State Street Corp Raises Position in Avadel Pharmaceuticals plc (NASDAQ:AVDL)

State Street Corp raised its position in shares of Avadel Pharmaceuticals plc (NASDAQ:AVDL - Free Report) by 42.5% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 1,623,302 shares of the company's stock after purchasing an additional 483,787 shares during the period. State Street Corp owned 1.69% of Avadel Pharmaceuticals worth $21,290,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also bought and sold shares of AVDL. FMR LLC purchased a new position in shares of Avadel Pharmaceuticals in the third quarter worth about $31,000. Amalgamated Bank purchased a new stake in shares of Avadel Pharmaceuticals during the second quarter worth $45,000. Quarry LP bought a new position in shares of Avadel Pharmaceuticals in the second quarter worth $63,000. Advisors Asset Management Inc. grew its position in shares of Avadel Pharmaceuticals by 56.1% in the third quarter. Advisors Asset Management Inc. now owns 7,921 shares of the company's stock valued at $104,000 after purchasing an additional 2,846 shares in the last quarter. Finally, Beverly Hills Private Wealth LLC bought a new stake in shares of Avadel Pharmaceuticals during the 2nd quarter valued at $146,000. 69.19% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Avadel Pharmaceuticals

In other news, CFO Thomas S. Mchugh purchased 5,000 shares of the business's stock in a transaction on Wednesday, December 11th. The shares were acquired at an average price of $10.49 per share, with a total value of $52,450.00. Following the acquisition, the chief financial officer now directly owns 85,500 shares in the company, valued at approximately $896,895. The trade was a 6.21 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Gregory J. Divis bought 9,598 shares of the business's stock in a transaction that occurred on Friday, December 6th. The stock was acquired at an average cost of $9.98 per share, for a total transaction of $95,788.04. Following the completion of the purchase, the chief executive officer now directly owns 9,598 shares of the company's stock, valued at $95,788.04. The trade was a ∞ increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have acquired 40,579 shares of company stock worth $406,313 over the last ninety days. Insiders own 4.80% of the company's stock.

Avadel Pharmaceuticals Stock Performance

AVDL traded up $0.09 on Tuesday, reaching $10.23. The company had a trading volume of 279,323 shares, compared to its average volume of 1,191,783. Avadel Pharmaceuticals plc has a 52-week low of $9.41 and a 52-week high of $19.09. The company has a market cap of $985.78 million, a price-to-earnings ratio of -12.95 and a beta of 1.32. The business has a 50 day simple moving average of $12.08 and a 200 day simple moving average of $13.92.

Avadel Pharmaceuticals (NASDAQ:AVDL - Get Free Report) last released its quarterly earnings results 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 the consensus estimate 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 for the quarter was up 624.6% on a year-over-year basis. During the same quarter last year, the business posted ($0.41) earnings per share. As a group, equities research analysts predict that Avadel Pharmaceuticals plc will post -0.48 EPS for the current fiscal year.

Analysts Set New Price Targets

Several research analysts have commented on the company. HC Wainwright cut their target price on Avadel Pharmaceuticals from $27.00 to $25.00 and set a "buy" rating for the company in a research note on Wednesday, November 13th. Needham & Company LLC restated a "buy" rating and issued a $22.00 price objective on shares of Avadel Pharmaceuticals in a research report on Tuesday, November 12th. Finally, 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 report on Thursday, October 31st. Seven equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, the company presently has a consensus rating of "Buy" and a consensus price target of $24.43.

About Avadel Pharmaceuticals

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.