Iridian Asset Management LLC CT grew its stake in shares of Avadel Pharmaceuticals PLC. (NASDAQ:AVDL - Free Report) by 47.2% in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 249,586 shares of the company's stock after acquiring an additional 80,000 shares during the period. Iridian Asset Management LLC CT owned about 0.26% of Avadel Pharmaceuticals worth $1,954,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds have also recently modified their holdings of the stock. Two Seas Capital LP increased its position in shares of Avadel Pharmaceuticals by 90.6% in the fourth quarter. Two Seas Capital LP now owns 4,296,449 shares of the company's stock valued at $45,156,000 after acquiring an additional 2,042,669 shares during the period. Brandes Investment Partners LP increased its position in shares of Avadel Pharmaceuticals by 58.1% during the fourth quarter. Brandes Investment Partners LP now owns 2,173,139 shares of the company's stock valued at $22,840,000 after buying an additional 798,415 shares during the period. Janus Henderson Group PLC increased its position in shares of Avadel Pharmaceuticals by 5.7% during the fourth quarter. Janus Henderson Group PLC now owns 14,080,219 shares of the company's stock valued at $148,117,000 after buying an additional 753,332 shares during the period. Braidwell LP increased its position in shares of Avadel Pharmaceuticals by 21.2% during the fourth quarter. Braidwell LP now owns 4,105,726 shares of the company's stock valued at $43,151,000 after buying an additional 716,787 shares during the period. Finally, Kennedy Capital Management LLC increased its position in shares of Avadel Pharmaceuticals by 79.7% during the fourth quarter. Kennedy Capital Management LLC now owns 1,056,934 shares of the company's stock valued at $11,108,000 after buying an additional 468,757 shares during the period. 69.19% of the stock is owned by institutional investors.
Wall Street Analysts Forecast Growth
Separately, Needham & Company LLC restated a "buy" rating and issued a $19.00 price objective 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 an average rating of "Buy" and a consensus target price of $18.17.
Check Out Our Latest Report on AVDL
Avadel Pharmaceuticals Stock Performance
Shares of NASDAQ:AVDL traded up $0.16 on Thursday, reaching $9.71. The company's stock had a trading volume of 347,306 shares, compared to its average volume of 1,225,644. Avadel Pharmaceuticals PLC. has a 52-week low of $6.38 and a 52-week high of $17.30. The company has a market cap of $939.35 million, a P/E ratio of -36.08 and a beta of 1.42. The company has a 50-day simple moving average of $9.24 and a 200 day simple moving average of $8.69.
Avadel Pharmaceuticals (NASDAQ:AVDL - Get Free Report) last announced its quarterly earnings data on Wednesday, May 7th. The company reported ($0.05) earnings per share for the quarter, beating 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 company had revenue of $52.51 million during the quarter, compared to analyst estimates of $50.57 million. During the same quarter last year, the business posted ($0.30) EPS. The firm's revenue for the quarter was up 93.2% on a year-over-year basis. On average, equities research analysts forecast that Avadel Pharmaceuticals PLC. will post -0.51 EPS for the current fiscal year.
Avadel Pharmaceuticals Profile
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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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