Short Interest in Avadel Pharmaceuticals plc (NASDAQ:AVDL) Expands By 11.1%

Avadel Pharmaceuticals plc (NASDAQ:AVDL - Get Free Report) was the target of a significant growth in short interest in the month of November. As of November 30th, there was short interest totalling 9,790,000 shares, a growth of 11.1% from the November 15th total of 8,810,000 shares. Based on an average trading volume of 1,180,000 shares, the days-to-cover ratio is currently 8.3 days.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on AVDL shares. HC Wainwright dropped their price objective on Avadel Pharmaceuticals from $27.00 to $25.00 and set a "buy" rating on the stock in a report on Wednesday, November 13th. Oppenheimer raised their price objective on shares of Avadel Pharmaceuticals from $29.00 to $30.00 and gave the stock an "outperform" rating in a report on Thursday, October 31st. Finally, Needham & Company LLC restated a "buy" rating and issued a $22.00 target price on shares of Avadel Pharmaceuticals in a report on Tuesday, November 12th. Seven research analysts have rated the stock with a buy rating, According to data from MarketBeat, Avadel Pharmaceuticals presently has a consensus rating of "Buy" and an average target price of $24.43.

Insider Transactions at Avadel Pharmaceuticals

In other news, CEO Gregory J. Divis acquired 9,598 shares of Avadel Pharmaceuticals stock in a transaction dated Friday, December 6th. The shares were acquired at an average cost of $9.98 per share, for a total transaction of $95,788.04. Following the acquisition, the chief executive officer now owns 9,598 shares of the company's stock, valued at $95,788.04. This trade represents a ∞ increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Geoffrey Michael Glass acquired 20,279 shares of the firm's stock in a transaction dated Tuesday, December 10th. The shares were purchased at an average cost of $9.84 per share, with a total value of $199,545.36. Following the completion of the transaction, the director now owns 75,904 shares in the company, valued at approximately $746,895.36. The trade was a 36.46 % increase in their position. The disclosure for this purchase can be found here. Over the last 90 days, insiders have purchased 38,279 shares of company stock valued at $382,301. 4.80% of the stock is currently owned by company insiders.

Institutional Trading of Avadel Pharmaceuticals

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. FMR LLC acquired a new position in shares of Avadel Pharmaceuticals during the third quarter worth about $31,000. Amalgamated Bank purchased a new position in shares of Avadel Pharmaceuticals during the 2nd quarter worth approximately $45,000. Quarry LP purchased a new position in shares of Avadel Pharmaceuticals during the 2nd quarter worth approximately $63,000. Advisors Asset Management Inc. lifted its holdings in shares of Avadel Pharmaceuticals by 56.1% in the 3rd quarter. Advisors Asset Management Inc. now owns 7,921 shares of the company's stock valued at $104,000 after buying an additional 2,846 shares during the period. Finally, Beverly Hills Private Wealth LLC acquired a new position in Avadel Pharmaceuticals during the second quarter worth $146,000. 69.19% of the stock is owned by hedge funds and other institutional investors.

Avadel Pharmaceuticals Price Performance

Shares of AVDL stock traded down $0.22 during trading hours on Friday, hitting $10.39. The stock had a trading volume of 1,077,173 shares, compared to its average volume of 1,199,554. The firm has a market capitalization of $1.00 billion, a PE ratio of -13.15 and a beta of 1.32. The stock's 50 day moving average is $12.43 and its 200 day moving average is $14.17. Avadel Pharmaceuticals has a twelve month low of $9.41 and a twelve month high of $19.09.

Avadel Pharmaceuticals (NASDAQ:AVDL - Get Free Report) last issued its quarterly earnings data on Tuesday, November 12th. The company reported ($0.03) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.06) by $0.03. Avadel Pharmaceuticals had a negative net margin of 52.53% and a negative return on equity of 93.34%. The company had revenue of $50.00 million for the quarter, compared to the consensus estimate of $48.43 million. During the same period last year, the firm posted ($0.41) EPS. Avadel Pharmaceuticals's revenue for the quarter was up 624.6% on a year-over-year basis. As a group, equities analysts predict that Avadel Pharmaceuticals will post -0.48 earnings per share for the current year.

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.