Avadel Pharmaceuticals plc (NASDAQ:AVDL) Shares Sold by State of Wyoming

State of Wyoming reduced its stake in Avadel Pharmaceuticals plc (NASDAQ:AVDL) by 13.1% during the 4th quarter, according to the company in its most recent filing with the SEC. The fund owned 28,529 shares of the company’s stock after selling 4,310 shares during the quarter. State of Wyoming’s holdings in Avadel Pharmaceuticals were worth $300,000 at the end of the most recent reporting period.

Other large investors have also recently made changes to their positions in the company. Hsbc Holdings PLC purchased a new stake in Avadel Pharmaceuticals in the fourth quarter valued at approximately $113,000. Kazazian Asset Management LLC acquired a new stake in shares of Avadel Pharmaceuticals in the fourth quarter valued at $126,000. Sanctuary Advisors LLC purchased a new stake in shares of Avadel Pharmaceuticals in the 4th quarter valued at $140,000. Nations Financial Group Inc. IA ADV acquired a new position in Avadel Pharmaceuticals during the 4th quarter worth about $163,000. Finally, China Universal Asset Management Co. Ltd. boosted its holdings in Avadel Pharmaceuticals by 10.3% during the 4th quarter. China Universal Asset Management Co. Ltd. now owns 20,432 shares of the company’s stock valued at $215,000 after acquiring an additional 1,916 shares during the period. 69.19% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of analysts have issued reports on the stock. HC Wainwright reiterated a “buy” rating and set a $21.00 price target on shares of Avadel Pharmaceuticals in a research note on Tuesday, March 4th. Deutsche Bank Aktiengesellschaft started coverage on shares of Avadel Pharmaceuticals in a research note on Tuesday, February 11th. They set a “buy” rating and a $12.00 target price on the stock. Finally, Needham & Company LLC reiterated a “buy” rating and set a $19.00 target price on shares of Avadel Pharmaceuticals in a report on Thursday, May 8th. Seven equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock presently has an average rating of “Buy” and a consensus target price of $19.43.

Avadel Pharmaceuticals Price Performance

AVDL stock opened at $8.88 on Friday. The business’s 50-day moving average is $8.29 and its two-hundred day moving average is $9.22. The firm has a market capitalization of $859.04 million, a P/E ratio of -11.24 and a beta of 1.40. Avadel Pharmaceuticals plc has a 1 year low of $6.38 and a 1 year high of $17.30.

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