Avadel Pharmaceuticals plc (NASDAQ:AVDL) Short Interest Update

Avadel Pharmaceuticals plc (NASDAQ:AVDL - Get Free Report) was the target of a significant decrease in short interest in 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 days-to-cover ratio is presently 3.8 days.

Analyst Upgrades and Downgrades

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

Hedge Funds Weigh In On Avadel Pharmaceuticals

A number of institutional investors have recently modified their holdings of the company. Brandes Investment Partners LP grew its stake in Avadel Pharmaceuticals by 12.4% in the 3rd quarter. Brandes Investment Partners LP now owns 1,448,772 shares of the company's stock valued at $14,922,000 after buying an additional 159,577 shares during the last quarter. MPM Bioimpact LLC boosted its stake in Avadel Pharmaceuticals by 72.5% during the 3rd quarter. MPM Bioimpact LLC now owns 664,224 shares of the company's stock valued at $6,842,000 after purchasing an additional 279,234 shares during the period. Vivo Capital LLC boosted its stake in Avadel Pharmaceuticals by 7.0% during the 3rd quarter. Vivo Capital LLC now owns 4,096,428 shares of the company's stock valued at $42,193,000 after purchasing an additional 266,851 shares during the period. Deutsche Bank AG grew its holdings in Avadel Pharmaceuticals by 95.6% in the 3rd quarter. Deutsche Bank AG now owns 440,000 shares of the company's stock valued at $4,532,000 after buying an additional 215,000 shares during the last quarter. Finally, RTW Investments LP increased its position in Avadel Pharmaceuticals by 4.8% in the 3rd quarter. RTW Investments LP now owns 7,136,415 shares of the company's stock worth $73,505,000 after buying an additional 325,774 shares during the period. Institutional investors own 69.19% of the company's stock.

Avadel Pharmaceuticals Trading Up 4.4 %

NASDAQ AVDL traded up $0.69 during trading on Friday, hitting $16.52. 1,889,582 shares of the company traded hands, compared to its average volume of 1,335,944. Avadel Pharmaceuticals has a 12 month low of $9.50 and a 12 month high of $19.09. The business has a fifty day simple moving average of $16.83 and a 200 day simple moving average of $14.43. The company has a market capitalization of $1.50 billion, a P/E ratio of -8.88 and a beta of 1.61.

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