Invenomic Capital Management LP Takes Position in Avadel Pharmaceuticals PLC. $AVDL

Key Points

• Invenomic Capital Management LP has acquired 228,026 shares of Avadel Pharmaceuticals PLC, valued at approximately $1.78 million, increasing its ownership to 0.24% of the company.
• Avadel Pharmaceuticals has received multiple upgrades from research firms, with UBS increasing its price target from $13 to $20, and a consensus rating now being "Buy" with a target price of $20.86.
• The company's stock rose by 5.1%, opening at $15.76, as it reported strong quarterly earnings with revenue up 64.1% year-over-year.

Invenomic Capital Management LP bought a new stake in shares of Avadel Pharmaceuticals PLC. (NASDAQ:AVDL - Free Report) during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm bought 228,026 shares of the company's stock, valued at approximately $1,785,000. Invenomic Capital Management LP owned approximately 0.24% of Avadel Pharmaceuticals at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of AVDL. Two Seas Capital LP grew 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 valued at $45,156,000 after purchasing an additional 2,042,669 shares during the period. Janus Henderson Group PLC boosted its holdings in shares of Avadel Pharmaceuticals by 5.7% in the fourth quarter. Janus Henderson Group PLC now owns 14,080,219 shares of the company's stock valued at $148,117,000 after buying an additional 753,332 shares during the period. Nuveen LLC acquired a new position in shares of Avadel Pharmaceuticals in the first quarter valued at approximately $4,055,000. Tang Capital Management LLC boosted its holdings in shares of Avadel Pharmaceuticals by 21.7% in the fourth quarter. Tang Capital Management LLC now owns 1,497,500 shares of the company's stock valued at $15,739,000 after buying an additional 267,500 shares during the period. Finally, Millennium Management LLC boosted its holdings in shares of Avadel Pharmaceuticals by 23.9% in the fourth quarter. Millennium Management LLC now owns 1,212,004 shares of the company's stock valued at $12,738,000 after buying an additional 233,986 shares during the period. 69.19% of the stock is currently owned by institutional investors and hedge funds.

Avadel Pharmaceuticals Price Performance

Shares of NASDAQ:AVDL traded down $0.27 during mid-day trading on Thursday, hitting $15.55. The company had a trading volume of 485,331 shares, compared to its average volume of 1,357,010. The firm has a fifty day moving average price of $12.40 and a 200 day moving average price of $9.89. Avadel Pharmaceuticals PLC. has a one year low of $6.38 and a one year high of $16.66. The company has a market capitalization of $1.51 billion, a PE ratio of -515.83 and a beta of 1.58.

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

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on the stock. UBS Group upped their price target on shares of Avadel Pharmaceuticals from $13.00 to $20.00 and gave the company a "buy" rating in a report on Thursday, August 21st. Wells Fargo & Company raised shares of Avadel Pharmaceuticals to a "hold" rating in a research report on Wednesday, September 3rd. Wall Street Zen raised shares of Avadel Pharmaceuticals from a "buy" rating to a "strong-buy" rating in a research report on Saturday, August 9th. Lifesci Capital raised shares of Avadel Pharmaceuticals to a "strong-buy" rating in a research report on Wednesday, September 3rd. Finally, HC Wainwright increased their price objective on shares of Avadel Pharmaceuticals from $24.00 to $36.00 and gave the company a "buy" rating in a research report on Friday, September 5th. 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. According to MarketBeat.com, the stock currently has a consensus rating of "Buy" and an average target price of $20.86.

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.