Avadel Pharmaceuticals plc (NASDAQ:AVDL) Short Interest Update

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

Wall Street Analyst Weigh In

Several analysts have recently issued reports on the company. Needham & Company LLC reaffirmed a "buy" rating and set a $22.00 price objective on shares of Avadel Pharmaceuticals in a report on Friday, October 18th. HC Wainwright reaffirmed a "buy" rating and set a $27.00 price objective on shares of Avadel Pharmaceuticals in a report on Monday, October 21st. 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 price target of $24.57.

Hedge Funds Weigh In On Avadel Pharmaceuticals

Several hedge funds have recently bought and sold shares of AVDL. Claro Advisors LLC bought a new position in Avadel Pharmaceuticals in the 1st quarter valued at $172,000. Diversify Advisory Services LLC purchased a new stake in shares of Avadel Pharmaceuticals in the 1st quarter worth $539,000. BNP Paribas Financial Markets lifted its holdings in shares of Avadel Pharmaceuticals by 60.5% in the 1st quarter. BNP Paribas Financial Markets now owns 4,469 shares of the company's stock worth $75,000 after buying an additional 1,685 shares during the period. Iridian Asset Management LLC CT lifted its holdings in shares of Avadel Pharmaceuticals by 34.7% in the 1st quarter. Iridian Asset Management LLC CT now owns 72,025 shares of the company's stock worth $1,217,000 after buying an additional 18,574 shares during the period. Finally, Schulhoff & Co. Inc. lifted its holdings in shares of Avadel Pharmaceuticals by 42.7% in the 1st quarter. Schulhoff & Co. Inc. now owns 137,000 shares of the company's stock worth $2,314,000 after buying an additional 41,000 shares during the period. Institutional investors own 69.19% of the company's stock.

Avadel Pharmaceuticals Trading Down 0.1 %

Shares of NASDAQ AVDL traded down $0.01 during trading hours on Wednesday, hitting $12.91. 323,183 shares of the company traded hands, compared to its average volume of 1,130,080. The stock has a market capitalization of $1.24 billion, a price-to-earnings ratio of -6.95 and a beta of 1.50. The company's 50 day moving average price is $13.80 and its 200 day moving average price is $15.30. Avadel Pharmaceuticals has a 12 month low of $9.69 and a 12 month high of $19.09.

Avadel Pharmaceuticals (NASDAQ:AVDL - Get Free Report) last released its earnings results on Thursday, August 8th. The company reported ($0.14) earnings per share for the quarter, beating the consensus estimate of ($0.17) by $0.03. The firm had revenue of $41.50 million for the quarter, compared to the consensus estimate of $37.47 million. Avadel Pharmaceuticals had a negative return on equity of 122.64% and a negative net margin of 111.64%. The company's revenue for the quarter was up 2666.7% compared to the same quarter last year. During the same quarter in the previous year, the company posted ($0.70) EPS. Equities analysts anticipate that Avadel Pharmaceuticals will post -0.5 EPS 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.