Diversify Wealth Management LLC Boosts Stake in Avadel Pharmaceuticals plc (NASDAQ:AVDL)

Diversify Wealth Management LLC raised its position in Avadel Pharmaceuticals plc (NASDAQ:AVDL) by 8.3% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 31,637 shares of the company’s stock after purchasing an additional 2,432 shares during the quarter. Diversify Wealth Management LLC’s holdings in Avadel Pharmaceuticals were worth $418,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Janus Henderson Group PLC raised its position in Avadel Pharmaceuticals by 16.1% in the 1st quarter. Janus Henderson Group PLC now owns 12,915,160 shares of the company’s stock worth $218,182,000 after purchasing an additional 1,789,830 shares during the period. Gendell Jeffrey L grew its stake in Avadel Pharmaceuticals by 1.7% in the 1st quarter. Gendell Jeffrey L now owns 5,708,118 shares of the company’s stock worth $96,410,000 after acquiring an additional 92,768 shares in the last quarter. Brandes Investment Partners LP grew its stake in Avadel Pharmaceuticals by 1.5% in the 2nd quarter. Brandes Investment Partners LP now owns 1,483,439 shares of the company’s stock worth $20,894,000 after acquiring an additional 21,214 shares in the last quarter. Kennedy Capital Management LLC grew its stake in Avadel Pharmaceuticals by 1.1% in the 1st quarter. Kennedy Capital Management LLC now owns 653,147 shares of the company’s stock worth $11,032,000 after acquiring an additional 7,273 shares in the last quarter. Finally, Modera Wealth Management LLC grew its stake in Avadel Pharmaceuticals by 0.4% in the 2nd quarter. Modera Wealth Management LLC now owns 602,608 shares of the company’s stock worth $8,473,000 after acquiring an additional 2,159 shares in the last quarter. 69.19% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of brokerages have commented on AVDL. HC Wainwright restated a “buy” rating and issued a $27.00 target price on shares of Avadel Pharmaceuticals in a research note on Thursday. Oppenheimer upped their target price on shares of Avadel Pharmaceuticals from $29.00 to $30.00 and gave the stock an “outperform” rating in a research note on Thursday. Finally, Needham & Company LLC restated a “buy” rating and issued a $22.00 target price on shares of Avadel Pharmaceuticals in a research note on Thursday. Seven investment analysts have rated the stock with a buy rating, According to data from MarketBeat, the company has a consensus rating of “Buy” and a consensus price target of $24.71.

Avadel Pharmaceuticals Price Performance

Shares of Avadel Pharmaceuticals stock opened at $15.05 on Friday. The firm has a fifty day moving average price of $13.72 and a 200 day moving average price of $15.28. Avadel Pharmaceuticals plc has a 1 year low of $9.98 and a 1 year high of $19.09. The stock has a market cap of $1.45 billion, a PE ratio of -12.86 and a beta of 1.50.

Avadel Pharmaceuticals (NASDAQ:AVDL) last issued its earnings results on Thursday, August 8th. The company reported ($0.14) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.17) by $0.03. The firm had revenue of $41.50 million during the quarter, compared to analysts’ expectations of $37.47 million. Avadel Pharmaceuticals had a negative net margin of 111.64% and a negative return on equity of 122.64%. The firm’s revenue was up 2666.7% compared to the same quarter last year. During the same quarter last year, the company posted ($0.70) earnings per share. As a group, equities analysts expect that Avadel Pharmaceuticals plc will post -0.5 EPS for the current year.

Avadel Pharmaceuticals Profile

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.