Goldman Sachs Group Inc. Has $5.70 Million 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. cut its stake in shares of Avadel Pharmaceuticals PLC. (NASDAQ:AVDL - Free Report) by 66.1% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 727,869 shares of the company's stock after selling 1,418,316 shares during the quarter. Goldman Sachs Group Inc. owned approximately 0.75% of Avadel Pharmaceuticals worth $5,699,000 as of its most recent SEC filing.

Several other hedge funds have also recently made changes to their positions in the business. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in shares of Avadel Pharmaceuticals by 3.7% in the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 52,594 shares of the company's stock worth $553,000 after acquiring an additional 1,882 shares in the last quarter. Rhumbline Advisers raised its position in shares of Avadel Pharmaceuticals by 2.3% in the 1st quarter. Rhumbline Advisers now owns 127,027 shares of the company's stock worth $995,000 after acquiring an additional 2,890 shares in the last quarter. Charles Schwab Investment Management Inc. raised its position in shares of Avadel Pharmaceuticals by 1.6% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 226,439 shares of the company's stock worth $1,773,000 after acquiring an additional 3,641 shares in the last quarter. Edge Wealth Management LLC raised its position in shares of Avadel Pharmaceuticals by 25.0% in the 1st quarter. Edge Wealth Management LLC now owns 25,000 shares of the company's stock worth $196,000 after acquiring an additional 5,000 shares in the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank increased its position in Avadel Pharmaceuticals by 19.9% in the 1st quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 37,707 shares of the company's stock valued at $295,000 after buying an additional 6,246 shares in the last quarter. 69.19% of the stock is owned by institutional investors.

Avadel Pharmaceuticals Stock Down 1.4%

Shares of NASDAQ AVDL opened at $15.19 on Tuesday. Avadel Pharmaceuticals PLC. has a twelve month low of $6.38 and a twelve month high of $16.66. The stock's 50 day moving average price is $12.80 and its 200-day moving average price is $10.08. The company has a market capitalization of $1.47 billion, a PE ratio of -506.33 and a beta of 1.57.

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

Wall Street Analysts Forecast Growth

A number of analysts recently commented on the company. HC Wainwright boosted their target price on Avadel Pharmaceuticals from $24.00 to $36.00 and gave the company a "buy" rating in a research report on Friday, September 5th. UBS Group boosted their target price on Avadel Pharmaceuticals from $13.00 to $20.00 and gave the company a "buy" rating in a research report on Thursday, August 21st. Deutsche Bank Aktiengesellschaft reaffirmed a "buy" rating on shares of Avadel Pharmaceuticals in a research report on Friday, August 8th. Zacks Research upgraded Avadel Pharmaceuticals to a "strong-buy" rating in a research note on Friday, August 8th. Finally, Lifesci Capital upgraded Avadel Pharmaceuticals to a "strong-buy" rating in a research note on Wednesday, September 3rd. Two analysts have rated the stock with a Strong Buy rating, six have issued a Buy rating and one has issued a Hold rating to the company's stock. According to data from MarketBeat, Avadel Pharmaceuticals has an average rating of "Buy" and an average target price of $20.86.

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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