JPMorgan Chase & Co. Sells 68,141 Shares of Avadel Pharmaceuticals plc (NASDAQ:AVDL)

JPMorgan Chase & Co. decreased its position in Avadel Pharmaceuticals plc (NASDAQ:AVDL - Free Report) by 37.2% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 115,025 shares of the company's stock after selling 68,141 shares during the quarter. JPMorgan Chase & Co. owned about 0.12% of Avadel Pharmaceuticals worth $1,509,000 at the end of the most recent reporting period.

Several other large investors have also bought and sold shares of the company. FMR LLC acquired a new stake in Avadel Pharmaceuticals in the 3rd quarter valued at about $31,000. Amalgamated Bank acquired a new stake in Avadel Pharmaceuticals during the second quarter valued at approximately $45,000. Quarry LP bought a new stake in Avadel Pharmaceuticals during the second quarter worth approximately $63,000. Advisors Asset Management Inc. grew its position in Avadel Pharmaceuticals by 56.1% in the third quarter. Advisors Asset Management Inc. now owns 7,921 shares of the company's stock worth $104,000 after buying an additional 2,846 shares during the last quarter. Finally, Aigen Investment Management LP acquired a new position in Avadel Pharmaceuticals in the third quarter worth approximately $160,000. Institutional investors own 69.19% of the company's stock.

Avadel Pharmaceuticals Stock Down 1.1 %

Shares of Avadel Pharmaceuticals stock traded down $0.09 on Friday, hitting $7.85. 973,127 shares of the company traded hands, compared to its average volume of 2,003,942. Avadel Pharmaceuticals plc has a 12-month low of $7.39 and a 12-month high of $19.09. The company has a market cap of $756.44 million, a PE ratio of -9.94 and a beta of 1.31. The company has a 50-day moving average price of $10.04 and a 200 day moving average price of $13.05.

Avadel Pharmaceuticals (NASDAQ:AVDL - Get Free Report) last issued its earnings results on Tuesday, November 12th. The company reported ($0.03) earnings per share for the quarter, topping the consensus estimate of ($0.06) by $0.03. The company 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 business's revenue was up 624.6% compared to the same quarter last year. During the same period in the prior year, the firm posted ($0.41) EPS. Equities research analysts anticipate that Avadel Pharmaceuticals plc will post -0.51 EPS for the current year.

Analysts Set New Price Targets

Several research firms have recently weighed in on AVDL. Piper Sandler reduced their price objective on Avadel Pharmaceuticals from $24.00 to $13.00 and set an "overweight" rating for the company in a research note on Friday, January 10th. UBS Group dropped their price target on Avadel Pharmaceuticals from $22.00 to $14.00 and set a "buy" rating on the stock in a research note on Monday, January 13th. Needham & Company LLC decreased their target price on shares of Avadel Pharmaceuticals from $22.00 to $19.00 and set a "buy" rating for the company in a report on Thursday, January 9th. HC Wainwright restated a "buy" rating and set a $21.00 price target (down previously from $25.00) on shares of Avadel Pharmaceuticals in a report on Friday, January 10th. Finally, Oppenheimer raised their price objective on shares of Avadel Pharmaceuticals from $29.00 to $30.00 and gave the stock an "outperform" rating in a research note on Thursday, October 31st. Seven investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Avadel Pharmaceuticals has an average rating of "Buy" and a consensus target price of $21.00.

Insider Buying and Selling at Avadel Pharmaceuticals

In related news, Director Peter J. Thornton acquired 10,000 shares of the business's stock in a transaction that occurred on Monday, January 13th. The shares were acquired at an average cost of $8.04 per share, with a total value of $80,400.00. Following the purchase, the director now owns 104,055 shares of the company's stock, valued at approximately $836,602.20. The trade was a 10.63 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Linda Palczuk bought 5,000 shares of Avadel Pharmaceuticals stock in a transaction that occurred on Tuesday, January 21st. The stock was bought at an average price of $7.93 per share, with a total value of $39,650.00. Following the completion of the acquisition, the director now owns 67,900 shares in the company, valued at approximately $538,447. The trade was a 7.95 % increase in their position. The disclosure for this purchase can be found here. Insiders acquired 55,579 shares of company stock worth $526,363 over the last ninety days. 4.80% of the stock is currently owned by insiders.

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.