Short Interest in Avadel Pharmaceuticals plc (NASDAQ:AVDL) Decreases By 8.3%

Avadel Pharmaceuticals plc (NASDAQ:AVDL - Get Free Report) saw a large drop in short interest in the month of January. As of January 31st, there was short interest totalling 10,550,000 shares, a drop of 8.3% from the January 15th total of 11,510,000 shares. Based on an average trading volume of 1,520,000 shares, the short-interest ratio is currently 6.9 days.

Insider Activity

In other news, CFO Thomas S. Mchugh bought 5,000 shares of the stock in a transaction on Wednesday, December 11th. The stock was purchased at an average cost of $10.49 per share, with a total value of $52,450.00. Following the purchase, the chief financial officer now owns 85,500 shares of the company's stock, valued at approximately $896,895. The trade was a 6.21 % increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available at this link. Also, Director Peter J. Thornton bought 10,000 shares of the stock in a transaction on Monday, January 13th. The stock was purchased at an average cost of $8.04 per share, with a total value of $80,400.00. Following the completion of the purchase, the director now directly owns 104,055 shares in the company, valued at $836,602.20. This trade represents a 10.63 % increase in their position. The disclosure for this purchase can be found here. In the last three months, insiders purchased 55,579 shares of company stock worth $526,363. Company insiders own 4.80% of the company's stock.

Institutional Investors Weigh In On Avadel Pharmaceuticals

A number of hedge funds have recently added to or reduced their stakes in the stock. SG Americas Securities LLC acquired a new position in Avadel Pharmaceuticals during the 3rd quarter valued at about $164,000. Creative Planning raised its holdings in Avadel Pharmaceuticals by 8.2% during the 3rd quarter. Creative Planning now owns 12,381 shares of the company's stock worth $162,000 after buying an additional 938 shares during the period. Claro Advisors LLC grew its stake in shares of Avadel Pharmaceuticals by 379.2% during the 3rd quarter. Claro Advisors LLC now owns 49,080 shares of the company's stock worth $644,000 after acquiring an additional 38,837 shares in the last quarter. China Universal Asset Management Co. Ltd. grew its stake in shares of Avadel Pharmaceuticals by 64.0% during the 3rd quarter. China Universal Asset Management Co. Ltd. now owns 18,516 shares of the company's stock worth $243,000 after acquiring an additional 7,224 shares in the last quarter. Finally, Diversify Wealth Management LLC grew its stake in shares of Avadel Pharmaceuticals by 8.3% during the 3rd quarter. Diversify Wealth Management LLC now owns 31,637 shares of the company's stock worth $418,000 after acquiring an additional 2,432 shares in the last quarter. Institutional investors own 69.19% of the company's stock.

Analyst Ratings Changes

A number of equities analysts have weighed in on AVDL shares. Needham & Company LLC decreased their price target on Avadel Pharmaceuticals from $22.00 to $19.00 and set a "buy" rating for the company in a report on Thursday, January 9th. Oppenheimer upped their price target on Avadel Pharmaceuticals from $29.00 to $30.00 and gave the company an "outperform" rating in a research report on Thursday, October 31st. UBS Group dropped their price target on Avadel Pharmaceuticals from $22.00 to $14.00 and set a "buy" rating on the stock in a research report on Monday, January 13th. Deutsche Bank Aktiengesellschaft began coverage on Avadel Pharmaceuticals in a research report on Tuesday, February 11th. They set a "buy" rating and a $12.00 price target on the stock. Finally, HC Wainwright reaffirmed a "buy" rating and issued a $21.00 target price (down from $25.00) on shares of Avadel Pharmaceuticals in a research report on Friday, January 10th. Eight analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock presently has a consensus rating of "Buy" and a consensus target price of $19.88.

Avadel Pharmaceuticals Stock Up 0.7 %

AVDL stock traded up $0.06 during trading hours on Thursday, hitting $8.47. The company's stock had a trading volume of 1,031,950 shares, compared to its average volume of 1,618,762. The stock has a 50 day moving average price of $9.12 and a two-hundred day moving average price of $11.98. Avadel Pharmaceuticals has a 12 month low of $7.39 and a 12 month high of $19.09. The company has a market capitalization of $816.17 million, a PE ratio of -10.72 and a beta of 1.28.

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.