Millennium Management LLC Increases Position in Avadel Pharmaceuticals plc (NASDAQ:AVDL)

Millennium Management LLC grew its stake in shares of Avadel Pharmaceuticals plc (NASDAQ:AVDL - Free Report) by 23.9% in the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 1,212,004 shares of the company's stock after acquiring an additional 233,986 shares during the period. Millennium Management LLC owned about 1.26% of Avadel Pharmaceuticals worth $12,738,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently modified their holdings of AVDL. Barclays PLC raised its stake in shares of Avadel Pharmaceuticals by 45.8% during the third quarter. Barclays PLC now owns 392,691 shares of the company's stock valued at $5,150,000 after acquiring an additional 123,430 shares in the last quarter. Crossmark Global Holdings Inc. raised its stake in Avadel Pharmaceuticals by 33.1% in the fourth quarter. Crossmark Global Holdings Inc. now owns 35,481 shares of the company's stock worth $373,000 after buying an additional 8,815 shares in the last quarter. SG Americas Securities LLC raised its stake in Avadel Pharmaceuticals by 274.6% in the fourth quarter. SG Americas Securities LLC now owns 46,767 shares of the company's stock worth $492,000 after buying an additional 34,281 shares in the last quarter. Wealth Effects LLC raised its stake in Avadel Pharmaceuticals by 4.9% in the fourth quarter. Wealth Effects LLC now owns 2,344,130 shares of the company's stock worth $24,637,000 after buying an additional 110,359 shares in the last quarter. Finally, China Universal Asset Management Co. Ltd. raised its stake in Avadel Pharmaceuticals by 10.3% in the fourth quarter. China Universal Asset Management Co. Ltd. now owns 20,432 shares of the company's stock worth $215,000 after buying an additional 1,916 shares in the last quarter. Institutional investors own 69.19% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on the stock. Needham & Company LLC reissued a "buy" rating and issued a $19.00 price objective on shares of Avadel Pharmaceuticals in a research note on Thursday, May 8th. HC Wainwright reissued a "buy" rating and issued a $21.00 price objective on shares of Avadel Pharmaceuticals in a research note on Tuesday, March 4th. Finally, Deutsche Bank Aktiengesellschaft initiated coverage on shares of Avadel Pharmaceuticals in a research note on Tuesday, February 11th. They issued a "buy" rating and a $12.00 price objective for the company. Seven investment analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock presently has a consensus rating of "Buy" and a consensus target price of $19.43.

Avadel Pharmaceuticals Trading Up 1.6%

Shares of AVDL stock traded up $0.15 during trading hours on Thursday, reaching $9.20. 121,150 shares of the company's stock were exchanged, compared to its average volume of 1,229,605. The stock's 50 day moving average is $8.33 and its 200-day moving average is $9.04. The company has a market cap of $889.61 million, a price-to-earnings ratio of -11.66 and a beta of 1.40. Avadel Pharmaceuticals plc has a fifty-two week low of $6.38 and a fifty-two week high of $17.30.

Avadel Pharmaceuticals (NASDAQ:AVDL - Get Free Report) last issued its quarterly earnings results on Wednesday, May 7th. The company reported ($0.05) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.07) by $0.02. The business had revenue of $52.51 million for the quarter, compared to the consensus estimate of $50.57 million. Avadel Pharmaceuticals had a negative return on equity of 93.34% and a negative net margin of 52.53%. The business's quarterly revenue was up 93.2% on a year-over-year basis. During the same period in the prior year, the firm posted ($0.30) earnings per share. Equities analysts anticipate that Avadel Pharmaceuticals plc will post -0.51 EPS for the current year.

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.