Iridian Asset Management LLC CT Has $1.95 Million Position in Avadel Pharmaceuticals PLC. (NASDAQ:AVDL)

Iridian Asset Management LLC CT grew its holdings in shares of Avadel Pharmaceuticals PLC. (NASDAQ:AVDL - Free Report) by 47.2% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 249,586 shares of the company's stock after purchasing an additional 80,000 shares during the quarter. Iridian Asset Management LLC CT owned about 0.26% of Avadel Pharmaceuticals worth $1,954,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also modified their holdings of the company. Invesco Ltd. raised its holdings in Avadel Pharmaceuticals by 2.3% in the 4th quarter. Invesco Ltd. now owns 52,142 shares of the company's stock worth $548,000 after acquiring an additional 1,177 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in Avadel Pharmaceuticals by 3.7% in the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 52,594 shares of the company's stock worth $553,000 after acquiring an additional 1,882 shares during the period. Charles Schwab Investment Management Inc. raised its holdings in Avadel Pharmaceuticals by 1.1% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 222,798 shares of the company's stock worth $2,342,000 after acquiring an additional 2,434 shares during the period. Rhumbline Advisers raised its holdings in Avadel Pharmaceuticals by 2.3% in the 1st quarter. Rhumbline Advisers now owns 127,027 shares of the company's stock worth $995,000 after acquiring an additional 2,890 shares during the period. Finally, Arizona State Retirement System raised its holdings in Avadel Pharmaceuticals by 13.3% in the 4th quarter. Arizona State Retirement System now owns 25,079 shares of the company's stock worth $264,000 after acquiring an additional 2,938 shares during the period. Institutional investors own 69.19% of the company's stock.

Avadel Pharmaceuticals Stock Performance

Shares of NASDAQ:AVDL traded up $0.22 on Thursday, hitting $9.77. 754,424 shares of the company were exchanged, compared to its average volume of 1,227,883. The company's 50 day moving average price is $9.26 and its two-hundred day moving average price 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 capitalization of $945.15 million, a price-to-earnings ratio of -36.19 and a beta of 1.42.

Avadel Pharmaceuticals (NASDAQ:AVDL - Get Free Report) last posted its quarterly earnings data on Wednesday, May 7th. The company reported ($0.05) earnings per share (EPS) for the quarter, topping the consensus estimate 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 company had revenue of $52.51 million for the quarter, compared to the consensus estimate of $50.57 million. During the same quarter in the previous year, the firm posted ($0.30) EPS. The business's revenue was up 93.2% compared to the same quarter last year. Research analysts predict that Avadel Pharmaceuticals PLC. will post -0.51 earnings per share for the current year.

Analyst Ratings Changes

Separately, Needham & Company LLC reiterated a "buy" rating and issued a $19.00 target price on shares of Avadel Pharmaceuticals in a report on Thursday, May 8th. Six investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock has an average rating of "Buy" and an average target price of $18.17.

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.