Avadel Pharmaceuticals PLC. (NASDAQ:AVDL) Sees Large Drop in Short Interest

Avadel Pharmaceuticals PLC. (NASDAQ:AVDL) was the recipient of a large decline in short interest in December. As of December 15th, there was short interest totaling 2,907,619 shares, a decline of 25.6% from the November 30th total of 3,906,360 shares. Based on an average daily trading volume, of 1,887,390 shares, the days-to-cover ratio is presently 1.5 days. Currently, 3.1% of the company’s stock are sold short. Currently, 3.1% of the company’s stock are sold short. Based on an average daily trading volume, of 1,887,390 shares, the days-to-cover ratio is presently 1.5 days.

Institutional Trading of Avadel Pharmaceuticals

Institutional investors have recently added to or reduced their stakes in the business. Nisa Investment Advisors LLC raised its holdings in shares of Avadel Pharmaceuticals by 164.5% during the second quarter. Nisa Investment Advisors LLC now owns 3,304 shares of the company’s stock worth $29,000 after purchasing an additional 2,055 shares during the period. Federated Hermes Inc. grew its position in shares of Avadel Pharmaceuticals by 195.4% during the 3rd quarter. Federated Hermes Inc. now owns 3,471 shares of the company’s stock valued at $53,000 after buying an additional 2,296 shares during the last quarter. State of Alaska Department of Revenue acquired a new stake in Avadel Pharmaceuticals during the third quarter worth about $83,000. Raymond James Financial Inc. bought a new position in Avadel Pharmaceuticals in the second quarter worth about $65,000. Finally, CIBC Private Wealth Group LLC acquired a new position in Avadel Pharmaceuticals in the third quarter valued at approximately $122,000. Institutional investors own 69.19% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on AVDL. Leerink Partnrs downgraded Avadel Pharmaceuticals from a “strong-buy” rating to a “hold” rating in a research note on Thursday, October 23rd. Needham & Company LLC downgraded Avadel Pharmaceuticals from a “buy” rating to a “hold” rating in a report on Wednesday, October 22nd. Wall Street Zen downgraded Avadel Pharmaceuticals from a “strong-buy” rating to a “buy” rating in a report on Saturday, October 25th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Avadel Pharmaceuticals in a research report on Monday, December 22nd. Finally, UBS Group downgraded shares of Avadel Pharmaceuticals to a “neutral” rating in a research report on Tuesday, October 28th. One research analyst has rated the stock with a Buy rating, ten have issued a Hold rating and two have given a Sell rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Reduce” and an average price target of $18.13.

Avadel Pharmaceuticals Price Performance

Shares of Avadel Pharmaceuticals stock opened at $21.55 on Tuesday. The business has a 50-day moving average price of $20.73 and a 200 day moving average price of $15.57. Avadel Pharmaceuticals has a fifty-two week low of $6.38 and a fifty-two week high of $23.57.

Avadel Pharmaceuticals (NASDAQ:AVDL) last released its earnings results on Tuesday, November 4th. The company reported $0.00 EPS for the quarter, missing analysts’ consensus estimates of $0.04 by ($0.04). The firm had revenue of $77.47 million for the quarter, compared to the consensus estimate of $78.05 million. Avadel Pharmaceuticals had a negative return on equity of 0.33% and a negative net margin of 0.11%.The company’s quarterly revenue was up 55.0% on a year-over-year basis. During the same period in the prior year, the business earned ($0.03) EPS. On average, equities analysts forecast that Avadel Pharmaceuticals will post -0.51 EPS for the current fiscal year.

About Avadel Pharmaceuticals

Avadel Pharmaceuticals plc is a global specialty biopharmaceutical company focused on developing and delivering treatments for rare diseases and central nervous system disorders. Headquartered in Dublin, Ireland, with operations in the United States, Avadel’s portfolio centers on sleep disorder therapeutics, including its flagship low-sodium oxybate product, XYWAV, which is approved in the U.S. for the treatment of cataplexy or excessive daytime sleepiness in patients with narcolepsy. The company is also advancing FT218, a once-nightly formulation of sodium oxybate, currently under regulatory review for narcolepsy management.

Formed through a rebranding of Flamel Technologies in 2016 and a strategic shift toward rare disease drug development, Avadel has built its R&D capabilities around improving patient compliance and reducing daily sodium exposure compared to traditional therapies.