Avadel Pharmaceuticals PLC. (NASDAQ:AVDL) Stake Reduced by Modera Wealth Management LLC

Key Points

• Modera Wealth Management LLC reduced its stake in Avadel Pharmaceuticals by 28.6%, selling 223,590 shares and now owning 558,977 shares valued at approximately $4.37 million.
• Avadel Pharmaceuticals reported earnings per share of ($0.05), beating estimates, with revenue up 93.2% year-over-year at $52.51 million.
• Equities analysts are optimistic, with multiple firms issuing buy ratings and setting price targets ranging from $19.00 to $22.00 for the stock.

Modera Wealth Management LLC decreased its holdings in shares of Avadel Pharmaceuticals PLC. (NASDAQ:AVDL - Free Report) by 28.6% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 558,977 shares of the company's stock after selling 223,590 shares during the period. Modera Wealth Management LLC owned about 0.58% of Avadel Pharmaceuticals worth $4,377,000 as of its most recent SEC filing.

Several other institutional investors have also recently added to or reduced their stakes in AVDL. Two Seas Capital LP boosted its holdings in shares of 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 acquiring an additional 2,042,669 shares during the period. Janus Henderson Group PLC boosted its holdings in shares of Avadel Pharmaceuticals by 5.7% during the fourth quarter. Janus Henderson Group PLC now owns 14,080,219 shares of the company's stock valued at $148,117,000 after acquiring an additional 753,332 shares during the period. Braidwell LP boosted its holdings in shares of Avadel Pharmaceuticals by 21.2% during the fourth quarter. Braidwell LP now owns 4,105,726 shares of the company's stock valued at $43,151,000 after acquiring an additional 716,787 shares during the period. Kennedy Capital Management LLC boosted its holdings in shares of Avadel Pharmaceuticals by 79.7% during the fourth quarter. Kennedy Capital Management LLC now owns 1,056,934 shares of the company's stock valued at $11,108,000 after acquiring an additional 468,757 shares during the period. Finally, Renaissance Technologies LLC boosted its holdings in shares of Avadel Pharmaceuticals by 1,703.7% during the fourth quarter. Renaissance Technologies LLC now owns 387,800 shares of the company's stock valued at $4,076,000 after acquiring an additional 366,300 shares during the period. Institutional investors own 69.19% of the company's stock.

Avadel Pharmaceuticals Trading Up 5.4%

AVDL stock traded up $0.57 during trading on Friday, hitting $11.08. The company had a trading volume of 993,392 shares, compared to its average volume of 1,337,749. The firm has a market capitalization of $1.07 billion, a price-to-earnings ratio of -41.04 and a beta of 1.42. The business has a 50 day moving average of $9.74 and a 200 day moving average of $8.74. 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 posted its quarterly earnings data on Wednesday, May 7th. The company reported ($0.05) earnings per share for the quarter, topping the consensus estimate 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 during the quarter, compared to the consensus estimate of $50.57 million. During the same quarter in the prior year, the company posted ($0.30) earnings per share. The company's quarterly revenue was up 93.2% compared to the same quarter last year. As a group, equities analysts predict that Avadel Pharmaceuticals PLC. will post -0.51 EPS for the current year.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on the stock. Needham & Company LLC reaffirmed a "buy" rating and issued a $19.00 price objective on shares of Avadel Pharmaceuticals in a report on Thursday, May 8th. HC Wainwright reaffirmed a "buy" rating and issued a $22.00 price objective on shares of Avadel Pharmaceuticals in a report on Friday, July 18th. Six analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock currently has an average rating of "Buy" and an average price target of $18.33.

Avadel Pharmaceuticals 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.