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

Avadel Pharmaceuticals PLC. (NASDAQ:AVDL) was the recipient of a significant increase in short interest in January. As of January 15th, there was short interest totaling 3,607,258 shares, an increase of 32.1% from the December 31st total of 2,730,297 shares. Approximately 3.9% of the company’s stock are sold short. Based on an average trading volume of 2,113,434 shares, the days-to-cover ratio is currently 1.7 days. Based on an average trading volume of 2,113,434 shares, the days-to-cover ratio is currently 1.7 days. Approximately 3.9% of the company’s stock are sold short.

Hedge Funds Weigh In On Avadel Pharmaceuticals

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Handelsbanken Fonder AB acquired a new stake in Avadel Pharmaceuticals during the second quarter worth $302,000. AWM Investment Company Inc. lifted its holdings in shares of Avadel Pharmaceuticals by 671.2% during the 2nd quarter. AWM Investment Company Inc. now owns 316,189 shares of the company’s stock worth $2,798,000 after acquiring an additional 275,189 shares during the period. Two Seas Capital LP lifted its holdings in shares of Avadel Pharmaceuticals by 24.4% during the 2nd quarter. Two Seas Capital LP now owns 6,155,074 shares of the company’s stock worth $54,472,000 after acquiring an additional 1,208,625 shares during the period. Brandes Investment Partners LP boosted its position in shares of Avadel Pharmaceuticals by 14.5% during the 2nd quarter. Brandes Investment Partners LP now owns 6,487,642 shares of the company’s stock valued at $57,416,000 after acquiring an additional 820,467 shares in the last quarter. Finally, Kennedy Capital Management LLC increased its stake in Avadel Pharmaceuticals by 30.1% in the second quarter. Kennedy Capital Management LLC now owns 981,271 shares of the company’s stock valued at $8,684,000 after acquiring an additional 227,228 shares during the period. Institutional investors own 69.19% of the company’s stock.

Wall Street Analysts Forecast Growth

AVDL has been the topic of several analyst reports. Leerink Partners lowered shares of Avadel Pharmaceuticals from a “strong-buy” rating to a “hold” rating in a research note on Thursday, October 23rd. Wall Street Zen cut shares of Avadel Pharmaceuticals from a “strong-buy” rating to a “buy” rating in a report on Saturday, October 25th. Weiss Ratings reissued a “sell (d-)” rating on shares of Avadel Pharmaceuticals in a research report on Monday, December 29th. Zacks Research raised Avadel Pharmaceuticals from a “strong sell” rating to a “hold” rating in a research report on Tuesday, January 6th. Finally, Piper Sandler downgraded Avadel Pharmaceuticals from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, October 22nd. One research analyst has rated the stock with a Buy rating, ten have issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $18.86.

Avadel Pharmaceuticals Stock Down 0.0%

Shares of NASDAQ:AVDL opened at $21.55 on Monday. The stock’s 50-day moving average is $21.54 and its 200-day moving average is $17.62. Avadel Pharmaceuticals has a 52-week low of $6.38 and a 52-week high of $23.57.

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