Zimmer Partners LP Invests $420,000 in Avadel Pharmaceuticals plc (NASDAQ:AVDL)

Zimmer Partners LP purchased a new stake in Avadel Pharmaceuticals plc (NASDAQ:AVDL - Free Report) during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 40,000 shares of the company's stock, valued at approximately $420,000.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Hsbc Holdings PLC acquired a new position in Avadel Pharmaceuticals in the fourth quarter worth about $113,000. Kazazian Asset Management LLC acquired a new position in shares of Avadel Pharmaceuticals in the 4th quarter worth approximately $126,000. Sanctuary Advisors LLC bought a new stake in shares of Avadel Pharmaceuticals in the 4th quarter valued at approximately $140,000. Nations Financial Group Inc. IA ADV bought a new stake in shares of Avadel Pharmaceuticals in the 4th quarter valued at approximately $163,000. Finally, China Universal Asset Management Co. Ltd. raised its position in shares of 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 in the last quarter. Institutional investors own 69.19% of the company's stock.

Avadel Pharmaceuticals Stock Up 2.8%

AVDL stock traded up $0.25 during mid-day trading on Monday, reaching $9.13. The company had a trading volume of 818,988 shares, compared to its average volume of 1,235,290. Avadel Pharmaceuticals plc has a one year low of $6.38 and a one year high of $17.30. The stock has a market capitalization of $883.23 million, a P/E ratio of -11.56 and a beta of 1.40. The stock's 50-day simple moving average is $8.30 and its two-hundred day simple moving average is $9.09.

Avadel Pharmaceuticals (NASDAQ:AVDL - Get Free Report) last issued its quarterly earnings data 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. The firm had revenue of $52.51 million for the quarter, compared to the consensus estimate of $50.57 million. Avadel Pharmaceuticals had a negative net margin of 52.53% and a negative return on equity of 93.34%. Avadel Pharmaceuticals's quarterly revenue was up 93.2% compared to the same quarter last year. During the same period last year, the firm posted ($0.30) EPS. On average, research analysts forecast that Avadel Pharmaceuticals plc will post -0.51 EPS for the current fiscal year.

Analysts Set New Price Targets

AVDL has been the subject of several recent research reports. Needham & Company LLC reiterated a "buy" rating and set a $19.00 target price on shares of Avadel Pharmaceuticals in a research note on Thursday, May 8th. Deutsche Bank Aktiengesellschaft initiated coverage on shares of Avadel Pharmaceuticals in a report on Tuesday, February 11th. They issued a "buy" rating and a $12.00 price target for the company. Finally, HC Wainwright reiterated a "buy" rating and set a $21.00 price objective on shares of Avadel Pharmaceuticals in a research note on Tuesday, March 4th. Seven analysts have rated the stock with a buy rating, According to MarketBeat.com, the company has a consensus rating of "Buy" and an average price target 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.