Bank of America Corp DE Decreases Position in Avadel Pharmaceuticals plc (NASDAQ:AVDL)

Bank of America Corp DE decreased its holdings in shares of Avadel Pharmaceuticals plc (NASDAQ:AVDL - Free Report) by 82.8% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 83,039 shares of the company's stock after selling 399,433 shares during the quarter. Bank of America Corp DE owned approximately 0.09% of Avadel Pharmaceuticals worth $873,000 at the end of the most recent quarter.

Several other institutional investors have also recently added to or reduced their stakes in AVDL. Hsbc Holdings PLC acquired a new position in Avadel Pharmaceuticals during the fourth quarter worth approximately $113,000. Kazazian Asset Management LLC acquired a new position in shares of Avadel Pharmaceuticals in the fourth quarter valued at approximately $126,000. Sanctuary Advisors LLC acquired a new position in shares of Avadel Pharmaceuticals in the fourth quarter valued at approximately $140,000. Nations Financial Group Inc. IA ADV acquired a new position in shares of Avadel Pharmaceuticals in the fourth quarter valued at approximately $163,000. Finally, KLP Kapitalforvaltning AS acquired a new position in shares of Avadel Pharmaceuticals in the fourth quarter valued at approximately $218,000. Hedge funds and other institutional investors own 69.19% of the company's stock.

Avadel Pharmaceuticals Trading Up 3.0%

Avadel Pharmaceuticals stock opened at $9.72 on Friday. The firm has a market capitalization of $940.30 million, a P/E ratio of -12.30 and a beta of 1.45. The stock has a fifty day moving average price of $8.52 and a 200 day moving average price of $8.89. Avadel Pharmaceuticals plc has a 52 week low of $6.38 and a 52 week high of $17.30.

Avadel Pharmaceuticals (NASDAQ:AVDL - Get Free Report) last announced its quarterly 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. 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 during the quarter, compared to analyst estimates of $50.57 million. During the same period in the prior year, the firm posted ($0.30) earnings per share. The firm's revenue was up 93.2% on a year-over-year basis. As a group, equities analysts predict that Avadel Pharmaceuticals plc will post -0.51 EPS for the current year.

Analysts Set New Price Targets

AVDL has been the topic of a number of recent analyst reports. Deutsche Bank Aktiengesellschaft started coverage on Avadel Pharmaceuticals in a report on Tuesday, February 11th. They set a "buy" rating and a $12.00 price objective on the stock. 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. Finally, HC Wainwright reiterated a "buy" rating and issued a $21.00 target price on shares of Avadel Pharmaceuticals in a research note on Tuesday, March 4th. Seven equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock has an average rating of "Buy" and an average price target of $19.43.

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.

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