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

Iridian Asset Management LLC CT lifted its position in Avadel Pharmaceuticals PLC. (NASDAQ:AVDL - Free Report) by 47.2% in the first quarter, according to its most recent Form 13F 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 0.26% of Avadel Pharmaceuticals worth $1,954,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of AVDL. Hsbc Holdings PLC bought a new stake in Avadel Pharmaceuticals during the fourth quarter worth about $113,000. Kazazian Asset Management LLC bought a new stake in Avadel Pharmaceuticals during the 4th quarter worth approximately $126,000. Pekin Hardy Strauss Inc. acquired a new stake in Avadel Pharmaceuticals during the 1st quarter valued at $110,000. KLP Kapitalforvaltning AS bought a new position in Avadel Pharmaceuticals in the 4th quarter valued at $218,000. Finally, BNP Paribas Financial Markets acquired a new position in Avadel Pharmaceuticals in the fourth quarter worth $245,000. 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 research report on Thursday, May 8th. Six investment analysts have rated the stock with a buy rating, According to MarketBeat, the company presently has an average rating of "Buy" and an average target price of $18.17.

Avadel Pharmaceuticals Trading Up 5.6%

Shares of AVDL traded up $0.51 during trading hours on Wednesday, hitting $9.55. 1,440,996 shares of the stock traded hands, compared to its average volume of 1,229,068. The business has a fifty day moving average of $9.24 and a 200-day moving average of $8.69. Avadel Pharmaceuticals PLC. has a 1-year low of $6.38 and a 1-year high of $17.30.

Avadel Pharmaceuticals (NASDAQ:AVDL - Get Free Report) last released its earnings results on Wednesday, May 7th. The company reported ($0.05) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.07) by $0.02. The company 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 13.58% and a negative return on equity of 36.07%. The company's revenue was up 93.2% compared to the same quarter last year. During the same period in the prior year, the company posted ($0.30) EPS. As a group, research analysts predict that Avadel Pharmaceuticals PLC. will post -0.51 earnings per share for the current year.

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.