Envestnet Asset Management Inc. cut its stake in shares of Avadel Pharmaceuticals plc (NASDAQ:AVDL - Free Report) by 54.0% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 27,825 shares of the company's stock after selling 32,618 shares during the quarter. Envestnet Asset Management Inc.'s holdings in Avadel Pharmaceuticals were worth $292,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds have also made changes to their positions in AVDL. Iridian Asset Management LLC CT increased its position in shares of Avadel Pharmaceuticals by 1.1% in the fourth quarter. Iridian Asset Management LLC CT now owns 169,586 shares of the company's stock valued at $1,782,000 after buying an additional 1,886 shares in the last quarter. China Universal Asset Management Co. Ltd. grew its holdings in Avadel Pharmaceuticals by 10.3% in the 4th quarter. China Universal Asset Management Co. Ltd. now owns 20,432 shares of the company's stock valued at $215,000 after buying an additional 1,916 shares during the period. Charles Schwab Investment Management Inc. grew its holdings in Avadel Pharmaceuticals by 1.1% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 222,798 shares of the company's stock valued at $2,342,000 after buying an additional 2,434 shares during the period. Rhumbline Advisers grew its holdings in Avadel Pharmaceuticals by 2.0% in the 4th quarter. Rhumbline Advisers now owns 124,137 shares of the company's stock valued at $1,305,000 after buying an additional 2,492 shares during the period. Finally, Arizona State Retirement System grew its holdings in Avadel Pharmaceuticals by 13.3% in the 4th quarter. Arizona State Retirement System now owns 25,079 shares of the company's stock valued at $264,000 after buying an additional 2,938 shares during the period. 69.19% of the stock is owned by institutional investors and hedge funds.
Avadel Pharmaceuticals Stock Down 0.8%
Avadel Pharmaceuticals stock traded down $0.07 during midday trading on Monday, hitting $9.32. The company's stock had a trading volume of 111,105 shares, compared to its average volume of 1,222,150. The stock's 50-day moving average price is $8.11 and its 200-day moving average price is $9.45. Avadel Pharmaceuticals plc has a 12 month low of $6.38 and a 12 month high of $17.51. The company has a market capitalization of $900.39 million, a PE ratio of -11.75 and a beta of 1.40.
Avadel Pharmaceuticals (NASDAQ:AVDL - Get Free Report) last issued its quarterly earnings results on Wednesday, May 7th. The company reported ($0.05) EPS for the quarter, topping the consensus estimate of ($0.07) by $0.02. The firm had revenue of $52.51 million for the quarter, compared to analysts' expectations of $50.57 million. Avadel Pharmaceuticals had a negative net margin of 52.53% and a negative return on equity of 93.34%. Avadel Pharmaceuticals's revenue for the quarter was up 93.2% compared to the same quarter last year. During the same period in the previous year, the business earned ($0.30) earnings per share. As a group, equities analysts anticipate that Avadel Pharmaceuticals plc will post -0.51 EPS for the current year.
Wall Street Analyst Weigh In
Several analysts have commented on the company. UBS Group lowered their price target on Avadel Pharmaceuticals from $22.00 to $14.00 and set a "buy" rating for the company in a report on Monday, January 13th. Needham & Company LLC restated a "buy" rating and issued a $19.00 price target on shares of Avadel Pharmaceuticals in a report on Thursday. Deutsche Bank Aktiengesellschaft assumed coverage on shares of Avadel Pharmaceuticals in a report on Tuesday, February 11th. They issued a "buy" rating and a $12.00 price target on the stock. Finally, HC Wainwright restated a "buy" rating and issued a $21.00 price target on shares of Avadel Pharmaceuticals in a report on Tuesday, March 4th. Seven equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company currently has an average rating of "Buy" and an average target price of $19.43.
View Our Latest Research Report on Avadel Pharmaceuticals
About Avadel Pharmaceuticals
(
Free Report)
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.
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