Rhumbline Advisers Purchases 121,130 Shares of Avadel Pharmaceuticals plc (NASDAQ:AVDL)

Rhumbline Advisers increased its position in Avadel Pharmaceuticals plc (NASDAQ:AVDL) by 7,840.1% during the second quarter, Holdings Channel.com reports. The firm owned 122,675 shares of the company’s stock after buying an additional 121,130 shares during the quarter. Rhumbline Advisers’ holdings in Avadel Pharmaceuticals were worth $1,725,000 as of its most recent SEC filing.

Other large investors also recently modified their holdings of the company. Chilton Capital Management LLC bought a new position in shares of Avadel Pharmaceuticals in the 1st quarter worth $51,000. BNP Paribas Financial Markets lifted its holdings in shares of Avadel Pharmaceuticals by 60.5% in the 1st quarter. BNP Paribas Financial Markets now owns 4,469 shares of the company’s stock worth $75,000 after purchasing an additional 1,685 shares in the last quarter. Quarry LP bought a new position in shares of Avadel Pharmaceuticals in the 4th quarter worth $120,000. Claro Advisors LLC bought a new position in shares of Avadel Pharmaceuticals in the 1st quarter worth $172,000. Finally, Principal Financial Group Inc. bought a new position in shares of Avadel Pharmaceuticals in the 2nd quarter worth $176,000. 69.19% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on the company. Rodman & Renshaw assumed coverage on Avadel Pharmaceuticals in a research note on Wednesday, June 12th. They set a “buy” rating and a $27.00 price objective on the stock. HC Wainwright restated a “buy” rating and set a $27.00 price objective on shares of Avadel Pharmaceuticals in a research note on Wednesday, August 28th. Finally, Needham & Company LLC restated a “buy” rating and set a $22.00 price objective on shares of Avadel Pharmaceuticals in a research note on Wednesday, September 4th. Seven research analysts have rated the stock with a buy rating, According to MarketBeat.com, Avadel Pharmaceuticals has a consensus rating of “Buy” and an average price target of $24.57.

Avadel Pharmaceuticals Price Performance

Shares of Avadel Pharmaceuticals stock opened at $13.40 on Friday. Avadel Pharmaceuticals plc has a 1 year low of $9.50 and a 1 year high of $19.09. The firm has a market cap of $1.29 billion, a PE ratio of -7.20 and a beta of 1.53. The stock has a fifty day moving average price of $15.51 and a 200-day moving average price of $15.94.

Avadel Pharmaceuticals (NASDAQ:AVDL) last announced its quarterly earnings data on Thursday, August 8th. The company reported ($0.14) earnings per share for the quarter, topping the consensus estimate of ($0.17) by $0.03. Avadel Pharmaceuticals had a negative return on equity of 122.64% and a negative net margin of 111.64%. The company had revenue of $41.50 million during the quarter, compared to analyst estimates of $37.47 million. During the same quarter last year, the firm posted ($0.70) EPS. The firm’s revenue for the quarter was up 2666.7% on a year-over-year basis. As a group, equities analysts anticipate that Avadel Pharmaceuticals plc will post -0.5 EPS 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.