Avadel Pharmaceuticals plc (NASDAQ:AVDL - Get Free Report) saw a large decline in short interest during the month of September. As of September 30th, there was short interest totalling 10,970,000 shares, a decline of 5.9% from the September 15th total of 11,660,000 shares. Based on an average daily volume of 927,500 shares, the days-to-cover ratio is currently 11.8 days.
Several institutional investors have recently made changes to their positions in AVDL. GSA Capital Partners LLP bought a new stake in shares of Avadel Pharmaceuticals during the first quarter worth about $804,000. Lord Abbett & CO. LLC purchased a new position in Avadel Pharmaceuticals during the first quarter valued at approximately $3,264,000. Cetera Investment Advisers bought a new position in shares of Avadel Pharmaceuticals in the first quarter worth $1,925,000. Bank of New York Mellon Corp bought a new position in Avadel Pharmaceuticals in the 2nd quarter worth about $4,575,000. Finally, Russell Investments Group Ltd. bought a new position in shares of Avadel Pharmaceuticals in the first quarter worth approximately $1,943,000. Institutional investors and hedge funds own 69.19% of the company's stock.
AVDL has been the subject of several research reports. HC Wainwright reissued a "buy" rating and issued a $27.00 price objective on shares of Avadel Pharmaceuticals in a research note on Wednesday, August 28th. Needham & Company LLC restated a "buy" rating and set a $22.00 price objective on shares of Avadel Pharmaceuticals in a research report on Wednesday, September 4th. Seven analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock has an average rating of "Buy" and an average target price of $24.57.
Read Our Latest Report on Avadel Pharmaceuticals
NASDAQ:AVDL opened at $13.20 on Wednesday. Avadel Pharmaceuticals has a fifty-two week low of $9.50 and a fifty-two week high of $19.09. The company has a 50 day simple moving average of $14.40 and a two-hundred day simple moving average of $15.56. The company has a market capitalization of $1.27 billion, a PE ratio of -7.10 and a beta of 1.50.
Avadel Pharmaceuticals (NASDAQ:AVDL - Get Free Report) last released its earnings results on Thursday, August 8th. The company reported ($0.14) EPS for the quarter, topping the consensus estimate of ($0.17) by $0.03. The business had revenue of $41.50 million during the quarter, compared to analysts' expectations of $37.47 million. Avadel Pharmaceuticals had a negative return on equity of 122.64% and a negative net margin of 111.64%. The firm's revenue was up 2666.7% on a year-over-year basis. During the same quarter last year, the firm posted ($0.70) earnings per share. Research analysts predict that Avadel Pharmaceuticals will post -0.5 EPS for the current year.
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.
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