expectations of $25.89 million. During the same quarter in the previous year, the firm posted ($0.48) earnings per share. The firm's revenue for the quarter was up 2617.8% compared to the same quarter last year. On average, research analysts predict that Avadel Pharmaceuticals will post -0.51 EPS for the current year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the stock. Commonwealth Equity Services LLC boosted its position in shares of Avadel Pharmaceuticals by 3.3% during the third quarter. Commonwealth Equity Services LLC now owns 79,213 shares of the company's stock worth $816,000 after buying an additional 2,528 shares during the period. Jump Financial LLC bought a new stake in Avadel Pharmaceuticals during the third quarter valued at about $552,000. Quantbot Technologies LP bought a new stake in Avadel Pharmaceuticals during the third quarter valued at about $78,000. Oppenheimer & Co. Inc. boosted its holdings in Avadel Pharmaceuticals by 16.5% during the third quarter. Oppenheimer & Co. Inc. now owns 39,911 shares of the company's stock valued at $411,000 after acquiring an additional 5,663 shares during the period. Finally, Exencial Wealth Advisors LLC bought a new stake in shares of Avadel Pharmaceuticals in the third quarter valued at about $124,000. Institutional investors and hedge funds own 69.19% of the company's stock.

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.

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