Wellington Management Group LLP Buys Shares of 48,236 Avadel Pharmaceuticals plc (NASDAQ:AVDL)

Wellington Management Group LLP purchased a new position in shares of Avadel Pharmaceuticals plc (NASDAQ:AVDL) during the 3rd quarter, HoldingsChannel.com reports. The fund purchased 48,236 shares of the company’s stock, valued at approximately $633,000.

Other institutional investors and hedge funds have also recently modified their holdings of the company. FMR LLC acquired a new stake in Avadel Pharmaceuticals during the third quarter worth about $31,000. Amalgamated Bank purchased a new stake in shares of Avadel Pharmaceuticals in the 2nd quarter valued at approximately $45,000. Quarry LP acquired a new stake in shares of Avadel Pharmaceuticals during the 2nd quarter worth approximately $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 during the period. Finally, Beverly Hills Private Wealth LLC acquired a new position 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.

Wall Street Analysts Forecast Growth

AVDL has been the subject of several recent analyst reports. Oppenheimer raised their target price on Avadel Pharmaceuticals from $29.00 to $30.00 and gave the stock an “outperform” rating in a research note on Thursday, October 31st. HC Wainwright reduced their price objective on shares of Avadel Pharmaceuticals from $27.00 to $25.00 and set a “buy” rating on the stock in a report on Wednesday, November 13th. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $22.00 target price on shares of Avadel Pharmaceuticals in a research note on Tuesday, November 12th. Seven investment analysts have rated the stock with a buy rating, According to data from MarketBeat, the company presently has an average rating of “Buy” and an average target price of $24.43.

Insider Activity at Avadel Pharmaceuticals

In other news, Director Geoffrey Michael Glass acquired 20,279 shares of Avadel Pharmaceuticals stock in a transaction dated Tuesday, December 10th. The shares were acquired at an average cost of $9.84 per share, for a total transaction of $199,545.36. Following the acquisition, the director now owns 75,904 shares of the company’s stock, valued at $746,895.36. This trade represents a 36.46 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CFO Thomas S. Mchugh bought 5,000 shares of the stock in a transaction that occurred on Wednesday, December 11th. The shares were purchased at an average price of $10.49 per share, with a total value of $52,450.00. Following the purchase, the chief financial officer now owns 85,500 shares of the company’s stock, valued at approximately $896,895. This represents a 6.21 % increase in their position. The disclosure for this purchase can be found here. Over the last three months, insiders purchased 40,579 shares of company stock worth $406,313. Company insiders own 4.80% of the company’s stock.

Avadel Pharmaceuticals Stock Performance

Shares of AVDL opened at $10.31 on Friday. The company’s 50-day simple moving average is $12.20 and its 200-day simple moving average is $14.01. Avadel Pharmaceuticals plc has a 1 year low of $9.41 and a 1 year high of $19.09. The stock has a market capitalization of $993.49 million, a PE ratio of -13.05 and a beta of 1.32.

Avadel Pharmaceuticals (NASDAQ:AVDL) last released its earnings results on Tuesday, November 12th. The company reported ($0.03) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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%. The firm’s quarterly revenue was up 624.6% on a year-over-year basis. During the same period in the prior year, the business earned ($0.41) EPS. On average, sell-side analysts predict 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.