Pekin Hardy Strauss Inc. Makes New Investment in Avadel Pharmaceuticals PLC. (NASDAQ:AVDL)

Pekin Hardy Strauss Inc. acquired a new position in shares of Avadel Pharmaceuticals PLC. (NASDAQ:AVDL) in the 1st quarter, Holdings Channel reports. The institutional investor acquired 14,000 shares of the company’s stock, valued at approximately $110,000.

Several other hedge funds have also recently bought and sold shares of AVDL. Hsbc Holdings PLC bought a new stake in shares of Avadel Pharmaceuticals during the fourth quarter worth $113,000. Kazazian Asset Management LLC bought a new position in Avadel Pharmaceuticals in the fourth quarter valued at about $126,000. KLP Kapitalforvaltning AS acquired a new position in Avadel Pharmaceuticals in the fourth quarter valued at about $218,000. BNP Paribas Financial Markets acquired a new position in Avadel Pharmaceuticals in the fourth quarter valued at about $245,000. Finally, Edge Wealth Management LLC lifted its stake in Avadel Pharmaceuticals by 25.0% in the first quarter. Edge Wealth Management LLC now owns 25,000 shares of the company’s stock valued at $196,000 after buying an additional 5,000 shares during the period. 69.19% of the stock is currently owned by institutional investors and hedge funds.

Avadel Pharmaceuticals Price Performance

NASDAQ AVDL opened at $9.04 on Wednesday. The stock’s 50-day moving average is $9.22 and its 200-day moving average is $8.69. Avadel Pharmaceuticals PLC. has a one year low of $6.38 and a one year high of $17.30. The firm has a market cap of $874.53 million, a P/E ratio of -33.48 and a beta of 1.42.

Avadel Pharmaceuticals (NASDAQ:AVDL) last announced its earnings results 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. Avadel Pharmaceuticals had a negative return on equity of 36.07% and a negative net margin of 13.58%. The business had revenue of $52.51 million for the quarter, compared to analyst estimates of $50.57 million. During the same quarter last year, the firm earned ($0.30) EPS. Avadel Pharmaceuticals’s revenue for the quarter was up 93.2% compared to the same quarter last year. Equities analysts anticipate that Avadel Pharmaceuticals PLC. will post -0.51 EPS for the current year.

Wall Street Analyst Weigh In

Separately, Needham & Company LLC reissued a “buy” rating and issued a $19.00 target price on shares of Avadel Pharmaceuticals in a research note on Thursday, May 8th. Six equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, Avadel Pharmaceuticals has a consensus rating of “Buy” and an average target price 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.