Kazazian Asset Management LLC Increases Stock Holdings in Avadel Pharmaceuticals PLC. (NASDAQ:AVDL)

Key Points

• Kazazian Asset Management LLC significantly increased its stake in Avadel Pharmaceuticals by 784.3% during the first quarter, now holding 106,120 shares valued at approximately $831,000.
• Major institutional investors have been active, with LPL Financial increasing its stake by 41.9% and Vanguard Group boosting its holdings, indicating strong institutional interest in Avadel Pharmaceuticals.
• Wall Street analysts maintain a positive outlook, with an average rating of "Buy" and a target price of $18.33, while company earnings showed a year-over-year revenue increase of 93.2%.

Kazazian Asset Management LLC raised its holdings in shares of Avadel Pharmaceuticals PLC. (NASDAQ:AVDL - Free Report) by 784.3% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 106,120 shares of the company's stock after purchasing an additional 94,120 shares during the quarter. Avadel Pharmaceuticals accounts for approximately 0.7% of Kazazian Asset Management LLC's portfolio, making the stock its 23rd largest position. Kazazian Asset Management LLC owned about 0.11% of Avadel Pharmaceuticals worth $831,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also bought and sold shares of AVDL. BNP Paribas Financial Markets purchased a new position in shares of Avadel Pharmaceuticals in the 4th quarter worth about $245,000. Tri Locum Partners LP boosted its holdings in shares of Avadel Pharmaceuticals by 16.7% in the 4th quarter. Tri Locum Partners LP now owns 1,937,984 shares of the company's stock worth $20,368,000 after buying an additional 277,029 shares during the last quarter. California State Teachers Retirement System lifted its holdings in Avadel Pharmaceuticals by 10.2% during the fourth quarter. California State Teachers Retirement System now owns 81,448 shares of the company's stock valued at $856,000 after purchasing an additional 7,544 shares during the last quarter. 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 valued at $41,549,000 after purchasing an additional 90,147 shares during the last quarter. Finally, Northern Trust Corp lifted its holdings in Avadel Pharmaceuticals by 11.3% during the fourth quarter. Northern Trust Corp now owns 658,582 shares of the company's stock valued at $6,922,000 after purchasing an additional 66,948 shares during the last quarter. Institutional investors own 69.19% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on the stock. HC Wainwright reaffirmed a "buy" rating and set a $22.00 price objective on shares of Avadel Pharmaceuticals in a report on Friday, July 18th. Needham & Company LLC reaffirmed a "buy" rating and set a $19.00 price objective on shares of Avadel Pharmaceuticals in a report on Thursday, May 8th. Six equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock presently has a consensus rating of "Buy" and an average price target of $18.33.

Avadel Pharmaceuticals Price Performance

Shares of AVDL traded down $0.13 during midday trading on Wednesday, hitting $11.03. 574,854 shares of the company traded hands, compared to its average volume of 1,324,437. The stock has a 50-day moving average of $9.87 and a 200-day moving average of $8.81. The firm has a market cap of $1.07 billion, a P/E ratio of -40.83 and a beta of 1.47. Avadel Pharmaceuticals PLC. has a one year low of $6.38 and a one year high of $17.30.

Avadel Pharmaceuticals (NASDAQ:AVDL - Get Free Report) last announced its earnings results on Wednesday, May 7th. The company reported ($0.05) earnings per share for the quarter, beating analysts' consensus estimates of ($0.07) by $0.02. Avadel Pharmaceuticals had a negative net margin of 13.58% and a negative return on equity of 36.07%. The business had revenue of $52.51 million for the quarter, compared to the consensus estimate of $50.57 million. During the same period last year, the firm posted ($0.30) earnings per share. Avadel Pharmaceuticals's quarterly revenue was up 93.2% on a year-over-year basis. Sell-side analysts forecast that Avadel Pharmaceuticals PLC. will post -0.51 EPS 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.