Avadel Pharmaceuticals (NASDAQ:AVDL) saw a large increase in short interest in the month of February. As of February 28th, there was short interest totalling 3,872,013 shares, an increase of 344.3% from the February 15th total of 871,389 shares. Based on an average daily volume of 692,194 shares, the days-to-cover ratio is presently 5.6 days.
Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Cubist Systematic Strategies LLC purchased a new position in Avadel Pharmaceuticals in the third quarter worth about $184,000. Dynamic Technology Lab Private Ltd purchased a new position in Avadel Pharmaceuticals in the third quarter worth about $205,000. State of Tennessee Treasury Department boosted its position in shares of Avadel Pharmaceuticals by 32.7% during the third quarter. State of Tennessee Treasury Department now owns 23,291 shares of the company’s stock valued at $245,000 after buying an additional 5,736 shares during the period. State Street Corp boosted its position in shares of Avadel Pharmaceuticals by 1.7% during the second quarter. State Street Corp now owns 31,782 shares of the company’s stock valued at $351,000 after buying an additional 523 shares during the period. Finally, Trexquant Investment LP boosted its position in shares of Avadel Pharmaceuticals by 18.7% during the third quarter. Trexquant Investment LP now owns 36,218 shares of the company’s stock valued at $380,000 after buying an additional 5,718 shares during the period. Institutional investors own 65.76% of the company’s stock.
AVDL traded down $0.12 during trading on Monday, hitting $7.17. 760,811 shares of the company’s stock traded hands, compared to its average volume of 483,029. The company has a market cap of $292.21, a price-to-earnings ratio of 23.13 and a beta of 1.55. Avadel Pharmaceuticals has a 12-month low of $6.71 and a 12-month high of $11.93.
Avadel Pharmaceuticals (NASDAQ:AVDL) last announced its earnings results on Thursday, March 8th. The company reported ($0.28) EPS for the quarter, missing the Zacks’ consensus estimate of ($0.23) by ($0.05). The company had revenue of $34.20 million during the quarter, compared to the consensus estimate of $34.16 million. Avadel Pharmaceuticals had a return on equity of 15.40% and a net margin of 38.64%. The firm’s quarterly revenue was down 20.6% on a year-over-year basis. equities analysts expect that Avadel Pharmaceuticals will post -1.29 earnings per share for the current fiscal year.
Avadel Pharmaceuticals declared that its Board of Directors has authorized a share buyback plan on Tuesday, March 27th that permits the company to buyback $7.00 million in shares. This buyback authorization permits the company to reacquire up to 2.7% of its stock through open market purchases. Stock buyback plans are usually an indication that the company’s leadership believes its stock is undervalued.
A number of equities analysts have recently issued reports on AVDL shares. BidaskClub upgraded Avadel Pharmaceuticals from a “sell” rating to a “hold” rating in a report on Friday, March 2nd. Ladenburg Thalmann Financial Services lowered their target price on Avadel Pharmaceuticals to $24.00 and set a “buy” rating for the company in a research note on Friday, March 9th. ValuEngine lowered Avadel Pharmaceuticals from a “hold” rating to a “sell” rating in a research note on Friday, March 9th. Finally, Zacks Investment Research raised Avadel Pharmaceuticals from a “sell” rating to a “hold” rating in a research report on Tuesday, January 2nd. Two analysts have rated the stock with a sell rating, one has assigned a hold rating and three have issued a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and a consensus price target of $20.00.
Avadel Pharmaceuticals Company Profile
Avadel Pharmaceuticals plc develops and commercializes pharmaceutical products primarily for treating urology and sleep medicines in the United States, France, and Ireland. Its commercial products that are used in the hospital setting include Bloxiverz, a drug used in the operating room for the reversal of the effects of non-depolarizing neuromuscular blocking agents after surgery; Vazculep, a phenylephrine hydrochloride injection that is used for the treatment of hypotension occurring in the setting of anesthesia; and Akovaz, an ephedrine sulfate injection for treating hypotension, as well as Noctiva for treating nocturia due to nocturnal polyuria.
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