Avadel Pharmaceuticals PLC. (NASDAQ:AVDL) Shares Bought 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 stake in shares of Avadel Pharmaceuticals PLC. (NASDAQ:AVDL - Free Report) by 33.8% in the first quarter, according to its most recent 13F filing with the SEC. The firm owned 222,733 shares of the company's stock after purchasing an additional 56,277 shares during the period. Avantax Advisory Services Inc. owned approximately 0.23% of Avadel Pharmaceuticals worth $1,744,000 at the end of the most recent reporting period.

Other hedge funds have also recently made changes to their positions in the company. Two Seas Capital LP raised its stake in Avadel Pharmaceuticals by 90.6% during the 4th 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 in the last quarter. Janus Henderson Group PLC raised its stake in Avadel Pharmaceuticals by 5.7% during the 4th quarter. Janus Henderson Group PLC now owns 14,080,219 shares of the company's stock worth $148,117,000 after acquiring an additional 753,332 shares in the last quarter. Braidwell LP raised its stake in Avadel Pharmaceuticals by 21.2% during the 4th quarter. Braidwell LP now owns 4,105,726 shares of the company's stock worth $43,151,000 after acquiring an additional 716,787 shares in the last quarter. Kennedy Capital Management LLC raised its stake 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 acquiring an additional 468,757 shares in the last quarter. Finally, Renaissance Technologies LLC raised its stake in 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 acquiring an additional 366,300 shares in the last quarter. Hedge funds and other institutional investors own 69.19% of the company's stock.

Avadel Pharmaceuticals Price Performance

Shares of NASDAQ AVDL traded up $0.57 on Friday, hitting $11.08. The company's stock had a trading volume of 993,392 shares, compared to its average volume of 986,045. Avadel Pharmaceuticals PLC. has a 12-month low of $6.38 and a 12-month high of $17.30. The company has a market capitalization of $1.07 billion, a price-to-earnings ratio of -41.04 and a beta of 1.47. The stock has a 50 day moving average of $9.78 and a 200-day moving average of $8.76.

Avadel Pharmaceuticals (NASDAQ:AVDL - Get Free Report) last released 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. The firm had revenue of $52.51 million during the quarter, compared to analysts' expectations of $50.57 million. Avadel Pharmaceuticals had a negative net margin of 13.58% and a negative return on equity of 36.07%. Avadel Pharmaceuticals's revenue for the quarter was up 93.2% on a year-over-year basis. During the same period in the previous year, the company earned ($0.30) EPS. Sell-side analysts expect that Avadel Pharmaceuticals PLC. will post -0.51 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on the stock. HC Wainwright reaffirmed a "buy" rating and issued a $22.00 target price on shares of Avadel Pharmaceuticals in a report on Friday, July 18th. Needham & Company LLC reaffirmed a "buy" rating and issued a $19.00 target price on shares of Avadel Pharmaceuticals in a report on Thursday, May 8th. Six equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, the company has a consensus rating of "Buy" and an average price target of $18.33.

About Avadel Pharmaceuticals

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.