Goldman Sachs Group Inc. Reduces Stock Position in Avadel Pharmaceuticals PLC. $AVDL

Key Points

• Goldman Sachs Group Inc. significantly reduced its stake in Avadel Pharmaceuticals by 66.1%, selling over 1.4 million shares, and now holds approximately 0.75% of the company worth about $5.7 million.
• Avadel Pharmaceuticals reported a 64.1% year-over-year increase in revenue to $68.13 million for the last quarter and surpassed analysts' earnings estimates.
• Wall Street analysts have increased target prices for Avadel Pharmaceuticals, with recommendations ranging from buy to strong buy, reflecting positive sentiment toward the company’s growth prospects.

Goldman Sachs Group Inc. lowered its stake in Avadel Pharmaceuticals PLC. (NASDAQ:AVDL - Free Report) by 66.1% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 727,869 shares of the company's stock after selling 1,418,316 shares during the quarter. Goldman Sachs Group Inc. owned about 0.75% of Avadel Pharmaceuticals worth $5,699,000 at the end of the most recent quarter.

A number of other large investors also recently bought and sold shares of AVDL. Two Seas Capital LP increased its stake 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 purchasing an additional 2,042,669 shares during the period. Nuveen LLC purchased a new stake in Avadel Pharmaceuticals during the first quarter worth about $4,055,000. Woodline Partners LP increased its stake in Avadel Pharmaceuticals by 78.7% during the first quarter. Woodline Partners LP now owns 896,861 shares of the company's stock worth $7,022,000 after purchasing an additional 395,040 shares during the period. Millennium Management LLC increased its stake in Avadel Pharmaceuticals by 23.9% during the fourth quarter. Millennium Management LLC now owns 1,212,004 shares of the company's stock worth $12,738,000 after purchasing an additional 233,986 shares during the period. Finally, Invenomic Capital Management LP purchased a new stake in Avadel Pharmaceuticals during the first quarter worth about $1,785,000. Institutional investors and hedge funds own 69.19% of the company's stock.

Wall Street Analyst Weigh In

A number of analysts have issued reports on AVDL shares. Wells Fargo & Company upgraded shares of Avadel Pharmaceuticals to a "hold" rating in a research note on Wednesday, September 3rd. UBS Group boosted their price target on shares of Avadel Pharmaceuticals from $13.00 to $20.00 and gave the stock a "buy" rating in a research note on Thursday, August 21st. HC Wainwright upped their target price on shares of Avadel Pharmaceuticals from $24.00 to $36.00 and gave the stock a "buy" rating in a research note on Friday, September 5th. Wall Street Zen lowered shares of Avadel Pharmaceuticals from a "strong-buy" rating to a "buy" rating in a research note on Saturday. Finally, Deutsche Bank Aktiengesellschaft restated a "buy" rating on shares of Avadel Pharmaceuticals in a research note on Friday, August 8th. Two investment analysts have rated the stock with a Strong Buy rating, six have assigned a Buy rating and one has given a Hold rating to the company's stock. Based on data from MarketBeat, the company has an average rating of "Buy" and an average target price of $20.86.

Avadel Pharmaceuticals Stock Down 0.2%

Shares of NASDAQ AVDL traded down $0.03 during mid-day trading on Friday, hitting $16.20. 2,344,704 shares of the company were exchanged, compared to its average volume of 1,471,803. The stock has a 50 day simple moving average of $13.31 and a 200-day simple moving average of $10.27. Avadel Pharmaceuticals PLC. has a 1-year low of $6.38 and a 1-year high of $16.66. The firm has a market cap of $1.57 billion, a price-to-earnings ratio of -540.00 and a beta of 1.58.

Avadel Pharmaceuticals (NASDAQ:AVDL - Get Free Report) last issued its quarterly earnings results on Thursday, August 7th. The company reported $0.10 earnings per share for the quarter, topping the consensus estimate of $0.02 by $0.08. The firm had revenue of $68.13 million during the quarter, compared to the consensus estimate of $60.28 million. Avadel Pharmaceuticals had a negative return on equity of 3.73% and a negative net margin of 1.32%.The company's revenue for the quarter was up 64.1% on a year-over-year basis. During the same period last year, the company earned ($0.14) earnings per share. Avadel Pharmaceuticals has set its FY 2025 guidance at EPS. Analysts anticipate that Avadel Pharmaceuticals PLC. will post -0.51 earnings per share for the current fiscal year.

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.