The Manufacturers Life Insurance Company Buys New Position in Avadel Pharmaceuticals plc (NASDAQ:AVDL)

The Manufacturers Life Insurance Company bought a new stake in Avadel Pharmaceuticals plc (NASDAQ:AVDL - Free Report) in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 41,979 shares of the company's stock, valued at approximately $590,000.

A number of other hedge funds also recently modified their holdings of the business. Troluce Capital Advisors LLC acquired a new position in shares of Avadel Pharmaceuticals in the 2nd quarter valued at about $2,109,000. Amalgamated Bank acquired a new position in Avadel Pharmaceuticals in the 2nd quarter valued at approximately $45,000. Beverly Hills Private Wealth LLC purchased a new stake in Avadel Pharmaceuticals in the 2nd quarter worth approximately $146,000. Rhumbline Advisers boosted its stake in shares of Avadel Pharmaceuticals by 7,840.1% during the 2nd quarter. Rhumbline Advisers now owns 122,675 shares of the company's stock valued at $1,725,000 after buying an additional 121,130 shares during the period. Finally, Commonwealth Equity Services LLC grew its holdings in shares of Avadel Pharmaceuticals by 13.9% during the 2nd quarter. Commonwealth Equity Services LLC now owns 44,767 shares of the company's stock valued at $629,000 after acquiring an additional 5,460 shares in the last quarter. Hedge funds and other institutional investors own 69.19% of the company's stock.

Analyst Ratings Changes

AVDL has been the subject of a number of research reports. Needham & Company LLC reissued a "buy" rating and set a $22.00 price objective on shares of Avadel Pharmaceuticals in a research report on Wednesday, September 4th. HC Wainwright reiterated a "buy" rating and set a $27.00 price target on shares of Avadel Pharmaceuticals in a report on Wednesday, August 28th. Seven analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock currently has a consensus rating of "Buy" and an average target price of $24.57.

Avadel Pharmaceuticals Stock Up 0.3 %

Shares of NASDAQ:AVDL traded up $0.04 on Wednesday, reaching $13.24. The company had a trading volume of 461,134 shares, compared to its average volume of 1,159,085. The stock has a market capitalization of $1.27 billion, a P/E ratio of -7.13 and a beta of 1.50. The stock has a 50-day moving average price of $14.33 and a 200 day moving average price of $15.53. Avadel Pharmaceuticals plc has a twelve month low of $9.50 and a twelve month high of $19.09.

Avadel Pharmaceuticals (NASDAQ:AVDL - Get Free Report) last announced its earnings results on Thursday, August 8th. The company reported ($0.14) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.17) by $0.03. Avadel Pharmaceuticals had a negative return on equity of 122.64% and a negative net margin of 111.64%. The firm had revenue of $41.50 million during the quarter, compared to analysts' expectations of $37.47 million. During the same quarter in the prior year, the business earned ($0.70) earnings per share. The company's revenue was up 2666.7% on a year-over-year basis. On average, sell-side analysts predict that Avadel Pharmaceuticals plc will post -0.5 earnings per share for the current fiscal 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.