PVG Asset Management Corp Buys Shares of 34,040 Avadel Pharmaceuticals plc (NASDAQ:AVDL)

PVG Asset Management Corp acquired a new stake in shares of Avadel Pharmaceuticals plc (NASDAQ:AVDL - Free Report) during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund acquired 34,040 shares of the company's stock, valued at approximately $358,000. Avadel Pharmaceuticals makes up 1.7% of PVG Asset Management Corp's investment portfolio, making the stock its 26th biggest position.

Several other hedge funds have also recently bought and sold shares of AVDL. Hsbc Holdings PLC acquired a new stake in Avadel Pharmaceuticals during the 4th quarter valued at $113,000. Kazazian Asset Management LLC acquired a new position in shares of Avadel Pharmaceuticals in the fourth quarter valued at approximately $126,000. Sanctuary Advisors LLC acquired a new position in Avadel Pharmaceuticals during the fourth quarter valued at approximately $140,000. Nations Financial Group Inc. IA ADV bought a new stake in Avadel Pharmaceuticals in the 4th quarter valued at about $163,000. Finally, China Universal Asset Management Co. Ltd. lifted its holdings in shares of 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 acquiring an additional 1,916 shares during the last quarter. 69.19% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research firms have weighed in on AVDL. Needham & Company LLC restated a "buy" rating and set a $19.00 price objective on shares of Avadel Pharmaceuticals in a report on Thursday, May 8th. Deutsche Bank Aktiengesellschaft assumed coverage on shares of Avadel Pharmaceuticals in a report on Tuesday, February 11th. They set a "buy" rating and a $12.00 price objective for the company. Finally, HC Wainwright reaffirmed a "buy" rating and set a $21.00 price target on shares of Avadel Pharmaceuticals in a research note on Tuesday, March 4th. Seven investment analysts have rated the stock with a buy rating, According to MarketBeat, the stock has an average rating of "Buy" and a consensus price target of $19.43.

Avadel Pharmaceuticals Trading Down 1.5%

NASDAQ:AVDL traded down $0.14 during trading hours on Friday, reaching $9.08. 297,621 shares of the company were exchanged, compared to its average volume of 1,233,465. The firm has a market cap of $878.39 million, a PE ratio of -11.51 and a beta of 1.40. Avadel Pharmaceuticals plc has a twelve month low of $6.38 and a twelve month high of $17.30. The stock's 50-day moving average is $8.34 and its 200-day moving average is $8.99.

Avadel Pharmaceuticals (NASDAQ:AVDL - Get Free Report) last announced its earnings results on Wednesday, May 7th. The company reported ($0.05) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.07) by $0.02. Avadel Pharmaceuticals had a negative return on equity of 93.34% and a negative net margin of 52.53%. The company had revenue of $52.51 million for the quarter, compared to analyst estimates of $50.57 million. During the same quarter in the previous year, the company earned ($0.30) earnings per share. The firm's quarterly revenue was up 93.2% compared to the same quarter last year. As a group, research 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.