Avadel Pharmaceuticals PLC. (NASDAQ:AVDL) Position Increased by Avantax Advisory Services Inc.

Key Points

• Avantax Advisory Services Inc. increased its holdings in Avadel Pharmaceuticals by 33.8%, now owning 222,733 shares valued at $1.74 million.
• Multiple institutional investors acquired new stakes in Avadel, leading to them collectively owning 69.19% of the company's stock.
• Avadel's quarterly earnings performance exceeded expectations, reporting revenue growth of 93.2% year-over-year and earnings per share of ($0.05).

Avantax Advisory Services Inc. increased its holdings in Avadel Pharmaceuticals PLC. (NASDAQ:AVDL - Free Report) by 33.8% during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 222,733 shares of the company's stock after buying an additional 56,277 shares during the period. Avantax Advisory Services Inc. owned about 0.23% of Avadel Pharmaceuticals worth $1,744,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also made changes to their positions in the company. Kovack Advisors Inc. acquired a new stake in shares of Avadel Pharmaceuticals in the first quarter worth approximately $90,000. Pekin Hardy Strauss Inc. acquired a new stake in shares of Avadel Pharmaceuticals in the first quarter worth approximately $110,000. Hsbc Holdings PLC acquired a new stake in shares of Avadel Pharmaceuticals in the fourth quarter worth approximately $113,000. Edge Wealth Management LLC boosted its position 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. Finally, KLP Kapitalforvaltning AS purchased a new position in Avadel Pharmaceuticals in the fourth quarter valued at approximately $218,000. 69.19% of the stock is currently owned by hedge funds and other institutional investors.

Avadel Pharmaceuticals Stock Performance

Shares of AVDL stock traded up $0.57 during mid-day trading on Friday, reaching $11.08. 993,392 shares of the company were exchanged, compared to its average volume of 1,337,749. Avadel Pharmaceuticals PLC. has a fifty-two week low of $6.38 and a fifty-two week high of $17.30. The company has a market capitalization of $1.07 billion, a P/E ratio of -41.04 and a beta of 1.42. The business's 50 day simple moving average is $9.74 and its 200 day simple moving average is $8.74.

Avadel Pharmaceuticals (NASDAQ:AVDL - Get Free Report) last released its quarterly earnings results on Wednesday, May 7th. The company reported ($0.05) earnings per share for the quarter, topping analysts' consensus estimates of ($0.07) by $0.02. Avadel Pharmaceuticals had a negative net margin of 13.58% and a negative return on equity of 36.07%. The business had revenue of $52.51 million during the quarter, compared to the consensus estimate of $50.57 million. During the same quarter last year, the company earned ($0.30) earnings per share. The business's quarterly revenue was up 93.2% compared to the same quarter last year. On average, analysts forecast that Avadel Pharmaceuticals PLC. will post -0.51 EPS for the current year.

Analysts Set New Price Targets

AVDL has been the topic of several research reports. HC Wainwright restated a "buy" rating and issued a $22.00 price target on shares of Avadel Pharmaceuticals in a report on Friday, July 18th. Needham & Company LLC restated a "buy" rating and issued a $19.00 price target on shares of Avadel Pharmaceuticals in a report on Thursday, May 8th. Six research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company presently has a consensus rating of "Buy" and a consensus price target of $18.33.

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.