Northern Trust Corp Boosts Stock Position in Avadel Pharmaceuticals plc (NASDAQ:AVDL)

Northern Trust Corp lifted its stake in shares of Avadel Pharmaceuticals plc (NASDAQ:AVDL - Free Report) by 11.3% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 658,582 shares of the company's stock after buying an additional 66,948 shares during the period. Northern Trust Corp owned about 0.68% of Avadel Pharmaceuticals worth $6,922,000 at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of AVDL. Two Seas Capital LP lifted its holdings in Avadel Pharmaceuticals by 90.6% during the fourth 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 during the period. Vanguard Group Inc. lifted its holdings in Avadel Pharmaceuticals by 2.3% during the fourth quarter. Vanguard Group Inc. now owns 3,953,247 shares of the company's stock worth $41,549,000 after acquiring an additional 90,147 shares during the period. Wealth Effects LLC lifted its holdings in Avadel Pharmaceuticals by 4.9% during the fourth quarter. Wealth Effects LLC now owns 2,344,130 shares of the company's stock worth $24,637,000 after acquiring an additional 110,359 shares during the period. Brandes Investment Partners LP lifted its holdings in Avadel Pharmaceuticals by 58.1% during the fourth quarter. Brandes Investment Partners LP now owns 2,173,139 shares of the company's stock worth $22,840,000 after acquiring an additional 798,415 shares during the period. Finally, Tri Locum Partners LP lifted its holdings in Avadel Pharmaceuticals by 16.7% during the fourth quarter. Tri Locum Partners LP now owns 1,937,984 shares of the company's stock worth $20,368,000 after acquiring an additional 277,029 shares during the period. Hedge funds and other institutional investors own 69.19% of the company's stock.

Avadel Pharmaceuticals Stock Up 2.8%

Shares of NASDAQ:AVDL traded up $0.25 during midday trading on Friday, reaching $9.13. 818,988 shares of the company traded hands, compared to its average volume of 1,235,290. Avadel Pharmaceuticals plc has a 12 month low of $6.38 and a 12 month high of $17.30. The firm has a market capitalization of $883.23 million, a price-to-earnings ratio of -11.56 and a beta of 1.40. The firm's fifty day moving average price is $8.30 and its two-hundred day moving average price is $9.09.

Avadel Pharmaceuticals (NASDAQ:AVDL - Get Free Report) last released its quarterly earnings data 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. Avadel Pharmaceuticals had a negative return on equity of 93.34% and a negative net margin of 52.53%. The company had revenue of $52.51 million for the quarter, compared to analyst estimates of $50.57 million. During the same period in the previous year, the company posted ($0.30) EPS. The firm's revenue for the quarter was up 93.2% compared to the same quarter last year. Analysts forecast that Avadel Pharmaceuticals plc will post -0.51 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on AVDL shares. HC Wainwright restated a "buy" rating and issued a $21.00 target price on shares of Avadel Pharmaceuticals in a research note on Tuesday, March 4th. Needham & Company LLC restated a "buy" rating and issued a $19.00 target price on shares of Avadel Pharmaceuticals in a research note on Thursday, May 8th. Finally, Deutsche Bank Aktiengesellschaft started coverage on Avadel Pharmaceuticals in a research note on Tuesday, February 11th. They issued a "buy" rating and a $12.00 target price on the stock. Seven 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 target price of $19.43.

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.