Avadel Pharmaceuticals plc (NASDAQ:AVDL) Shares Bought by Iridian Asset Management LLC CT

Iridian Asset Management LLC CT boosted its stake in shares of Avadel Pharmaceuticals plc (NASDAQ:AVDL - Free Report) by 42.5% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 167,700 shares of the company's stock after buying an additional 50,000 shares during the quarter. Iridian Asset Management LLC CT owned 0.17% of Avadel Pharmaceuticals worth $2,199,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in AVDL. Diversify Wealth Management LLC lifted its stake in Avadel Pharmaceuticals by 8.3% during the 3rd quarter. Diversify Wealth Management LLC now owns 31,637 shares of the company's stock worth $418,000 after acquiring an additional 2,432 shares in the last quarter. China Universal Asset Management Co. Ltd. boosted its position in Avadel Pharmaceuticals by 64.0% in the 3rd quarter. China Universal Asset Management Co. Ltd. now owns 18,516 shares of the company's stock valued at $243,000 after buying an additional 7,224 shares during the period. Claro Advisors LLC increased its position in shares of Avadel Pharmaceuticals by 379.2% during the third quarter. Claro Advisors LLC now owns 49,080 shares of the company's stock worth $644,000 after acquiring an additional 38,837 shares during the period. Edge Wealth Management LLC purchased a new position in Avadel Pharmaceuticals in the third quarter valued at $262,000. Finally, Creative Planning grew its stake in Avadel Pharmaceuticals by 8.2% during the 3rd quarter. Creative Planning now owns 12,381 shares of the company's stock worth $162,000 after purchasing an additional 938 shares in the last quarter. 69.19% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on AVDL. HC Wainwright reaffirmed a "buy" rating and issued a $27.00 price target on shares of Avadel Pharmaceuticals in a research report on Thursday. Needham & Company LLC reiterated a "buy" rating and issued a $22.00 price target on shares of Avadel Pharmaceuticals in a research note on Thursday. Finally, Oppenheimer upped their price objective on Avadel Pharmaceuticals from $29.00 to $30.00 and gave the stock an "outperform" rating in a research report on Thursday. Seven investment analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock currently has a consensus rating of "Buy" and an average price target of $24.71.

Avadel Pharmaceuticals Stock Performance

Avadel Pharmaceuticals stock traded up $2.56 during trading hours on Thursday, reaching $15.47. 5,112,411 shares of the stock were exchanged, compared to its average volume of 1,149,192. The stock has a market cap of $1.49 billion, a P/E ratio of -13.22 and a beta of 1.50. The firm's 50 day moving average is $13.74 and its 200 day moving average is $15.28. Avadel Pharmaceuticals plc has a 52-week low of $9.69 and a 52-week high of $19.09.

Avadel Pharmaceuticals (NASDAQ:AVDL - Get Free Report) last announced its quarterly earnings data on Thursday, August 8th. The company reported ($0.14) EPS for the quarter, beating analysts' consensus estimates 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 the consensus estimate of $37.47 million. During the same quarter last year, the firm earned ($0.70) earnings per share. The firm's revenue was up 2666.7% compared to the same quarter last year. Equities research analysts expect that Avadel Pharmaceuticals plc will post -0.5 EPS for the current fiscal year.

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.