Avadel Pharmaceuticals PLC. (NASDAQ:AVDL) Sees Large Drop in Short Interest

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

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the business. Handelsbanken Fonder AB bought a new stake in shares of Avadel Pharmaceuticals in the 2nd quarter valued at $302,000. AWM Investment Company Inc. raised its position in shares of Avadel Pharmaceuticals by 671.2% in the 2nd quarter. AWM Investment Company Inc. now owns 316,189 shares of the company’s stock worth $2,798,000 after acquiring an additional 275,189 shares in the last quarter. Penserra Capital Management LLC acquired a new position in shares of Avadel Pharmaceuticals in the 3rd quarter valued at about $1,926,000. RFG Advisory LLC bought a new stake in shares of Avadel Pharmaceuticals during the 3rd quarter valued at about $1,129,000. Finally, Two Seas Capital LP grew its stake in Avadel Pharmaceuticals by 24.4% during the second quarter. Two Seas Capital LP now owns 6,155,074 shares of the company’s stock worth $54,472,000 after purchasing an additional 1,208,625 shares during the period. Institutional investors and hedge funds own 69.19% of the company’s stock.

Avadel Pharmaceuticals Stock Performance

Shares of NASDAQ AVDL traded down $0.24 during trading hours on Friday, hitting $21.39. 35,016,239 shares of the stock were exchanged, compared to its average volume of 2,955,209. Avadel Pharmaceuticals has a 1-year low of $6.38 and a 1-year high of $23.57. The company’s fifty day simple moving average is $21.51 and its two-hundred day simple moving average is $18.31.

Analyst Upgrades and Downgrades

A number of equities analysts have recently weighed in on the company. Jefferies Financial Group cut Avadel Pharmaceuticals from a “buy” rating to a “hold” rating and dropped their price target for the stock from $22.00 to $20.00 in a report on Wednesday, October 22nd. Piper Sandler cut Avadel Pharmaceuticals from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, October 22nd. Lifesci Capital cut shares of Avadel Pharmaceuticals from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, October 22nd. Needham & Company LLC downgraded shares of Avadel Pharmaceuticals from a “buy” rating to a “hold” rating in a research note on Wednesday, October 22nd. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Avadel Pharmaceuticals in a research note on Monday, December 29th. One research analyst has rated the stock with a Buy rating, ten have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $20.00.

Avadel Pharmaceuticals Company Profile

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.