Woodline Partners LP Sells 1,185,492 Shares of Avadel Pharmaceuticals plc (NASDAQ:AVDL)

Woodline Partners LP decreased its stake in Avadel Pharmaceuticals plc (NASDAQ:AVDL - Free Report) by 70.3% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 501,821 shares of the company's stock after selling 1,185,492 shares during the quarter. Woodline Partners LP owned approximately 0.52% of Avadel Pharmaceuticals worth $5,274,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Wealth Effects LLC lifted its stake in shares of Avadel Pharmaceuticals by 4.9% in the fourth quarter. Wealth Effects LLC now owns 2,344,130 shares of the company's stock worth $24,637,000 after buying an additional 110,359 shares in the last quarter. SG Americas Securities LLC lifted its stake in shares of Avadel Pharmaceuticals by 274.6% in the fourth quarter. SG Americas Securities LLC now owns 46,767 shares of the company's stock worth $492,000 after buying an additional 34,281 shares in the last quarter. Barclays PLC raised its stake in Avadel Pharmaceuticals by 45.8% during the third quarter. Barclays PLC now owns 392,691 shares of the company's stock worth $5,150,000 after purchasing an additional 123,430 shares during the period. Knott David M Jr purchased a new position in Avadel Pharmaceuticals during the fourth quarter worth about $3,646,000. Finally, Tri Locum Partners LP raised its stake in Avadel Pharmaceuticals by 16.7% during the fourth quarter. Tri Locum Partners LP now owns 1,937,984 shares of the company's stock worth $20,368,000 after purchasing an additional 277,029 shares during the period. 69.19% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

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

Avadel Pharmaceuticals Stock Performance

Shares of AVDL traded up $0.21 during midday trading on Thursday, hitting $9.26. 208,087 shares of the stock traded hands, compared to its average volume of 1,229,914. Avadel Pharmaceuticals plc has a 1-year low of $6.38 and a 1-year high of $17.30. The firm has a market capitalization of $895.32 million, a PE ratio of -11.71 and a beta of 1.40. The business's 50 day moving average price is $8.33 and its two-hundred day moving average price is $9.04.

Avadel Pharmaceuticals (NASDAQ:AVDL - Get Free Report) last issued its quarterly earnings data 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 net margin of 52.53% and a negative return on equity of 93.34%. The business had revenue of $52.51 million for the quarter, compared to analysts' expectations of $50.57 million. During the same period in the previous year, the business earned ($0.30) earnings per share. The company's revenue was up 93.2% on a year-over-year basis. As a group, equities research analysts forecast that Avadel Pharmaceuticals plc will post -0.51 EPS for the current fiscal year.

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.