Avadel Pharmaceuticals plc (NASDAQ:AVDL) Short Interest Down 7.3% in October

Avadel Pharmaceuticals plc (NASDAQ:AVDL - Get Free Report) was the recipient of a large drop in short interest in October. As of October 31st, there was short interest totalling 9,450,000 shares, a drop of 7.3% from the October 15th total of 10,190,000 shares. Based on an average trading volume of 934,500 shares, the days-to-cover ratio is presently 10.1 days.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the company. Janus Henderson Group PLC raised its position in shares of Avadel Pharmaceuticals by 16.1% in the 1st 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. Gendell Jeffrey L grew its holdings in Avadel Pharmaceuticals by 1.7% in the first quarter. Gendell Jeffrey L now owns 5,708,118 shares of the company's stock worth $96,410,000 after purchasing an additional 92,768 shares during the period. Braidwell LP increased its stake in Avadel Pharmaceuticals by 16.9% in the third quarter. Braidwell LP now owns 3,388,939 shares of the company's stock valued at $44,446,000 after purchasing an additional 490,300 shares in the last quarter. State Street Corp raised its holdings in shares of Avadel Pharmaceuticals by 42.5% during the third quarter. State Street Corp now owns 1,623,302 shares of the company's stock valued at $21,290,000 after purchasing an additional 483,787 shares during the period. Finally, Brandes Investment Partners LP boosted its position in shares of Avadel Pharmaceuticals by 1.5% during the 2nd quarter. Brandes Investment Partners LP now owns 1,483,439 shares of the company's stock worth $20,894,000 after purchasing an additional 21,214 shares in the last quarter. Institutional investors and hedge funds own 69.19% of the company's stock.

Avadel Pharmaceuticals Price Performance

Shares of Avadel Pharmaceuticals stock traded down $0.20 during trading on Monday, hitting $10.72. The company's stock had a trading volume of 1,334,937 shares, compared to its average volume of 1,191,845. The stock has a market cap of $1.03 billion, a price-to-earnings ratio of -13.57 and a beta of 1.47. Avadel Pharmaceuticals has a 52 week low of $10.44 and a 52 week high of $19.09. The stock has a 50-day moving average price of $13.49 and a two-hundred day moving average price of $14.98.

Avadel Pharmaceuticals (NASDAQ:AVDL - Get Free Report) last released its quarterly earnings results on Tuesday, November 12th. The company reported ($0.03) EPS for the quarter, beating analysts' consensus estimates of ($0.06) by $0.03. Avadel Pharmaceuticals had a negative return on equity of 93.34% and a negative net margin of 52.53%. The firm had revenue of $50.00 million for the quarter, compared to analyst estimates of $48.43 million. During the same quarter in the previous year, the company posted ($0.41) EPS. The business's revenue was up 624.6% on a year-over-year basis. On average, equities analysts predict that Avadel Pharmaceuticals will post -0.48 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on AVDL. HC Wainwright dropped their price objective on Avadel Pharmaceuticals from $27.00 to $25.00 and set a "buy" rating for the company in a report on Wednesday, November 13th. Needham & Company LLC reaffirmed a "buy" rating and issued a $22.00 price objective on shares of Avadel Pharmaceuticals in a research note on Tuesday, November 12th. Finally, Oppenheimer lifted their target price 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. Seven analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Avadel Pharmaceuticals presently has a consensus rating of "Buy" and a consensus price target of $24.43.

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.