Ally Bridge Group NY LLC Reduces Stake in Avadel Pharmaceuticals plc (NASDAQ:AVDL)

Ally Bridge Group NY LLC cut its stake in shares of Avadel Pharmaceuticals plc (NASDAQ:AVDL) by 21.3% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 430,245 shares of the company’s stock after selling 116,791 shares during the period. Avadel Pharmaceuticals accounts for about 3.6% of Ally Bridge Group NY LLC’s portfolio, making the stock its 15th biggest position. Ally Bridge Group NY LLC’s holdings in Avadel Pharmaceuticals were worth $6,049,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also modified their holdings of the company. Amalgamated Bank purchased a new stake in Avadel Pharmaceuticals during the 2nd quarter valued at $45,000. Beverly Hills Private Wealth LLC bought a new position in Avadel Pharmaceuticals during the second quarter valued at $146,000. Rhumbline Advisers raised its stake in shares of Avadel Pharmaceuticals by 7,840.1% in the second quarter. Rhumbline Advisers now owns 122,675 shares of the company’s stock valued at $1,725,000 after acquiring an additional 121,130 shares during the period. Commonwealth Equity Services LLC lifted its holdings in shares of Avadel Pharmaceuticals by 13.9% in the 2nd quarter. Commonwealth Equity Services LLC now owns 44,767 shares of the company’s stock worth $629,000 after acquiring an additional 5,460 shares during the last quarter. Finally, Modera Wealth Management LLC lifted its holdings in shares of Avadel Pharmaceuticals by 0.4% in the 2nd 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. 69.19% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of analysts recently weighed in on the stock. Needham & Company LLC reissued a “buy” rating and issued a $22.00 price objective on shares of Avadel Pharmaceuticals in a research report on Wednesday, September 4th. Rodman & Renshaw began coverage on Avadel Pharmaceuticals in a report on Wednesday, June 12th. They issued a “buy” rating and a $27.00 price target on the stock. Finally, HC Wainwright reiterated a “buy” rating and issued a $27.00 price target on shares of Avadel Pharmaceuticals in a report on Wednesday, August 28th. Seven investment 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 price target of $24.57.

Avadel Pharmaceuticals Stock Performance

Shares of AVDL opened at $13.40 on Monday. The company has a 50 day moving average price of $15.51 and a 200-day moving average price of $15.94. Avadel Pharmaceuticals plc has a fifty-two week low of $9.50 and a fifty-two week high of $19.09. The stock has a market capitalization of $1.29 billion, a PE ratio of -7.20 and a beta of 1.53.

Avadel Pharmaceuticals (NASDAQ:AVDL) last posted its earnings results on Thursday, August 8th. The company reported ($0.14) earnings per share for the quarter, topping analysts’ consensus estimates 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 in the prior year, the business earned ($0.70) earnings per share. Avadel Pharmaceuticals’s revenue was up 2666.7% on a year-over-year basis. Equities research analysts forecast that Avadel Pharmaceuticals plc will post -0.5 EPS for the current 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.