XTX Topco Ltd Raises Stake in Avadel Pharmaceuticals PLC. (NASDAQ:AVDL)

Key Points

• XTX Topco Ltd increased its stake in Avadel Pharmaceuticals by 92.5% during the first quarter, owning approximately $399,000 worth of shares.
• Analysts have a consensus rating of "Buy" for Avadel Pharmaceuticals, with a price target of $18.67 and a recent upgrade to "strong-buy" by Wall Street Zen.
• Avadel Pharmaceuticals reported a 64.1% year-over-year increase in revenue, reaching $68.13 million, and earnings per share significantly surpassed estimates.

XTX Topco Ltd increased its stake in Avadel Pharmaceuticals PLC. (NASDAQ:AVDL - Free Report) by 92.5% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 50,988 shares of the company's stock after purchasing an additional 24,506 shares during the period. XTX Topco Ltd owned 0.05% of Avadel Pharmaceuticals worth $399,000 as of its most recent SEC filing.

Several other institutional investors have also recently bought and sold shares of the stock. Kovack Advisors Inc. bought a new stake in shares of Avadel Pharmaceuticals during the 1st quarter valued at $90,000. Pekin Hardy Strauss Inc. acquired a new stake in shares of Avadel Pharmaceuticals in the 1st quarter valued at about $110,000. Hsbc Holdings PLC acquired a new stake in shares of Avadel Pharmaceuticals in the 4th quarter valued at about $113,000. Edge Wealth Management LLC raised its stake in shares of Avadel Pharmaceuticals by 25.0% in the 1st quarter. Edge Wealth Management LLC now owns 25,000 shares of the company's stock valued at $196,000 after purchasing an additional 5,000 shares during the period. Finally, BNP Paribas Financial Markets acquired a new stake in shares of Avadel Pharmaceuticals in the 4th quarter valued at about $245,000. Institutional investors own 69.19% of the company's stock.

Avadel Pharmaceuticals Price Performance

Shares of NASDAQ:AVDL traded up $0.40 during midday trading on Wednesday, hitting $13.80. 339,876 shares of the company's stock were exchanged, compared to its average volume of 1,343,610. The stock has a 50 day moving average price of $10.20 and a 200-day moving average price of $8.97. The company has a market cap of $1.34 billion, a PE ratio of -461.23 and a beta of 1.47. Avadel Pharmaceuticals PLC. has a 12 month low of $6.38 and a 12 month high of $16.66.

Avadel Pharmaceuticals (NASDAQ:AVDL - Get Free Report) last posted its quarterly earnings data on Thursday, August 7th. The company reported $0.10 EPS for the quarter, beating the consensus estimate of $0.02 by $0.08. The firm had revenue of $68.13 million during the quarter, compared to analyst estimates of $60.28 million. Avadel Pharmaceuticals had a negative net margin of 1.32% and a negative return on equity of 3.73%. The company's revenue for the quarter was up 64.1% on a year-over-year basis. During the same quarter last year, the business posted ($0.14) EPS. On average, analysts anticipate that Avadel Pharmaceuticals PLC. will post -0.51 EPS for the current fiscal year.

Analyst Ratings Changes

AVDL has been the subject of a number of recent research reports. HC Wainwright restated a "buy" rating and set a $24.00 price objective (up from $22.00) on shares of Avadel Pharmaceuticals in a research note on Friday, August 8th. Needham & Company LLC restated a "buy" rating and set a $19.00 price objective on shares of Avadel Pharmaceuticals in a research note on Thursday, May 8th. Wall Street Zen upgraded shares of Avadel Pharmaceuticals from a "buy" rating to a "strong-buy" rating in a research note on Saturday. Finally, Deutsche Bank Aktiengesellschaft restated a "buy" rating on shares of Avadel Pharmaceuticals in a research note on Friday, August 8th. Six equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat.com, Avadel Pharmaceuticals currently has an average rating of "Buy" and an average price target of $18.67.

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.