Avadel Pharmaceuticals plc (NASDAQ:AVDL) Shares Sold by Renaissance Technologies LLC

Renaissance Technologies LLC cut its position in shares of Avadel Pharmaceuticals plc (NASDAQ:AVDL - Free Report) by 84.1% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 64,396 shares of the company's stock after selling 341,610 shares during the period. Renaissance Technologies LLC owned approximately 0.07% of Avadel Pharmaceuticals worth $905,000 at the end of the most recent quarter.

Other large investors have also recently made changes to their positions in the company. Chilton Capital Management LLC purchased a new position in shares of Avadel Pharmaceuticals during the 1st quarter worth about $51,000. BNP Paribas Financial Markets boosted its stake in shares of Avadel Pharmaceuticals by 60.5% during the 1st quarter. BNP Paribas Financial Markets now owns 4,469 shares of the company's stock worth $75,000 after purchasing an additional 1,685 shares during the period. Quarry LP purchased a new stake in Avadel Pharmaceuticals in the 4th quarter valued at about $120,000. Claro Advisors LLC purchased a new stake in shares of Avadel Pharmaceuticals in the 1st quarter worth approximately $172,000. Finally, Beverly Hills Private Wealth LLC purchased a new stake in shares of Avadel Pharmaceuticals in the 2nd quarter worth approximately $146,000. 69.19% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on AVDL. Needham & Company LLC reaffirmed a "buy" rating and issued a $22.00 price target on shares of Avadel Pharmaceuticals in a research report on Wednesday, September 4th. HC Wainwright reaffirmed a "buy" rating and issued a $27.00 price target on shares of Avadel Pharmaceuticals in a research report on Wednesday, August 28th. Finally, Rodman & Renshaw initiated coverage on shares of Avadel Pharmaceuticals in a research note on Wednesday, June 12th. They set a "buy" rating and a $27.00 price objective for the company. Seven equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, Avadel Pharmaceuticals currently has a consensus rating of "Buy" and a consensus price target of $24.57.

Avadel Pharmaceuticals Stock Down 0.9 %

Shares of NASDAQ AVDL traded down $0.11 during trading hours on Tuesday, hitting $12.67. 757,534 shares of the stock were exchanged, compared to its average volume of 1,173,889. The firm has a fifty day moving average price of $14.74 and a 200-day moving average price of $15.69. The company has a market cap of $1.22 billion, a PE ratio of -6.87 and a beta of 1.50. Avadel Pharmaceuticals plc has a 12 month low of $9.50 and a 12 month high of $19.09.

Avadel Pharmaceuticals (NASDAQ:AVDL - Get Free Report) last issued its earnings results on Thursday, August 8th. The company reported ($0.14) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.17) by $0.03. Avadel Pharmaceuticals had a negative net margin of 111.64% and a negative return on equity of 122.64%. The firm had revenue of $41.50 million during the quarter, compared to analysts' expectations of $37.47 million. During the same quarter last year, the company posted ($0.70) earnings per share. The firm's revenue was up 2666.7% compared to the same quarter last year. As a group, equities analysts anticipate that Avadel Pharmaceuticals plc will post -0.5 earnings per share for the current fiscal year.

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.