Fmr LLC Purchases New Position in Avadel Pharmaceuticals plc (NASDAQ:AVDL)

Fmr LLC acquired a new position in shares of Avadel Pharmaceuticals plc (NASDAQ:AVDL) during the 3rd quarter, according to its most recent 13F filing with the SEC. The firm acquired 2,383 shares of the company’s stock, valued at approximately $31,000.

Other institutional investors and hedge funds have also bought and sold shares of the company. Brandes Investment Partners LP raised its stake in Avadel Pharmaceuticals by 1.5% in the second quarter. Brandes Investment Partners LP now owns 1,483,439 shares of the company’s stock worth $20,894,000 after buying an additional 21,214 shares in the last quarter. Nantahala Capital Management LLC purchased a new position in shares of Avadel Pharmaceuticals in the 2nd quarter valued at $4,921,000. Bank of New York Mellon Corp purchased a new position in shares of Avadel Pharmaceuticals in the 2nd quarter valued at $4,575,000. Iridian Asset Management LLC CT raised its position in shares of Avadel Pharmaceuticals by 42.5% in the 3rd quarter. Iridian Asset Management LLC CT now owns 167,700 shares of the company’s stock worth $2,199,000 after acquiring an additional 50,000 shares in the last quarter. Finally, Troluce Capital Advisors LLC purchased a new stake in shares of Avadel Pharmaceuticals during the 2nd quarter worth $2,109,000. 69.19% of the stock is owned by institutional investors.

Insider Transactions at Avadel Pharmaceuticals

In other news, Director Linda Palczuk bought 3,000 shares of the stock in a transaction that occurred on Friday, December 6th. The stock was purchased at an average price of $10.19 per share, for a total transaction of $30,570.00. Following the completion of the purchase, the director now owns 66,400 shares in the company, valued at approximately $676,616. This trade represents a 4.73 % increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Gregory J. Divis acquired 9,598 shares of the stock in a transaction dated Friday, December 6th. The shares were acquired at an average cost of $9.98 per share, with a total value of $95,788.04. Following the completion of the transaction, the chief executive officer now owns 9,598 shares in the company, valued at approximately $95,788.04. This represents a ? increase in their position. The disclosure for this purchase can be found here. In the last three months, insiders have purchased 40,579 shares of company stock worth $406,313. 4.80% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

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

Avadel Pharmaceuticals Stock Up 0.9 %

Shares of NASDAQ AVDL opened at $10.23 on Thursday. The firm has a 50-day simple moving average of $12.08 and a 200-day simple moving average of $13.92. The stock has a market capitalization of $985.78 million, a price-to-earnings ratio of -12.95 and a beta of 1.32. Avadel Pharmaceuticals plc has a 52 week low of $9.41 and a 52 week high of $19.09.

Avadel Pharmaceuticals (NASDAQ:AVDL) last issued its earnings results on Tuesday, November 12th. The company reported ($0.03) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.06) by $0.03. The company had revenue of $50.00 million during the quarter, compared to analysts’ expectations of $48.43 million. Avadel Pharmaceuticals had a negative return on equity of 93.34% and a negative net margin of 52.53%. 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. As a group, equities research analysts expect that Avadel Pharmaceuticals plc will post -0.48 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.