Braidwell LP Grows Holdings in Avadel Pharmaceuticals plc (NASDAQ:AVDL)

Braidwell LP grew its stake in Avadel Pharmaceuticals plc (NASDAQ:AVDL - Free Report) by 16.9% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 3,388,939 shares of the company's stock after purchasing an additional 490,300 shares during the quarter. Braidwell LP owned approximately 3.52% of Avadel Pharmaceuticals worth $44,446,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also modified their holdings of the company. Nantahala Capital Management LLC acquired a new stake in Avadel Pharmaceuticals in the 2nd quarter worth about $4,921,000. Bank of New York Mellon Corp acquired a new stake in shares of Avadel Pharmaceuticals in the second quarter worth approximately $4,575,000. Troluce Capital Advisors LLC purchased a new stake in shares of Avadel Pharmaceuticals during the second quarter worth approximately $2,109,000. Rhumbline Advisers raised its stake in Avadel Pharmaceuticals by 7,840.1% in the 2nd quarter. Rhumbline Advisers now owns 122,675 shares of the company's stock valued at $1,725,000 after purchasing an additional 121,130 shares during the last quarter. Finally, Cetera Investment Advisers purchased a new position in Avadel Pharmaceuticals in the 1st quarter valued at $1,925,000. Hedge funds and other institutional investors own 69.19% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on the stock. Oppenheimer increased their target price on shares of Avadel Pharmaceuticals from $29.00 to $30.00 and gave the company an "outperform" rating in a research report on Thursday, October 31st. Needham & Company LLC reaffirmed a "buy" rating and set a $22.00 price objective on shares of Avadel Pharmaceuticals in a research note on Tuesday, November 12th. Finally, HC Wainwright cut their price objective on shares of Avadel Pharmaceuticals from $27.00 to $25.00 and set a "buy" rating for the company in a report on Wednesday, November 13th. Seven investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Avadel Pharmaceuticals presently has a consensus rating of "Buy" and a consensus target price of $24.43.

Avadel Pharmaceuticals Trading Down 1.0 %

AVDL stock traded down $0.11 during trading on Friday, reaching $11.06. 558,340 shares of the stock were exchanged, compared to its average volume of 1,192,303. The firm has a market capitalization of $1.07 billion, a price-to-earnings ratio of -14.00 and a beta of 1.47. The business has a 50 day moving average price of $12.95 and a 200-day moving average price of $14.57. Avadel Pharmaceuticals plc has a 1 year low of $10.41 and a 1 year high of $19.09.

Avadel Pharmaceuticals (NASDAQ:AVDL - Get Free Report) last announced its quarterly earnings results on Tuesday, November 12th. The company reported ($0.03) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.06) by $0.03. The business had revenue of $50.00 million during the quarter, compared to the consensus estimate of $48.43 million. Avadel Pharmaceuticals had a negative net margin of 52.53% and a negative return on equity of 93.34%. The business's revenue was up 624.6% compared to the same quarter last year. During the same quarter last year, the firm earned ($0.41) EPS. On average, research analysts anticipate that Avadel Pharmaceuticals plc will post -0.48 EPS for the current year.

Avadel Pharmaceuticals Company 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.