Atom Investors LP Buys Shares of 15,204 Avadel Pharmaceuticals plc (NASDAQ:AVDL)

Atom Investors LP bought a new stake in Avadel Pharmaceuticals plc (NASDAQ:AVDL) during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm bought 15,204 shares of the company’s stock, valued at approximately $199,000.

Other hedge funds have also recently added to or reduced their stakes in the company. FMR LLC acquired a new stake in Avadel Pharmaceuticals in the third quarter valued at approximately $31,000. Amalgamated Bank acquired a new stake in Avadel Pharmaceuticals in the second quarter valued at approximately $45,000. Quarry LP acquired a new stake in Avadel Pharmaceuticals in the second quarter valued at approximately $63,000. Advisors Asset Management Inc. boosted its position in Avadel Pharmaceuticals by 56.1% in the third 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 acquired a new stake in Avadel Pharmaceuticals in the second quarter valued at approximately $146,000. Institutional investors and hedge funds own 69.19% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on AVDL shares. Needham & Company LLC reaffirmed a “buy” rating and set a $22.00 price target on shares of Avadel Pharmaceuticals in a research note on Tuesday, November 12th. HC Wainwright dropped 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. Finally, Oppenheimer raised their price target on shares of Avadel Pharmaceuticals from $29.00 to $30.00 and gave the company an “outperform” rating in a research note on Thursday, October 31st. Seven analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock has an average rating of “Buy” and an average target price of $24.43.

Avadel Pharmaceuticals Stock Up 0.2 %

Shares of NASDAQ AVDL opened at $9.96 on Thursday. Avadel Pharmaceuticals plc has a twelve month low of $9.41 and a twelve month high of $19.09. The firm has a fifty day simple moving average of $12.81 and a 200 day simple moving average of $14.45. The company has a market capitalization of $959.75 million, a PE ratio of -12.61 and a beta of 1.32.

Avadel Pharmaceuticals (NASDAQ:AVDL) last announced its earnings results on Tuesday, November 12th. The company reported ($0.03) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.06) by $0.03. Avadel Pharmaceuticals had a negative net margin of 52.53% and a negative return on equity of 93.34%. The business had revenue of $50.00 million during the quarter, compared to the consensus estimate of $48.43 million. During the same quarter last year, the firm earned ($0.41) earnings per share. Avadel Pharmaceuticals’s quarterly revenue was up 624.6% on a year-over-year basis. As a group, equities analysts expect that Avadel Pharmaceuticals plc will post -0.48 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.