Avadel Pharmaceuticals plc (NASDAQ:AVDL) Short Interest Update

Avadel Pharmaceuticals plc (NASDAQ:AVDL) was the recipient of a significant decline in short interest during the month of January. As of January 31st, there was short interest totalling 10,550,000 shares, a decline of 8.3% from the January 15th total of 11,510,000 shares. Based on an average daily trading volume, of 1,520,000 shares, the days-to-cover ratio is currently 6.9 days.

Avadel Pharmaceuticals Trading Down 0.8 %

Shares of NASDAQ AVDL opened at $8.54 on Wednesday. Avadel Pharmaceuticals has a 1-year low of $7.39 and a 1-year high of $19.09. The firm has a market capitalization of $822.93 million, a P/E ratio of -10.81 and a beta of 1.28. The firm’s 50-day moving average price is $9.23 and its 200-day moving average price is $12.09.

Wall Street Analysts Forecast Growth

A number of analysts have commented on the stock. HC Wainwright reaffirmed a “buy” rating and set a $21.00 price target (down previously from $25.00) on shares of Avadel Pharmaceuticals in a research report on Friday, January 10th. Piper Sandler cut their price target on shares of Avadel Pharmaceuticals from $24.00 to $13.00 and set an “overweight” rating on the stock in a research report on Friday, January 10th. UBS Group cut their price target on shares of Avadel Pharmaceuticals from $22.00 to $14.00 and set a “buy” rating on the stock in a research report on Monday, January 13th. Oppenheimer upped their price target on shares of Avadel Pharmaceuticals from $29.00 to $30.00 and gave the company an “outperform” rating in a research report on Thursday, October 31st. Finally, Needham & Company LLC dropped their price objective on shares of Avadel Pharmaceuticals from $22.00 to $19.00 and set a “buy” rating on the stock in a report on Thursday, January 9th. Eight research analysts have rated the stock with a buy rating, According to MarketBeat, the company presently has a consensus rating of “Buy” and a consensus price target of $19.88.

Insiders Place Their Bets

In other Avadel Pharmaceuticals news, Director Geoffrey Michael Glass acquired 20,279 shares of Avadel Pharmaceuticals stock in a transaction that occurred on Tuesday, December 10th. The shares were bought at an average price of $9.84 per share, with a total value of $199,545.36. Following the completion of the purchase, the director now directly owns 75,904 shares in the company, valued at $746,895.36. This trade represents a 36.46 % increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Linda Palczuk acquired 5,000 shares of Avadel Pharmaceuticals stock in a transaction that occurred on Tuesday, January 21st. The stock was acquired at an average cost of $7.93 per share, for a total transaction of $39,650.00. Following the purchase, the director now owns 67,900 shares of the company’s stock, valued at $538,447. The trade was a 7.95 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last quarter, insiders have purchased 55,579 shares of company stock valued at $526,363. 4.80% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Avadel Pharmaceuticals

A number of institutional investors and hedge funds have recently made changes to their positions in AVDL. FMR LLC acquired a new stake in shares of Avadel Pharmaceuticals in the 3rd quarter worth about $31,000. Advisors Asset Management Inc. raised its holdings in shares of Avadel Pharmaceuticals by 56.1% in the 3rd quarter. Advisors Asset Management Inc. now owns 7,921 shares of the company’s stock worth $104,000 after acquiring an additional 2,846 shares during the last quarter. Hsbc Holdings PLC acquired a new stake in shares of Avadel Pharmaceuticals in the 4th quarter worth about $113,000. Kazazian Asset Management LLC acquired a new stake in shares of Avadel Pharmaceuticals in the 4th quarter worth about $126,000. Finally, Sanctuary Advisors LLC acquired a new stake in shares of Avadel Pharmaceuticals in the 4th quarter worth about $140,000. Institutional investors and hedge funds own 69.19% of the company’s stock.

About Avadel Pharmaceuticals

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.