Vivo Capital LLC Sells 124,329 Shares of Avadel Pharmaceuticals plc (NASDAQ:AVDL)

Vivo Capital LLC reduced its stake in shares of Avadel Pharmaceuticals plc (NASDAQ:AVDL - Free Report) by 3.0% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 3,972,099 shares of the company's stock after selling 124,329 shares during the period. Avadel Pharmaceuticals accounts for about 5.3% of Vivo Capital LLC's investment portfolio, making the stock its 5th largest position. Vivo Capital LLC owned 4.39% of Avadel Pharmaceuticals worth $67,089,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also modified their holdings of the company. Commonwealth Equity Services LLC lifted its holdings in shares of Avadel Pharmaceuticals by 3.3% in the 3rd quarter. Commonwealth Equity Services LLC now owns 79,213 shares of the company's stock worth $816,000 after purchasing an additional 2,528 shares during the last quarter. Jump Financial LLC acquired a new stake in Avadel Pharmaceuticals during the third quarter valued at approximately $552,000. Quantbot Technologies LP bought a new stake in Avadel Pharmaceuticals during the third quarter worth approximately $78,000. Oppenheimer & Co. Inc. grew its position in Avadel Pharmaceuticals by 16.5% in the third quarter. Oppenheimer & Co. Inc. now owns 39,911 shares of the company's stock worth $411,000 after buying an additional 5,663 shares during the last quarter. Finally, Exencial Wealth Advisors LLC bought a new position in shares of Avadel Pharmaceuticals in the third quarter valued at $124,000. 69.19% of the stock is owned by institutional investors and hedge funds.

Avadel Pharmaceuticals Stock Down 0.1 %

AVDL stock traded down $0.01 during midday trading on Friday, reaching $17.81. The stock had a trading volume of 452,421 shares, compared to its average volume of 916,899. Avadel Pharmaceuticals plc has a twelve month low of $9.50 and a twelve month high of $18.85. The firm has a market cap of $1.61 billion, a price-to-earnings ratio of -8.73 and a beta of 1.60. The business has a fifty day simple moving average of $15.88 and a two-hundred day simple moving average of $13.92.

Avadel Pharmaceuticals (NASDAQ:AVDL - Get Free Report) last released its quarterly earnings data on Monday, March 4th. The company reported ($0.32) earnings per share for the quarter, missing the consensus estimate of ($0.28) by ($0.04). The company had revenue of $19.45 million during the quarter, compared to analyst estimates of $17.41 million. During the same quarter in the previous year, the business earned ($0.44) earnings per share. On average, equities analysts predict that Avadel Pharmaceuticals plc will post -0.46 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on AVDL shares. Oppenheimer boosted their target price on Avadel Pharmaceuticals from $27.00 to $29.00 and gave the stock an "outperform" rating in a research report on Tuesday, March 5th. HC Wainwright raised their target price on shares of Avadel Pharmaceuticals from $21.00 to $25.00 and gave the stock a "buy" rating in a report on Tuesday, March 5th. UBS Group began coverage on shares of Avadel Pharmaceuticals in a research report on Tuesday, February 6th. They issued a "buy" rating and a $21.00 target price on the stock. Craig Hallum upped their price target on shares of Avadel Pharmaceuticals from $20.00 to $22.00 and gave the company a "buy" rating in a research report on Tuesday, March 5th. Finally, Needham & Company LLC reiterated a "buy" rating and set a $22.00 price objective on shares of Avadel Pharmaceuticals in a research report on Tuesday, April 9th. Six equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock currently has an average rating of "Buy" and a consensus target price of $22.57.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.