Braidwell LP Increases Stock Position in Avadel Pharmaceuticals plc (NASDAQ:AVDL)

Braidwell LP grew its holdings in shares of Avadel Pharmaceuticals plc (NASDAQ:AVDL) by 16.9% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 3,388,939 shares of the company’s stock after buying an additional 490,300 shares during the quarter. Braidwell LP owned 3.52% of Avadel Pharmaceuticals worth $44,446,000 at the end of the most recent reporting period.

Other hedge funds have also recently made changes to their positions in the company. FMR LLC purchased a new stake in shares of Avadel Pharmaceuticals during the 3rd quarter valued at about $31,000. Amalgamated Bank purchased a new stake in shares of Avadel Pharmaceuticals during the 2nd quarter valued at about $45,000. Quarry LP purchased a new stake in shares of Avadel Pharmaceuticals during the 2nd quarter valued at about $63,000. Advisors Asset Management Inc. raised its position in shares of Avadel Pharmaceuticals by 56.1% during the 3rd quarter. Advisors Asset Management Inc. now owns 7,921 shares of the company’s stock valued at $104,000 after buying an additional 2,846 shares in the last quarter. Finally, Beverly Hills Private Wealth LLC purchased a new stake in Avadel Pharmaceuticals in the 2nd quarter worth about $146,000. 69.19% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

AVDL has been the topic of a number of recent analyst reports. Needham & Company LLC reissued a “buy” rating and issued a $22.00 price objective on shares of Avadel Pharmaceuticals in a research report on Tuesday, November 12th. Oppenheimer increased their price objective on shares of Avadel Pharmaceuticals from $29.00 to $30.00 and gave the stock an “outperform” rating in a research report on Thursday, October 31st. Finally, HC Wainwright decreased their price target on shares of Avadel Pharmaceuticals from $27.00 to $25.00 and set a “buy” rating for the company in a research note on Wednesday, November 13th. Seven equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, Avadel Pharmaceuticals currently has a consensus rating of “Buy” and a consensus price target of $24.43.

Avadel Pharmaceuticals Stock Performance

Avadel Pharmaceuticals stock opened at $11.17 on Friday. The company has a market capitalization of $1.08 billion, a PE ratio of -14.14 and a beta of 1.47. The company has a 50 day moving average price of $12.99 and a 200-day moving average price of $14.61. Avadel Pharmaceuticals plc has a fifty-two week low of $10.41 and a fifty-two week high of $19.09.

Avadel Pharmaceuticals (NASDAQ:AVDL) last issued its quarterly earnings data on Tuesday, November 12th. The company reported ($0.03) earnings per share (EPS) for the quarter, beating 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 net margin of 52.53% and a negative return on equity of 93.34%. Avadel Pharmaceuticals’s revenue was up 624.6% compared to the same quarter last year. During the same period last year, the company posted ($0.41) earnings per share. On average, analysts forecast that Avadel Pharmaceuticals plc will post -0.48 earnings per share for the current 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.