Lord Abbett & CO. LLC increased its holdings in Avadel Pharmaceuticals plc (NASDAQ:AVDL - Free Report) by 23.9% in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 489,073 shares of the company's stock after buying an additional 94,239 shares during the period. Lord Abbett & CO. LLC owned about 0.51% of Avadel Pharmaceuticals worth $6,414,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other large investors also recently bought and sold shares of AVDL. FMR LLC bought a new position in shares of Avadel Pharmaceuticals in the 3rd quarter worth $31,000. Amalgamated Bank bought a new position in Avadel Pharmaceuticals in the second quarter worth about $45,000. Quarry LP bought a new position in Avadel Pharmaceuticals in the second quarter worth about $63,000. Advisors Asset Management Inc. lifted its position in shares of Avadel Pharmaceuticals by 56.1% during the third quarter. Advisors Asset Management Inc. now owns 7,921 shares of the company's stock valued at $104,000 after buying an additional 2,846 shares during the last quarter. Finally, Beverly Hills Private Wealth LLC bought a new stake in shares of Avadel Pharmaceuticals in the 2nd quarter valued at about $146,000. Institutional investors own 69.19% of the company's stock.
Insiders Place Their Bets
In related news, Director Geoffrey Michael Glass purchased 20,279 shares of the firm's stock in a transaction on Tuesday, December 10th. The stock was bought at an average cost of $9.84 per share, with a total value of $199,545.36. Following the completion of the acquisition, the director now owns 75,904 shares of the company's stock, valued at $746,895.36. The trade was a 36.46 % increase in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CFO Thomas S. Mchugh acquired 5,000 shares of the stock in a transaction on Wednesday, December 11th. The stock was bought at an average price of $10.49 per share, for a total transaction of $52,450.00. Following the transaction, the chief financial officer now owns 85,500 shares in the company, valued at approximately $896,895. This represents a 6.21 % increase in their position. The disclosure for this purchase can be found here. In the last ninety days, insiders acquired 40,579 shares of company stock valued at $406,313. 4.80% of the stock is owned by insiders.
Analyst Ratings Changes
Several research firms recently commented on AVDL. Needham & Company LLC reiterated a "buy" rating and set a $22.00 price objective on shares of Avadel Pharmaceuticals in a research note on Tuesday, November 12th. HC Wainwright decreased their price objective on Avadel Pharmaceuticals from $27.00 to $25.00 and set a "buy" rating for the company in a report on Wednesday, November 13th. Finally, Oppenheimer boosted their target price on Avadel Pharmaceuticals from $29.00 to $30.00 and gave the stock an "outperform" rating in a research note on Thursday, October 31st. Seven analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock currently has a consensus rating of "Buy" and an average price target of $24.43.
Check Out Our Latest Stock Analysis on AVDL
Avadel Pharmaceuticals Stock Performance
Shares of NASDAQ AVDL traded down $0.20 during mid-day trading on Tuesday, hitting $10.73. The stock had a trading volume of 862,260 shares, compared to its average volume of 1,198,569. The company has a 50 day moving average of $12.39 and a two-hundred day moving average of $14.14. Avadel Pharmaceuticals plc has a twelve month low of $9.41 and a twelve month high of $19.09. The firm has a market cap of $1.03 billion, a PE ratio of -13.58 and a beta of 1.32.
Avadel Pharmaceuticals (NASDAQ:AVDL - Get Free Report) last announced its quarterly earnings data on Tuesday, November 12th. The company reported ($0.03) earnings per share for the quarter, beating analysts' consensus estimates of ($0.06) by $0.03. The business had revenue of $50.00 million for the quarter, compared to analyst estimates of $48.43 million. Avadel Pharmaceuticals had a negative return on equity of 93.34% and a negative net margin of 52.53%. The company's revenue was up 624.6% on a year-over-year basis. During the same period in the prior year, the company earned ($0.41) earnings per share. Equities research analysts predict that Avadel Pharmaceuticals plc will post -0.48 EPS for the current fiscal year.
Avadel Pharmaceuticals Company Profile
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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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