Short Interest in Avadel Pharmaceuticals plc (NASDAQ:AVDL) Declines By 15.3%

Avadel Pharmaceuticals plc (NASDAQ:AVDL) was the recipient of a significant decline in short interest in the month of August. As of August 31st, there was short interest totalling 2,610,000 shares, a decline of 15.3% from the August 15th total of 3,080,000 shares. Based on an average daily volume of 753,700 shares, the days-to-cover ratio is presently 3.5 days.

Avadel Pharmaceuticals Stock Down 3.2 %

Avadel Pharmaceuticals stock traded down $0.39 during midday trading on Monday, reaching $11.88. The company’s stock had a trading volume of 202,456 shares, compared to its average volume of 734,512. The business has a 50-day simple moving average of $13.72 and a 200-day simple moving average of $12.71. Avadel Pharmaceuticals has a fifty-two week low of $4.61 and a fifty-two week high of $16.85.

Avadel Pharmaceuticals (NASDAQ:AVDL) last announced its quarterly earnings results on Wednesday, August 9th. The company reported ($0.70) EPS for the quarter, missing the consensus estimate of ($0.39) by ($0.31). The business had revenue of $1.50 million for the quarter, compared to the consensus estimate of $1.27 million. On average, sell-side analysts expect that Avadel Pharmaceuticals will post -1.78 EPS for the current fiscal year.

Analysts Set New Price Targets

Several analysts recently issued reports on the stock. Oppenheimer boosted their price objective on shares of Avadel Pharmaceuticals from $22.00 to $25.00 and gave the company a “market outperform” rating in a report on Friday, June 30th. Craig Hallum increased their price objective on shares of Avadel Pharmaceuticals from $16.00 to $18.00 in a research report on Friday, June 30th. HC Wainwright reissued a “buy” rating and issued a $21.00 target price on shares of Avadel Pharmaceuticals in a research report on Thursday, August 10th. Needham & Company LLC restated a “buy” rating and set a $18.00 price target on shares of Avadel Pharmaceuticals in a research report on Thursday, August 10th. Finally, Piper Sandler increased their target price on Avadel Pharmaceuticals from $13.00 to $18.00 and gave the stock an “overweight” rating in a research note on Thursday, August 10th. Six investment analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock currently has a consensus rating of “Buy” and a consensus price target of $18.14.

Insider Buying and Selling

In other Avadel Pharmaceuticals news, CFO Thomas S. Mchugh purchased 2,000 shares of Avadel Pharmaceuticals stock in a transaction on Monday, August 14th. The stock was bought at an average cost of $14.45 per share, with a total value of $28,900.00. Following the transaction, the chief financial officer now owns 78,500 shares of the company’s stock, valued at approximately $1,134,325. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In related news, CFO Thomas S. Mchugh purchased 2,000 shares of the company’s stock in a transaction that occurred on Monday, August 14th. The shares were purchased at an average price of $14.45 per share, with a total value of $28,900.00. Following the purchase, the chief financial officer now owns 78,500 shares of the company’s stock, valued at $1,134,325. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Geoffrey Michael Glass acquired 14,000 shares of the business’s stock in a transaction on Thursday, August 10th. The shares were purchased at an average price of $13.40 per share, with a total value of $187,600.00. Following the completion of the purchase, the director now owns 59,000 shares in the company, valued at approximately $790,600. The disclosure for this purchase can be found here. Insiders bought 26,000 shares of company stock valued at $348,500 over the last quarter. 4.00% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Avadel Pharmaceuticals

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. UniSuper Management Pty Ltd purchased a new position in shares of Avadel Pharmaceuticals in the 2nd quarter valued at approximately $13,524,000. Samsara BioCapital LLC lifted its position in Avadel Pharmaceuticals by 113.7% in the first quarter. Samsara BioCapital LLC now owns 1,409,409 shares of the company’s stock valued at $12,910,000 after purchasing an additional 750,000 shares during the period. Perceptive Advisors LLC acquired a new position in Avadel Pharmaceuticals during the 1st quarter worth approximately $5,404,000. Bank of America Corp DE increased its position in Avadel Pharmaceuticals by 553.2% during the 1st quarter. Bank of America Corp DE now owns 692,226 shares of the company’s stock worth $6,341,000 after purchasing an additional 586,247 shares during the period. Finally, Altium Capital Management LP acquired a new stake in shares of Avadel Pharmaceuticals in the 1st quarter valued at approximately $4,580,000. Hedge funds and other institutional investors own 71.23% 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.