Claro Advisors LLC Grows Position in Avadel Pharmaceuticals plc (NASDAQ:AVDL)

Claro Advisors LLC lifted its holdings in shares of Avadel Pharmaceuticals plc (NASDAQ:AVDL - Free Report) by 379.2% in the 3rd quarter, according to its most recent Form 13F filing with the SEC. The firm owned 49,080 shares of the company's stock after buying an additional 38,837 shares during the period. Claro Advisors LLC owned approximately 0.05% of Avadel Pharmaceuticals worth $644,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in the stock. Amalgamated Bank acquired a new position in Avadel Pharmaceuticals in the 2nd quarter valued at $45,000. Chilton Capital Management LLC acquired a new position in shares of Avadel Pharmaceuticals during the first quarter worth about $51,000. Quarry LP purchased a new position in Avadel Pharmaceuticals during the second quarter worth about $63,000. BNP Paribas Financial Markets lifted its position in Avadel Pharmaceuticals by 60.5% in the first quarter. BNP Paribas Financial Markets now owns 4,469 shares of the company's stock valued at $75,000 after purchasing an additional 1,685 shares during the period. Finally, Beverly Hills Private Wealth LLC purchased a new stake in Avadel Pharmaceuticals in the 2nd quarter valued at approximately $146,000. Hedge funds and other institutional investors own 69.19% of the company's stock.

Analysts Set New Price Targets

AVDL has been the subject of several recent analyst reports. Needham & Company LLC reissued a "buy" rating and issued a $22.00 price target on shares of Avadel Pharmaceuticals in a report on Friday. HC Wainwright reissued a "buy" rating and issued a $27.00 target price on shares of Avadel Pharmaceuticals in a report on Wednesday, August 28th. Seven analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock has a consensus rating of "Buy" and an average price target of $24.57.

Avadel Pharmaceuticals Stock Performance

AVDL stock traded down $0.36 during midday trading on Friday, hitting $13.57. 667,649 shares of the stock were exchanged, compared to its average volume of 1,157,915. The stock's 50-day moving average price is $14.20 and its 200-day moving average price is $15.46. The stock has a market cap of $1.30 billion, a price-to-earnings ratio of -7.29 and a beta of 1.50. Avadel Pharmaceuticals plc has a fifty-two week low of $9.50 and a fifty-two week high of $19.09.

Avadel Pharmaceuticals (NASDAQ:AVDL - Get Free Report) last released its quarterly 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. The business had revenue of $41.50 million during the quarter, compared to the consensus estimate of $37.47 million. Avadel Pharmaceuticals had a negative return on equity of 122.64% and a negative net margin of 111.64%. The business's revenue was up 2666.7% on a year-over-year basis. During the same quarter in the previous year, the company posted ($0.70) EPS. Research analysts anticipate that Avadel Pharmaceuticals plc will post -0.5 EPS for the current 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.