Avadel Pharmaceuticals plc (NASDAQ:AVDL) Sees Large Growth in Short Interest

Avadel Pharmaceuticals plc (NASDAQ:AVDL) was the recipient of a significant growth in short interest in June. As of June 15th, there was short interest totalling 7,200,000 shares, a growth of 11.1% from the May 31st total of 6,480,000 shares. Based on an average daily volume of 1,000,000 shares, the short-interest ratio is currently 7.2 days.

Analysts Set New Price Targets

AVDL has been the subject of several recent research reports. Craig Hallum increased their price objective on Avadel Pharmaceuticals from $22.00 to $23.00 and gave the stock a “buy” rating in a report on Thursday, May 9th. HC Wainwright raised their price target on Avadel Pharmaceuticals from $25.00 to $27.00 and gave the stock a “buy” rating in a research note on Thursday, May 9th. Needham & Company LLC restated a “buy” rating and issued a $22.00 price objective on shares of Avadel Pharmaceuticals in a report on Wednesday, May 8th. Piper Sandler raised their price objective on shares of Avadel Pharmaceuticals from $18.00 to $23.00 and gave the company an “overweight” rating in a research report on Tuesday, March 5th. Finally, Oppenheimer boosted their target price on shares of Avadel Pharmaceuticals from $27.00 to $29.00 and gave the stock an “outperform” rating in a research report on Tuesday, March 5th. Seven equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock currently has an average rating of “Buy” and an average price target of $24.57.

Hedge Funds Weigh In On Avadel Pharmaceuticals

A number of institutional investors have recently made changes to their positions in AVDL. Brandes Investment Partners LP boosted its holdings in Avadel Pharmaceuticals by 5.9% in the 4th quarter. Brandes Investment Partners LP now owns 1,533,614 shares of the company’s stock valued at $21,655,000 after purchasing an additional 84,842 shares during the period. RTW Investments LP lifted its stake in shares of Avadel Pharmaceuticals by 4.8% in the third quarter. RTW Investments LP now owns 7,136,415 shares of the company’s stock valued at $73,505,000 after buying an additional 325,774 shares during the period. Investors Asset Management of Georgia Inc. GA ADV acquired a new stake in Avadel Pharmaceuticals during the fourth quarter worth about $1,503,000. China Universal Asset Management Co. Ltd. raised its holdings in Avadel Pharmaceuticals by 349.4% in the 4th quarter. China Universal Asset Management Co. Ltd. now owns 10,327 shares of the company’s stock valued at $146,000 after acquiring an additional 8,029 shares in the last quarter. Finally, Quarry LP acquired a new stake in shares of Avadel Pharmaceuticals during the 4th quarter worth approximately $120,000. 69.19% of the stock is currently owned by institutional investors.

Avadel Pharmaceuticals Trading Up 4.6 %

Avadel Pharmaceuticals stock traded up $0.64 during trading hours on Wednesday, reaching $14.53. 457,187 shares of the company were exchanged, compared to its average volume of 1,292,824. Avadel Pharmaceuticals has a 12 month low of $9.50 and a 12 month high of $19.09. The stock has a 50-day moving average of $15.91 and a 200 day moving average of $15.43. The firm has a market cap of $1.40 billion, a price-to-earnings ratio of -7.81 and a beta of 1.53.

Avadel Pharmaceuticals (NASDAQ:AVDL) last posted its earnings results on Wednesday, May 8th. The company reported ($0.30) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.25) by ($0.05). The firm had revenue of $27.18 million during the quarter, compared to analyst estimates of $25.89 million. Avadel Pharmaceuticals had a negative net margin of 284.42% and a negative return on equity of 139.72%. The business’s quarterly revenue was up 2617.8% compared to the same quarter last year. During the same quarter in the previous year, the business posted ($0.48) earnings per share. As a group, research analysts forecast that Avadel Pharmaceuticals will post -0.58 EPS for the current year.

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.