Two Seas Capital LP Increases Stake in Avadel Pharmaceuticals plc (NASDAQ:AVDL)

Two Seas Capital LP lifted its position in Avadel Pharmaceuticals plc (NASDAQ:AVDL) by 90.6% during the fourth quarter, HoldingsChannel reports. The institutional investor owned 4,296,449 shares of the company’s stock after purchasing an additional 2,042,669 shares during the period. Avadel Pharmaceuticals comprises approximately 3.5% of Two Seas Capital LP’s holdings, making the stock its 7th biggest holding. Two Seas Capital LP’s holdings in Avadel Pharmaceuticals were worth $45,156,000 at the end of the most recent quarter.

Other large investors also recently modified their holdings of the company. Wealth Effects LLC boosted its position in shares of Avadel Pharmaceuticals by 4.9% during the 4th quarter. Wealth Effects LLC now owns 2,344,130 shares of the company’s stock valued at $24,637,000 after acquiring an additional 110,359 shares during the last quarter. SG Americas Securities LLC raised its stake in Avadel Pharmaceuticals by 274.6% in the fourth quarter. SG Americas Securities LLC now owns 46,767 shares of the company’s stock valued at $492,000 after purchasing an additional 34,281 shares in the last quarter. Barclays PLC lifted its position in Avadel Pharmaceuticals by 45.8% during the third quarter. Barclays PLC now owns 392,691 shares of the company’s stock valued at $5,150,000 after purchasing an additional 123,430 shares during the last quarter. Knott David M Jr purchased a new position in Avadel Pharmaceuticals in the 4th quarter worth approximately $3,646,000. Finally, Tri Locum Partners LP grew its stake in Avadel Pharmaceuticals by 16.7% in the 4th quarter. Tri Locum Partners LP now owns 1,937,984 shares of the company’s stock worth $20,368,000 after buying an additional 277,029 shares in the last quarter. 69.19% of the stock is currently owned by institutional investors.

Avadel Pharmaceuticals Stock Performance

AVDL stock opened at $9.37 on Wednesday. The firm has a market cap of $905.41 million, a P/E ratio of -11.86 and a beta of 1.40. The firm’s fifty day moving average is $8.28 and its 200 day moving average is $9.26. Avadel Pharmaceuticals plc has a 52 week low of $6.38 and a 52 week high of $17.30.

Avadel Pharmaceuticals (NASDAQ:AVDL) last announced its quarterly earnings data on Wednesday, May 7th. The company reported ($0.05) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.07) by $0.02. The firm had revenue of $52.51 million for the quarter, compared to analysts’ expectations of $50.57 million. Avadel Pharmaceuticals had a negative return on equity of 93.34% and a negative net margin of 52.53%. The company’s revenue for the quarter was up 93.2% compared to the same quarter last year. During the same period last year, the firm earned ($0.30) earnings per share. As a group, analysts forecast that Avadel Pharmaceuticals plc will post -0.51 EPS for the current year.

Analyst Ratings Changes

Several analysts have recently weighed in on AVDL shares. HC Wainwright restated a “buy” rating and set a $21.00 price objective on shares of Avadel Pharmaceuticals in a research report on Tuesday, March 4th. Needham & Company LLC restated a “buy” rating and set a $19.00 price target on shares of Avadel Pharmaceuticals in a research report on Thursday, May 8th. Finally, Deutsche Bank Aktiengesellschaft started coverage on Avadel Pharmaceuticals in a report on Tuesday, February 11th. They issued a “buy” rating and a $12.00 price objective for the company. Seven analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company has a consensus rating of “Buy” and an average target price of $19.43.

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.