Avadel Pharmaceuticals plc (NASDAQ:AVDL – Get Rating) saw a large decrease in short interest during the month of August. As of August 31st, there was short interest totalling 3,880,000 shares, a decrease of 14.0% from the August 15th total of 4,510,000 shares. Based on an average trading volume of 800,100 shares, the short-interest ratio is presently 4.8 days. Approximately 7.1% of the shares of the stock are sold short.
Avadel Pharmaceuticals Trading Down 14.9 %
AVDL opened at $5.08 on Friday. The stock has a fifty day moving average of $5.81 and a 200-day moving average of $5.15. Avadel Pharmaceuticals has a 12-month low of $1.05 and a 12-month high of $11.59. The company has a debt-to-equity ratio of 2.11, a quick ratio of 2.72 and a current ratio of 2.72.
Avadel Pharmaceuticals (NASDAQ:AVDL – Get Rating) last posted its quarterly earnings results on Tuesday, August 9th. The company reported ($1.01) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.41) by ($0.60). During the same period last year, the business earned ($0.33) EPS. As a group, research analysts predict that Avadel Pharmaceuticals will post -1.86 EPS for the current year.
Hedge Funds Weigh In On Avadel Pharmaceuticals
A number of hedge funds have recently modified their holdings of the stock. B. Riley Wealth Management Inc. acquired a new position in shares of Avadel Pharmaceuticals in the second quarter worth $32,000. Pura Vida Investments LLC acquired a new position in shares of Avadel Pharmaceuticals in the second quarter worth $1,926,000. Creative Planning increased its stake in shares of Avadel Pharmaceuticals by 15.2% in the second quarter. Creative Planning now owns 15,787 shares of the company’s stock worth $39,000 after acquiring an additional 2,083 shares during the last quarter. Millennium Management LLC increased its position in Avadel Pharmaceuticals by 525.2% during the second quarter. Millennium Management LLC now owns 212,590 shares of the company’s stock worth $519,000 after buying an additional 262,590 shares during the last quarter. Finally, Renaissance Technologies LLC increased its position in Avadel Pharmaceuticals by 13.2% during the second quarter. Renaissance Technologies LLC now owns 854,006 shares of the company’s stock worth $2,084,000 after buying an additional 99,700 shares during the last quarter. 63.01% of the stock is owned by institutional investors and hedge funds.
Analyst Ratings Changes
A number of brokerages have recently commented on AVDL. SVB Leerink increased their price objective on Avadel Pharmaceuticals from $6.00 to $12.00 and gave the company an “outperform” rating in a research report on Thursday, August 11th. Craig Hallum cut their price objective on Avadel Pharmaceuticals from $15.50 to $12.00 and set a “buy” rating for the company in a research report on Thursday, July 28th. HC Wainwright reiterated a “buy” rating and set a $13.00 price objective on shares of Avadel Pharmaceuticals in a research report on Friday, July 1st. Oppenheimer reduced their target price on Avadel Pharmaceuticals to $13.00 in a report on Friday, May 27th. Finally, Needham & Company LLC increased their target price on Avadel Pharmaceuticals from $6.00 to $9.00 and gave the company a “buy” rating in a report on Wednesday, August 10th. Two investment analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to MarketBeat, Avadel Pharmaceuticals presently has an average rating of “Moderate Buy” and an average price target of $10.29.
About Avadel Pharmaceuticals
Avadel Pharmaceuticals plc operates as a biopharmaceutical company in the United States. Its lead product candidate is FT218, a formulation of sodium oxybate, which is in a Phase 3 clinical trial for the treatment of excessive daytime sleepiness and 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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