Polar Capital Holdings Plc Sells 419,828 Shares of Avadel Pharmaceuticals plc (NASDAQ:AVDL)

Polar Capital Holdings Plc reduced its stake in shares of Avadel Pharmaceuticals plc (NASDAQ:AVDL - Free Report) by 8.7% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 4,414,200 shares of the company's stock after selling 419,828 shares during the period. Polar Capital Holdings Plc owned 4.58% of Avadel Pharmaceuticals worth $46,393,000 as of its most recent SEC filing.

Other institutional investors also recently bought and sold shares of the company. Two Seas Capital LP increased its holdings in shares of 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 last quarter. Brandes Investment Partners LP lifted its holdings in 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 during the last quarter. Janus Henderson Group PLC boosted its position in shares of Avadel Pharmaceuticals by 5.7% during the fourth quarter. Janus Henderson Group PLC now owns 14,080,219 shares of the company's stock worth $148,117,000 after buying an additional 753,332 shares during the period. Braidwell LP boosted its position in Avadel Pharmaceuticals by 21.2% during the 4th quarter. Braidwell LP now owns 4,105,726 shares of the company's stock worth $43,151,000 after acquiring an additional 716,787 shares during the period. Finally, Kennedy Capital Management LLC increased its stake in shares of Avadel Pharmaceuticals by 79.7% during the fourth quarter. Kennedy Capital Management LLC now owns 1,056,934 shares of the company's stock valued at $11,108,000 after acquiring an additional 468,757 shares during the period. 69.19% of the stock is currently owned by institutional investors and hedge funds.

Avadel Pharmaceuticals Stock Up 0.1%

Shares of Avadel Pharmaceuticals stock traded up $0.01 on Tuesday, hitting $9.36. The stock had a trading volume of 203,337 shares, compared to its average volume of 1,225,838. Avadel Pharmaceuticals plc has a twelve month low of $6.38 and a twelve month high of $17.30. The business's 50 day moving average is $8.26 and its two-hundred day moving average is $9.26. The stock has a market cap of $904.45 million, a price-to-earnings ratio of -11.84 and a beta of 1.40.

Avadel Pharmaceuticals (NASDAQ:AVDL - Get Free Report) last announced its quarterly earnings results on Wednesday, May 7th. The company reported ($0.05) earnings per share (EPS) for the quarter, topping the consensus estimate 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 net margin of 52.53% and a negative return on equity of 93.34%. The company's revenue for the quarter was up 93.2% compared to the same quarter last year. During the same period in the prior year, the business earned ($0.30) earnings per share. As a group, equities analysts predict that Avadel Pharmaceuticals plc will post -0.51 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several equities analysts have weighed in on the stock. Needham & Company LLC reiterated a "buy" rating and set a $19.00 price objective on shares of Avadel Pharmaceuticals in a research report on Thursday, May 8th. Deutsche Bank Aktiengesellschaft assumed coverage on shares of Avadel Pharmaceuticals in a research report on Tuesday, February 11th. They set a "buy" rating and a $12.00 price objective on the stock. Finally, HC Wainwright reiterated a "buy" rating and set a $21.00 price objective on shares of Avadel Pharmaceuticals in a research report on Tuesday, March 4th. Seven equities research analysts have rated the stock with a buy rating, According to MarketBeat, the stock currently 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.