Renaissance Technologies LLC Sells 341,610 Shares of Avadel Pharmaceuticals plc (NASDAQ:AVDL)

Renaissance Technologies LLC reduced its position in Avadel Pharmaceuticals plc (NASDAQ:AVDL) by 84.1% during the 2nd quarter, Holdings Channel.com reports. The institutional investor owned 64,396 shares of the company’s stock after selling 341,610 shares during the quarter. Renaissance Technologies LLC’s holdings in Avadel Pharmaceuticals were worth $905,000 at the end of the most recent reporting period.

Other institutional investors also recently modified their holdings of the company. GSA Capital Partners LLP acquired a new position in Avadel Pharmaceuticals in the 1st quarter valued at approximately $804,000. Lord Abbett & CO. LLC purchased a new position in Avadel Pharmaceuticals during the 1st quarter worth $3,264,000. Cetera Investment Advisers bought a new stake in Avadel Pharmaceuticals during the first quarter worth $1,925,000. Bank of New York Mellon Corp purchased a new stake in Avadel Pharmaceuticals during the second quarter worth about $4,575,000. Finally, Russell Investments Group Ltd. purchased a new position in shares of Avadel Pharmaceuticals during the 1st quarter valued at $1,943,000. Institutional investors and hedge funds own 69.19% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on the stock. Needham & Company LLC reissued a “buy” rating and issued a $22.00 price target on shares of Avadel Pharmaceuticals in a report on Wednesday, September 4th. Rodman & Renshaw assumed coverage on shares of Avadel Pharmaceuticals in a report on Wednesday, June 12th. They set a “buy” rating and a $27.00 price target for the company. Finally, HC Wainwright reissued a “buy” rating and set a $27.00 price objective on shares of Avadel Pharmaceuticals in a research report on Wednesday, August 28th. Seven analysts have rated the stock with a buy rating, Based on data from MarketBeat, Avadel Pharmaceuticals presently has an average rating of “Buy” and an average target price of $24.57.

Avadel Pharmaceuticals Trading Down 2.4 %

Shares of AVDL stock opened at $12.78 on Tuesday. The stock has a market capitalization of $1.23 billion, a P/E ratio of -6.87 and a beta of 1.50. The firm’s 50 day moving average is $14.74 and its 200 day moving average is $15.69. Avadel Pharmaceuticals plc has a 12-month low of $9.50 and a 12-month high of $19.09.

Avadel Pharmaceuticals (NASDAQ:AVDL) last announced its quarterly earnings data on Thursday, August 8th. The company reported ($0.14) earnings per share (EPS) for the quarter, beating 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 the consensus estimate of $37.47 million. During the same period in the previous year, the company posted ($0.70) EPS. The firm’s revenue was up 2666.7% on a year-over-year basis. As a group, equities analysts predict that Avadel Pharmaceuticals plc will post -0.5 earnings per share for the current year.

Avadel Pharmaceuticals 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.