Avadel Pharmaceuticals plc (NASDAQ:AVDL) Stake Boosted by Tang Capital Management LLC

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

A number of other large investors have also modified their holdings of AVDL. Barclays PLC raised its stake in shares of Avadel Pharmaceuticals by 45.8% during the 3rd quarter. Barclays PLC now owns 392,691 shares of the company's stock worth $5,150,000 after buying an additional 123,430 shares in the last quarter. Krilogy Financial LLC increased its stake in Avadel Pharmaceuticals by 53.6% in the 4th quarter. Krilogy Financial LLC now owns 26,362 shares of the company's stock valued at $277,000 after purchasing an additional 9,200 shares in the last quarter. Crossmark Global Holdings Inc. increased its stake in Avadel Pharmaceuticals by 33.1% in the 4th quarter. Crossmark Global Holdings Inc. now owns 35,481 shares of the company's stock valued at $373,000 after purchasing an additional 8,815 shares in the last quarter. SG Americas Securities LLC increased its stake in Avadel Pharmaceuticals by 274.6% in the 4th quarter. SG Americas Securities LLC now owns 46,767 shares of the company's stock valued at $492,000 after purchasing an additional 34,281 shares in the last quarter. Finally, Wealth Effects LLC grew its holdings in Avadel Pharmaceuticals by 4.9% during the 4th quarter. Wealth Effects LLC now owns 2,344,130 shares of the company's stock valued at $24,637,000 after buying an additional 110,359 shares during the last quarter. 69.19% of the stock is owned by hedge funds and other institutional investors.

Avadel Pharmaceuticals Stock Performance

Shares of NASDAQ:AVDL traded up $0.02 during trading on Tuesday, hitting $9.37. The company's stock had a trading volume of 628,266 shares, compared to its average volume of 1,230,769. Avadel Pharmaceuticals plc has a fifty-two week low of $6.38 and a fifty-two week high of $17.30. The stock's 50-day moving average price is $8.28 and its two-hundred day moving average price is $9.26. The company has a market capitalization of $905.41 million, a PE ratio of -11.86 and a beta of 1.40.

Avadel Pharmaceuticals (NASDAQ:AVDL - Get Free Report) last issued its quarterly earnings results on Wednesday, May 7th. The company reported ($0.05) earnings per share 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 business had revenue of $52.51 million during the quarter, compared to the consensus estimate of $50.57 million. During the same period in the previous year, the business earned ($0.30) EPS. The business's quarterly revenue was up 93.2% on a year-over-year basis. On average, equities analysts predict that Avadel Pharmaceuticals plc will post -0.51 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of equities research analysts have commented on the company. Needham & Company LLC reiterated a "buy" rating and set a $19.00 target price on shares of Avadel Pharmaceuticals in a report on Thursday, May 8th. Deutsche Bank Aktiengesellschaft started coverage on Avadel Pharmaceuticals in a report on Tuesday, February 11th. They issued a "buy" rating and a $12.00 target price on the stock. Finally, HC Wainwright restated a "buy" rating and set a $21.00 price objective on shares of Avadel Pharmaceuticals in a research note on Tuesday, March 4th. Seven analysts have rated the stock with a buy rating, According to data from MarketBeat, Avadel Pharmaceuticals has an average rating of "Buy" and a consensus price target of $19.43.

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.