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

Avadel Pharmaceuticals plc (NASDAQ:AVDL) was the target of a significant growth in short interest during the month of November. As of November 30th, there was short interest totalling 9,790,000 shares, a growth of 11.1% from the November 15th total of 8,810,000 shares. Based on an average daily trading volume, of 1,180,000 shares, the days-to-cover ratio is presently 8.3 days.

Insider Buying and Selling at Avadel Pharmaceuticals

In other news, CFO Thomas S. Mchugh acquired 5,000 shares of the firm’s stock in a transaction that occurred on Wednesday, December 11th. The stock was bought at an average cost of $10.49 per share, for a total transaction of $52,450.00. Following the acquisition, the chief financial officer now directly owns 85,500 shares in the company, valued at approximately $896,895. The trade was a 6.21 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO Gregory J. Divis acquired 9,598 shares of the stock in a transaction that occurred on Friday, December 6th. The stock was acquired at an average cost of $9.98 per share, for a total transaction of $95,788.04. Following the completion of the transaction, the chief executive officer now directly owns 9,598 shares in the company, valued at $95,788.04. This represents a ∞ increase in their position. The disclosure for this purchase can be found here. Over the last 90 days, insiders purchased 40,579 shares of company stock worth $406,313. 4.80% of the stock is owned by insiders.

Institutional Investors Weigh In On Avadel Pharmaceuticals

A number of hedge funds have recently modified their holdings of the business. Bank of New York Mellon Corp purchased a new position in Avadel Pharmaceuticals during the second quarter valued at $4,575,000. XTX Topco Ltd bought a new position in shares of Avadel Pharmaceuticals in the third quarter worth about $642,000. Troluce Capital Advisors LLC bought a new position in shares of Avadel Pharmaceuticals in the second quarter worth about $2,109,000. Iridian Asset Management LLC CT lifted its position in shares of Avadel Pharmaceuticals by 42.5% during the 3rd quarter. Iridian Asset Management LLC CT now owns 167,700 shares of the company’s stock valued at $2,199,000 after buying an additional 50,000 shares in the last quarter. Finally, Nantahala Capital Management LLC bought a new position in shares of Avadel Pharmaceuticals during the 2nd quarter valued at approximately $4,921,000. Institutional investors own 69.19% of the company’s stock.

Analyst Ratings Changes

A number of research analysts have recently issued reports on AVDL shares. Oppenheimer upped their price target on Avadel Pharmaceuticals from $29.00 to $30.00 and gave the company an “outperform” rating in a report on Thursday, October 31st. Needham & Company LLC restated a “buy” rating and set a $22.00 target price on shares of Avadel Pharmaceuticals in a research note on Tuesday, November 12th. Finally, HC Wainwright reduced their price target on shares of Avadel Pharmaceuticals from $27.00 to $25.00 and set a “buy” rating for the company in a research note on Wednesday, November 13th. Seven analysts have rated the stock with a buy rating, Based on data from MarketBeat, Avadel Pharmaceuticals currently has an average rating of “Buy” and a consensus target price of $24.43.

Avadel Pharmaceuticals Stock Performance

Shares of NASDAQ:AVDL opened at $10.93 on Tuesday. The stock’s 50-day simple moving average is $12.39 and its two-hundred day simple moving average is $14.14. The stock has a market capitalization of $1.05 billion, a price-to-earnings ratio of -13.84 and a beta of 1.32. Avadel Pharmaceuticals has a 52-week low of $9.41 and a 52-week high of $19.09.

Avadel Pharmaceuticals (NASDAQ:AVDL) last posted its quarterly earnings data on Tuesday, November 12th. The company reported ($0.03) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.06) by $0.03. Avadel Pharmaceuticals had a negative net margin of 52.53% and a negative return on equity of 93.34%. The company had revenue of $50.00 million for the quarter, compared to the consensus estimate of $48.43 million. During the same quarter last year, the firm posted ($0.41) earnings per share. The firm’s revenue was up 624.6% compared to the same quarter last year. As a group, equities analysts forecast that Avadel Pharmaceuticals will post -0.48 earnings per share for the current fiscal 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.