Russell Investments Group Ltd. Lowers Holdings in Avadel Pharmaceuticals PLC. $AVDL

Key Points

• Russell Investments Group Ltd. has drastically reduced its holdings in Avadel Pharmaceuticals PLC, cutting its shares by 93.7% to just 8,124 shares after selling 120,117 shares in the first quarter.
• Avadel Pharmaceuticals received upgraded ratings from multiple research firms, with target prices ranging from $19.00 to $20.00, and has an average rating of "Buy."
• The company's revenue rose 64.1% year-over-year, reporting $68.13 million for the quarter, significantly exceeding analyst expectations.

Russell Investments Group Ltd. reduced its position in Avadel Pharmaceuticals PLC. (NASDAQ:AVDL - Free Report) by 93.7% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 8,124 shares of the company's stock after selling 120,117 shares during the period. Russell Investments Group Ltd.'s holdings in Avadel Pharmaceuticals were worth $64,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in shares of Avadel Pharmaceuticals by 3.7% in the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 52,594 shares of the company's stock worth $553,000 after acquiring an additional 1,882 shares during the period. Rhumbline Advisers boosted its position in Avadel Pharmaceuticals by 2.3% during the first quarter. Rhumbline Advisers now owns 127,027 shares of the company's stock worth $995,000 after purchasing an additional 2,890 shares in the last quarter. Charles Schwab Investment Management Inc. grew its holdings in Avadel Pharmaceuticals by 1.6% in the first quarter. Charles Schwab Investment Management Inc. now owns 226,439 shares of the company's stock valued at $1,773,000 after purchasing an additional 3,641 shares during the period. Edge Wealth Management LLC increased its position in shares of Avadel Pharmaceuticals by 25.0% in the first quarter. Edge Wealth Management LLC now owns 25,000 shares of the company's stock valued at $196,000 after buying an additional 5,000 shares in the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank raised its stake in shares of Avadel Pharmaceuticals by 19.9% during the 1st quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 37,707 shares of the company's stock worth $295,000 after buying an additional 6,246 shares during the period. Institutional investors and hedge funds own 69.19% of the company's stock.

Avadel Pharmaceuticals Price Performance

Avadel Pharmaceuticals stock traded up $0.22 during trading on Wednesday, reaching $15.81. 1,629,496 shares of the company were exchanged, compared to its average volume of 1,372,359. Avadel Pharmaceuticals PLC. has a 52-week low of $6.38 and a 52-week high of $16.66. The company has a market capitalization of $1.54 billion, a P/E ratio of -527.00 and a beta of 1.58. The stock's 50 day simple moving average is $12.40 and its two-hundred day simple moving average is $9.89.

Avadel Pharmaceuticals (NASDAQ:AVDL - Get Free Report) last issued its earnings results on Thursday, August 7th. The company reported $0.10 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.02 by $0.08. Avadel Pharmaceuticals had a negative return on equity of 3.73% and a negative net margin of 1.32%.The business had revenue of $68.13 million during the quarter, compared to the consensus estimate of $60.28 million. During the same period last year, the company earned ($0.14) EPS. The company's revenue for the quarter was up 64.1% on a year-over-year basis. Avadel Pharmaceuticals has set its FY 2025 guidance at EPS. As a group, equities analysts forecast that Avadel Pharmaceuticals PLC. will post -0.51 earnings per share for the current year.

Analyst Ratings Changes

Several equities research analysts recently commented on AVDL shares. Lifesci Capital raised shares of Avadel Pharmaceuticals to a "strong-buy" rating in a report on Wednesday, September 3rd. Wall Street Zen raised shares of Avadel Pharmaceuticals from a "buy" rating to a "strong-buy" rating in a research note on Saturday, August 9th. Wells Fargo & Company raised shares of Avadel Pharmaceuticals to a "hold" rating in a research note on Wednesday, September 3rd. Zacks Research upgraded Avadel Pharmaceuticals to a "strong-buy" rating in a report on Friday, August 8th. Finally, UBS Group increased their target price on Avadel Pharmaceuticals from $13.00 to $20.00 and gave the company a "buy" rating in a report on Thursday, August 21st. Two investment analysts have rated the stock with a Strong Buy rating, six have given a Buy rating and one has assigned a Hold rating to the company. According to data from MarketBeat, Avadel Pharmaceuticals has a consensus rating of "Buy" and an average target price of $20.86.

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.