Short Interest in Avadel Pharmaceuticals plc (NASDAQ:AVDL) Declines By 8.3%

Avadel Pharmaceuticals plc (NASDAQ:AVDL) saw a significant decline in short interest in 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 trading volume of 1,520,000 shares, the short-interest ratio is currently 6.9 days.

Wall Street Analysts Forecast Growth

AVDL has been the topic of several recent research reports. UBS Group reduced their price target on Avadel Pharmaceuticals from $22.00 to $14.00 and set a “buy” rating on the stock in a research report on Monday, January 13th. Needham & Company LLC decreased their target price on shares of Avadel Pharmaceuticals from $22.00 to $19.00 and set a “buy” rating on the stock in a research note on Thursday, January 9th. Piper Sandler lowered their price target on shares of Avadel Pharmaceuticals from $24.00 to $13.00 and set an “overweight” rating for the company in a report on Friday, January 10th. HC Wainwright reissued a “buy” rating and issued a $21.00 price target (down previously from $25.00) on shares of Avadel Pharmaceuticals in a report on Friday, January 10th. Finally, Oppenheimer upped their price objective on shares of Avadel Pharmaceuticals from $29.00 to $30.00 and gave the company an “outperform” rating in a research note on Thursday, October 31st. Eight research analysts have rated the stock with a buy rating, Based on data from MarketBeat, Avadel Pharmaceuticals has an average rating of “Buy” and an average target price of $19.88.

Insider Activity at Avadel Pharmaceuticals

In other Avadel Pharmaceuticals news, CEO Gregory J. Divis purchased 9,598 shares of the company’s stock in a transaction dated Friday, December 6th. The stock was purchased at an average price of $9.98 per share, for a total transaction of $95,788.04. Following the transaction, the chief executive officer now owns 9,598 shares in the company, valued at $95,788.04. The trade was a ∞ increase in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Linda Palczuk bought 5,000 shares of the company’s stock in a transaction on Tuesday, January 21st. The shares were bought at an average price of $7.93 per share, with a total value of $39,650.00. Following the completion of the transaction, 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 90 days, insiders bought 55,579 shares of company stock valued at $526,363. Corporate insiders own 4.80% of the company’s stock.

Institutional Trading of Avadel Pharmaceuticals

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Janus Henderson Group PLC increased its stake in Avadel Pharmaceuticals by 5.7% in the 4th quarter. Janus Henderson Group PLC now owns 14,080,219 shares of the company’s stock worth $148,117,000 after acquiring an additional 753,332 shares during the last quarter. Two Seas Capital LP grew its holdings in shares of Avadel Pharmaceuticals by 90.6% in the fourth quarter. Two Seas Capital LP now owns 4,296,449 shares of the company’s stock valued at $45,156,000 after purchasing an additional 2,042,669 shares in the last quarter. Braidwell LP increased its position in Avadel Pharmaceuticals by 21.2% in the fourth quarter. Braidwell LP now owns 4,105,726 shares of the company’s stock worth $43,151,000 after purchasing an additional 716,787 shares during the last quarter. Vanguard Group Inc. raised its stake in Avadel Pharmaceuticals by 2.3% during the fourth quarter. Vanguard Group Inc. now owns 3,953,247 shares of the company’s stock valued at $41,549,000 after purchasing an additional 90,147 shares in the last quarter. Finally, Wealth Effects LLC lifted its position in Avadel Pharmaceuticals by 4.9% during the fourth quarter. Wealth Effects LLC now owns 2,344,130 shares of the company’s stock valued at $24,637,000 after purchasing an additional 110,359 shares during the last quarter. Institutional investors own 69.19% of the company’s stock.

Avadel Pharmaceuticals Stock Performance

Shares of AVDL opened at $8.61 on Tuesday. Avadel Pharmaceuticals has a 52 week low of $7.39 and a 52 week high of $19.09. The business has a 50-day simple moving average of $9.23 and a two-hundred day simple moving average of $12.09.

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.