Avadel Pharmaceuticals plc (NASDAQ:AVDL) Short Interest Up 11.1% in June

Avadel Pharmaceuticals plc (NASDAQ:AVDL) saw a large growth in short interest in the month of 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 days-to-cover ratio is currently 7.2 days.

Institutional Investors Weigh In On Avadel Pharmaceuticals

Institutional investors and hedge funds have recently modified their holdings of the company. Kestra Advisory Services LLC raised its position in Avadel Pharmaceuticals by 7.3% during the 3rd quarter. Kestra Advisory Services LLC now owns 21,950 shares of the company’s stock worth $226,000 after buying an additional 1,500 shares during the last quarter. Kennedy Capital Management LLC lifted its position in Avadel Pharmaceuticals by 60.2% during the third quarter. Kennedy Capital Management LLC now owns 715,424 shares of the company’s stock valued at $7,369,000 after purchasing an additional 268,704 shares during the period. RTW Investments LP boosted its holdings in 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 purchasing an additional 325,774 shares during the last quarter. China Universal Asset Management Co. Ltd. boosted its holdings in Avadel Pharmaceuticals by 349.4% in the fourth quarter. China Universal Asset Management Co. Ltd. now owns 10,327 shares of the company’s stock valued at $146,000 after purchasing an additional 8,029 shares during the last quarter. Finally, Iridian Asset Management LLC CT grew its position in Avadel Pharmaceuticals by 17.3% during the 4th quarter. Iridian Asset Management LLC CT now owns 53,451 shares of the company’s stock worth $755,000 after purchasing an additional 7,865 shares during the period. Institutional investors and hedge funds own 69.19% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on the stock. HC Wainwright upped their price target on shares of Avadel Pharmaceuticals from $25.00 to $27.00 and gave the company a “buy” rating in a research note on Thursday, May 9th. Craig Hallum increased their price target on shares of Avadel Pharmaceuticals from $22.00 to $23.00 and gave the company a “buy” rating in a report on Thursday, May 9th. Piper Sandler boosted their price objective on Avadel Pharmaceuticals from $18.00 to $23.00 and gave the stock an “overweight” rating in a research note on Tuesday, March 5th. Oppenheimer upped their price objective on Avadel Pharmaceuticals from $27.00 to $29.00 and gave the company an “outperform” rating in a research report on Tuesday, March 5th. Finally, Rodman & Renshaw started coverage on Avadel Pharmaceuticals in a report on Wednesday, June 12th. They issued a “buy” rating and a $27.00 target price for the company. Seven equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock has an average rating of “Buy” and an average target price of $24.57.

Avadel Pharmaceuticals Trading Down 1.7 %

NASDAQ AVDL opened at $14.06 on Monday. The stock has a market cap of $1.35 billion, a P/E ratio of -7.56 and a beta of 1.53. Avadel Pharmaceuticals has a 12-month low of $9.50 and a 12-month high of $19.09. The company has a fifty day simple moving average of $16.12 and a two-hundred day simple moving average of $15.43.

Avadel Pharmaceuticals (NASDAQ:AVDL) last issued 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 analysts’ expectations of $25.89 million. Avadel Pharmaceuticals had a negative return on equity of 139.72% and a negative net margin of 284.42%. The business’s revenue was up 2617.8% on a year-over-year basis. During the same quarter last year, the business earned ($0.48) EPS. As a group, sell-side analysts forecast that Avadel Pharmaceuticals will post -0.58 earnings per share 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.