Modera Wealth Management LLC Has $4.38 Million Position in Avadel Pharmaceuticals PLC. (NASDAQ:AVDL)

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 trimmed its position in shares of Avadel Pharmaceuticals PLC. (NASDAQ:AVDL - Free Report) by 28.6% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 558,977 shares of the company's stock after selling 223,590 shares during the period. Modera Wealth Management LLC owned approximately 0.58% of Avadel Pharmaceuticals worth $4,377,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in the company. Invesco Ltd. lifted its position in shares of Avadel Pharmaceuticals by 2.3% in the 4th quarter. Invesco Ltd. now owns 52,142 shares of the company's stock worth $548,000 after buying an additional 1,177 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in 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 valued at $553,000 after purchasing an additional 1,882 shares during the last quarter. Rhumbline Advisers lifted its position in Avadel Pharmaceuticals by 2.3% in the 1st quarter. Rhumbline Advisers now owns 127,027 shares of the company's stock valued at $995,000 after purchasing an additional 2,890 shares during the last quarter. MetLife Investment Management LLC lifted its position in Avadel Pharmaceuticals by 6.1% in the 4th quarter. MetLife Investment Management LLC now owns 57,068 shares of the company's stock valued at $600,000 after purchasing an additional 3,271 shares during the last quarter. Finally, Edge Wealth Management LLC lifted its position in Avadel Pharmaceuticals by 25.0% in the 1st quarter. Edge Wealth Management LLC now owns 25,000 shares of the company's stock valued at $196,000 after purchasing an additional 5,000 shares during the last quarter. 69.19% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

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

Avadel Pharmaceuticals Stock Up 5.4%

Avadel Pharmaceuticals stock traded up $0.57 during trading hours on Friday, hitting $11.08. 993,392 shares of the company traded hands, compared to its average volume of 986,045. The firm has a market cap of $1.07 billion, a P/E ratio of -41.04 and a beta of 1.47. The firm's 50-day simple moving average is $9.78 and its two-hundred day simple moving average is $8.76. Avadel Pharmaceuticals PLC. has a 1-year low of $6.38 and a 1-year high of $17.30.

Avadel Pharmaceuticals (NASDAQ:AVDL - Get Free Report) last announced its quarterly earnings data on Wednesday, May 7th. The company reported ($0.05) earnings per share (EPS) 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 company had revenue of $52.51 million for the quarter, compared to analysts' expectations of $50.57 million. During the same quarter in the previous year, the company posted ($0.30) EPS. The business's revenue was up 93.2% compared to the same quarter last year. On average, equities research analysts predict that Avadel Pharmaceuticals PLC. will post -0.51 earnings per share 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.