Diversify Advisory Services LLC Reduces Stock Holdings in Avadel Pharmaceuticals plc (NASDAQ:AVDL)

Diversify Advisory Services LLC lessened its stake in Avadel Pharmaceuticals plc (NASDAQ:AVDL) by 22.6% in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 10,138 shares of the company’s stock after selling 2,958 shares during the quarter. Diversify Advisory Services LLC’s holdings in Avadel Pharmaceuticals were worth $139,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of AVDL. Creative Planning boosted its stake in shares of Avadel Pharmaceuticals by 8.2% in the third quarter. Creative Planning now owns 12,381 shares of the company’s stock valued at $162,000 after purchasing an additional 938 shares during the period. BNP Paribas Financial Markets boosted its position in Avadel Pharmaceuticals by 60.5% in the 1st quarter. BNP Paribas Financial Markets now owns 4,469 shares of the company’s stock valued at $75,000 after buying an additional 1,685 shares during the last quarter. Investors Asset Management of Georgia Inc. GA ADV grew its stake in shares of Avadel Pharmaceuticals by 2.4% during the second quarter. Investors Asset Management of Georgia Inc. GA ADV now owns 89,475 shares of the company’s stock valued at $1,258,000 after acquiring an additional 2,100 shares in the last quarter. Modera Wealth Management LLC increased its position in shares of Avadel Pharmaceuticals by 0.4% during the second quarter. Modera Wealth Management LLC now owns 602,608 shares of the company’s stock worth $8,473,000 after acquiring an additional 2,159 shares during the last quarter. Finally, Chilton Capital Management LLC acquired a new position in shares of Avadel Pharmaceuticals in the first quarter worth about $51,000. Institutional investors and hedge funds own 69.19% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on the company. Oppenheimer raised their price objective on Avadel Pharmaceuticals from $29.00 to $30.00 and gave the company an “outperform” rating in a research note on Thursday. HC Wainwright reissued a “buy” rating and set a $27.00 price target on shares of Avadel Pharmaceuticals in a research report on Thursday. Finally, Needham & Company LLC reaffirmed a “buy” rating and issued a $22.00 price target on shares of Avadel Pharmaceuticals in a report on Thursday. Seven analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company currently has an average rating of “Buy” and an average target price of $24.71.

Avadel Pharmaceuticals Stock Performance

Shares of NASDAQ:AVDL opened at $15.05 on Friday. The company’s fifty day moving average is $13.72 and its two-hundred day moving average is $15.28. Avadel Pharmaceuticals plc has a 1-year low of $9.98 and a 1-year high of $19.09. The stock has a market capitalization of $1.45 billion, a price-to-earnings ratio of -13.08 and a beta of 1.50.

Avadel Pharmaceuticals (NASDAQ:AVDL) last issued 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. The firm had revenue of $41.50 million for the quarter, compared to analysts’ expectations of $37.47 million. Avadel Pharmaceuticals had a negative net margin of 111.64% and a negative return on equity of 122.64%. Avadel Pharmaceuticals’s revenue was up 2666.7% on a year-over-year basis. During the same quarter last year, the company posted ($0.70) earnings per share. Sell-side analysts expect that Avadel Pharmaceuticals plc will post -0.5 EPS for the current fiscal 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.