Avadel Pharmaceuticals PLC. (NASDAQ:AVDL) Shares Purchased by Wealth Effects LLC

Wealth Effects LLC increased its position in shares of Avadel Pharmaceuticals PLC. (NASDAQ:AVDL) by 1.1% in the 1st quarter, HoldingsChannel.com reports. The firm owned 2,369,122 shares of the company’s stock after acquiring an additional 24,992 shares during the period. Avadel Pharmaceuticals accounts for 7.8% of Wealth Effects LLC’s holdings, making the stock its 3rd biggest position. Wealth Effects LLC’s holdings in Avadel Pharmaceuticals were worth $18,550,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. Edge Wealth Management LLC raised its holdings in shares of Avadel Pharmaceuticals by 25.0% in the first quarter. Edge Wealth Management LLC now owns 25,000 shares of the company’s stock worth $196,000 after acquiring an additional 5,000 shares during the last quarter. Rhumbline Advisers raised its holdings in shares of Avadel Pharmaceuticals by 2.3% in the first quarter. Rhumbline Advisers now owns 127,027 shares of the company’s stock worth $995,000 after acquiring an additional 2,890 shares during the last quarter. California State Teachers Retirement System raised its holdings in shares of Avadel Pharmaceuticals by 10.2% in the fourth quarter. California State Teachers Retirement System now owns 81,448 shares of the company’s stock worth $856,000 after acquiring an additional 7,544 shares during the last quarter. PVG Asset Management Corp acquired a new position in shares of Avadel Pharmaceuticals in the fourth quarter worth $358,000. Finally, Two Seas Capital LP raised its holdings in shares of Avadel Pharmaceuticals by 90.6% in the fourth quarter. Two Seas Capital LP now owns 4,296,449 shares of the company’s stock worth $45,156,000 after acquiring an additional 2,042,669 shares during the last quarter. 69.19% of the stock is owned by institutional investors and hedge funds.

Avadel Pharmaceuticals Price Performance

AVDL opened at $9.44 on Thursday. The stock has a market capitalization of $913.23 million, a price-to-earnings ratio of -34.96 and a beta of 1.45. The business has a 50-day moving average of $9.11 and a two-hundred day moving average of $8.79. Avadel Pharmaceuticals PLC. has a 12 month low of $6.38 and a 12 month high of $17.30.

Avadel Pharmaceuticals (NASDAQ:AVDL) last posted its quarterly earnings results on Wednesday, May 7th. The company reported ($0.05) EPS for the quarter, beating the consensus estimate of ($0.07) by $0.02. The company had revenue of $52.51 million during the quarter, compared to analysts’ expectations of $50.57 million. Avadel Pharmaceuticals had a negative return on equity of 36.07% and a negative net margin of 13.58%. The firm’s revenue was up 93.2% on a year-over-year basis. During the same quarter in the previous year, the business earned ($0.30) EPS. Equities research analysts anticipate that Avadel Pharmaceuticals PLC. will post -0.51 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently weighed in on AVDL shares. HC Wainwright reissued a “buy” rating and issued a $21.00 price target on shares of Avadel Pharmaceuticals in a report on Tuesday, March 4th. Needham & Company LLC reissued a “buy” rating and issued a $19.00 price target on shares of Avadel Pharmaceuticals in a report on Thursday, May 8th. Six equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, Avadel Pharmaceuticals presently has a consensus rating of “Buy” and a consensus price target of $18.17.

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.