Short Interest in Avadel Pharmaceuticals PLC. (NASDAQ:AVDL) Declines By 36.0%

Avadel Pharmaceuticals PLC. (NASDAQ:AVDL) was the recipient of a large decrease in short interest in the month of January. As of January 30th, there was short interest totaling 2,308,285 shares, a decrease of 36.0% from the January 15th total of 3,607,258 shares. Approximately 2.5% of the company’s stock are short sold. Based on an average daily trading volume, of 906,906 shares, the days-to-cover ratio is presently 2.5 days. Based on an average daily trading volume, of 906,906 shares, the days-to-cover ratio is presently 2.5 days. Approximately 2.5% of the company’s stock are short sold.

Hedge Funds Weigh In On Avadel Pharmaceuticals

A number of hedge funds have recently bought and sold shares of the business. Bridgefront Capital LLC boosted its holdings in shares of Avadel Pharmaceuticals by 3.4% during the 3rd quarter. Bridgefront Capital LLC now owns 28,395 shares of the company’s stock valued at $434,000 after acquiring an additional 931 shares during the last quarter. TD Waterhouse Canada Inc. bought a new position in Avadel Pharmaceuticals during the fourth quarter valued at approximately $27,000. Kovack Advisors Inc. boosted its holdings in Avadel Pharmaceuticals by 13.0% in the second quarter. Kovack Advisors Inc. now owns 13,000 shares of the company’s stock worth $115,000 after purchasing an additional 1,500 shares during the last quarter. Creative Planning boosted its holdings in Avadel Pharmaceuticals by 10.0% in the second quarter. Creative Planning now owns 19,376 shares of the company’s stock worth $171,000 after purchasing an additional 1,759 shares during the last quarter. Finally, Nisa Investment Advisors LLC raised its stake in Avadel Pharmaceuticals by 164.5% during the 2nd quarter. Nisa Investment Advisors LLC now owns 3,304 shares of the company’s stock valued at $29,000 after buying an additional 2,055 shares during the last quarter. Hedge funds and other institutional investors own 69.19% of the company’s stock.

Avadel Pharmaceuticals Stock Down 1.1%

AVDL stock opened at $21.39 on Friday. The stock’s 50 day simple moving average is $21.51 and its 200 day simple moving average is $18.26. Avadel Pharmaceuticals has a 12-month low of $6.38 and a 12-month high of $23.57.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on AVDL shares. Wall Street Zen lowered shares of Avadel Pharmaceuticals from a “strong-buy” rating to a “buy” rating in a research note on Saturday, October 25th. UBS Group cut Avadel Pharmaceuticals to a “neutral” rating in a research report on Tuesday, October 28th. Jefferies Financial Group downgraded Avadel Pharmaceuticals from a “buy” rating to a “hold” rating and cut their price target for the stock from $22.00 to $20.00 in a research note on Wednesday, October 22nd. Needham & Company LLC cut Avadel Pharmaceuticals from a “buy” rating to a “hold” rating in a research note on Wednesday, October 22nd. Finally, Craig Hallum downgraded Avadel Pharmaceuticals from a “strong-buy” rating to a “hold” rating in a report on Wednesday, October 22nd. One equities research analyst has rated the stock with a Buy rating, ten have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $20.00.

About Avadel Pharmaceuticals

Avadel Pharmaceuticals plc is a global specialty biopharmaceutical company focused on developing and delivering treatments for rare diseases and central nervous system disorders. Headquartered in Dublin, Ireland, with operations in the United States, Avadel’s portfolio centers on sleep disorder therapeutics, including its flagship low-sodium oxybate product, XYWAV, which is approved in the U.S. for the treatment of cataplexy or excessive daytime sleepiness in patients with narcolepsy. The company is also advancing FT218, a once-nightly formulation of sodium oxybate, currently under regulatory review for narcolepsy management.

Formed through a rebranding of Flamel Technologies in 2016 and a strategic shift toward rare disease drug development, Avadel has built its R&D capabilities around improving patient compliance and reducing daily sodium exposure compared to traditional therapies.