Barclays PLC reduced its stake in shares of Avadel Pharmaceuticals plc (NASDAQ:AVDL - Free Report) by 56.6% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 170,420 shares of the company's stock after selling 222,271 shares during the quarter. Barclays PLC owned about 0.18% of Avadel Pharmaceuticals worth $1,790,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also modified their holdings of the company. Kennedy Capital Management LLC raised its holdings in Avadel Pharmaceuticals by 79.7% during the 4th quarter. Kennedy Capital Management LLC now owns 1,056,934 shares of the company's stock worth $11,108,000 after purchasing an additional 468,757 shares during the last quarter. Renaissance Technologies LLC grew its position in shares of Avadel Pharmaceuticals by 1,703.7% during the 4th quarter. Renaissance Technologies LLC now owns 387,800 shares of the company's stock worth $4,076,000 after buying an additional 366,300 shares during the period. Legal & General Group Plc raised its stake in shares of Avadel Pharmaceuticals by 9.0% during the fourth quarter. Legal & General Group Plc now owns 84,739 shares of the company's stock worth $891,000 after buying an additional 7,019 shares during the last quarter. Invesco Ltd. lifted its holdings in Avadel Pharmaceuticals by 2.3% in the fourth quarter. Invesco Ltd. now owns 52,142 shares of the company's stock valued at $548,000 after buying an additional 1,177 shares during the period. Finally, Russell Investments Group Ltd. boosted its stake in Avadel Pharmaceuticals by 9.7% in the fourth quarter. Russell Investments Group Ltd. now owns 128,241 shares of the company's stock valued at $1,348,000 after acquiring an additional 11,350 shares during the last quarter. Institutional investors and hedge funds own 69.19% of the company's stock.
Analyst Upgrades and Downgrades
A number of research analysts have recently weighed in on the company. Needham & Company LLC reissued a "buy" rating and issued a $19.00 price target on shares of Avadel Pharmaceuticals in a research note on Wednesday, April 9th. Deutsche Bank Aktiengesellschaft initiated coverage on Avadel Pharmaceuticals in a report on Tuesday, February 11th. They set a "buy" rating and a $12.00 target price on the stock. Piper Sandler reduced their price objective on shares of Avadel Pharmaceuticals from $24.00 to $13.00 and set an "overweight" rating on the stock in a research note on Friday, January 10th. HC Wainwright reaffirmed a "buy" rating and issued a $21.00 target price on shares of Avadel Pharmaceuticals in a research note on Tuesday, March 4th. Finally, UBS Group reduced their price target on shares of Avadel Pharmaceuticals from $22.00 to $14.00 and set a "buy" rating on the stock in a research report on Monday, January 13th. Eight analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock has a consensus rating of "Buy" and a consensus target price of $19.88.
Get Our Latest Stock Analysis on AVDL
Avadel Pharmaceuticals Stock Performance
Shares of NASDAQ AVDL traded up $0.69 during mid-day trading on Wednesday, reaching $9.33. The company had a trading volume of 1,620,596 shares, compared to its average volume of 1,237,792. The firm has a market cap of $901.07 million, a price-to-earnings ratio of -11.74 and a beta of 1.40. The business's 50-day simple moving average is $8.01 and its 200 day simple moving average is $9.56. Avadel Pharmaceuticals plc has a one year low of $6.38 and a one year high of $18.77.
Avadel Pharmaceuticals (NASDAQ:AVDL - Get Free Report) last issued its earnings results on Wednesday, May 7th. The company reported ($0.05) EPS for the quarter, topping the consensus estimate of ($0.07) by $0.02. Avadel Pharmaceuticals had a negative return on equity of 93.34% and a negative net margin of 52.53%. The business's revenue was up 93.2% compared to the same quarter last year. During the same quarter in the prior year, the business earned ($0.30) earnings per share. On average, sell-side analysts anticipate that Avadel Pharmaceuticals plc will post -0.51 EPS for the current year.
About Avadel Pharmaceuticals
(
Free Report)
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.
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