Tang Capital Management LLC Has $15.74 Million Stake in Avadel Pharmaceuticals plc (NASDAQ:AVDL)

Tang Capital Management LLC lifted its holdings in Avadel Pharmaceuticals plc (NASDAQ:AVDL - Free Report) by 21.7% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,497,500 shares of the company's stock after purchasing an additional 267,500 shares during the period. Avadel Pharmaceuticals comprises 1.0% of Tang Capital Management LLC's holdings, making the stock its 26th biggest holding. Tang Capital Management LLC owned about 1.55% of Avadel Pharmaceuticals worth $15,739,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Two Seas Capital LP raised its holdings in Avadel Pharmaceuticals by 90.6% during the 4th quarter. Two Seas Capital LP now owns 4,296,449 shares of the company's stock worth $45,156,000 after buying an additional 2,042,669 shares during the period. Brandes Investment Partners LP increased its position in shares of Avadel Pharmaceuticals by 58.1% in the fourth quarter. Brandes Investment Partners LP now owns 2,173,139 shares of the company's stock worth $22,840,000 after acquiring an additional 798,415 shares in the last quarter. Janus Henderson Group PLC lifted its position in shares of Avadel Pharmaceuticals by 5.7% in the 4th 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 in the last quarter. Braidwell LP boosted its stake in Avadel Pharmaceuticals by 21.2% in the 4th quarter. Braidwell LP now owns 4,105,726 shares of the company's stock worth $43,151,000 after purchasing an additional 716,787 shares during the period. Finally, Kennedy Capital Management LLC boosted its stake in Avadel Pharmaceuticals by 79.7% in the 4th quarter. Kennedy Capital Management LLC now owns 1,056,934 shares of the company's stock worth $11,108,000 after purchasing an additional 468,757 shares during the period. 69.19% of the stock is currently owned by institutional investors.

Avadel Pharmaceuticals Stock Performance

Shares of NASDAQ AVDL traded up $0.11 during mid-day trading on Friday, reaching $8.99. The company had a trading volume of 250,552 shares, compared to its average volume of 1,228,295. 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 $8.29 and its 200-day moving average is $9.22. The stock has a market capitalization of $869.20 million, a PE ratio of -11.37 and a beta of 1.40.

Avadel Pharmaceuticals (NASDAQ:AVDL - Get Free Report) last posted its quarterly earnings results on Wednesday, May 7th. The company reported ($0.05) earnings per share for the quarter, topping analysts' consensus estimates of ($0.07) by $0.02. The company had revenue of $52.51 million during 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 last year, the business earned ($0.30) EPS. On average, sell-side analysts anticipate that Avadel Pharmaceuticals plc will post -0.51 EPS for the current year.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on AVDL shares. HC Wainwright reissued a "buy" rating and set a $21.00 target price on shares of Avadel Pharmaceuticals in a research note on Tuesday, March 4th. Deutsche Bank Aktiengesellschaft began coverage on Avadel Pharmaceuticals in a research note on Tuesday, February 11th. They issued a "buy" rating and a $12.00 price objective for the company. Finally, Needham & Company LLC reaffirmed a "buy" rating and set a $19.00 target price on shares of Avadel Pharmaceuticals in a research note on Thursday, May 8th. Seven research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company currently has an average rating of "Buy" and a consensus target price of $19.43.

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.