AdvisorShares Investments LLC Decreases Stock Holdings in Avadel Pharmaceuticals plc (NASDAQ:AVDL)

AdvisorShares Investments LLC lowered its holdings in Avadel Pharmaceuticals plc (NASDAQ:AVDL) by 2.3% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 31,021 shares of the company’s stock after selling 744 shares during the period. AdvisorShares Investments LLC’s holdings in Avadel Pharmaceuticals were worth $438,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Chilton Capital Management LLC purchased a new stake in shares of Avadel Pharmaceuticals during the 1st quarter valued at $51,000. BNP Paribas Financial Markets grew its position in Avadel Pharmaceuticals by 60.5% during the first quarter. BNP Paribas Financial Markets now owns 4,469 shares of the company’s stock valued at $75,000 after buying an additional 1,685 shares during the period. Quarry LP bought a new position in Avadel Pharmaceuticals during the fourth quarter valued at about $120,000. Claro Advisors LLC purchased a new stake in Avadel Pharmaceuticals during the first quarter worth about $172,000. Finally, Principal Financial Group Inc. bought a new stake in Avadel Pharmaceuticals in the second quarter worth about $176,000. Hedge funds and other institutional investors own 69.19% of the company’s stock.

Avadel Pharmaceuticals Trading Down 5.1 %

Shares of AVDL stock opened at $13.65 on Thursday. The firm’s 50 day moving average is $15.80 and its 200 day moving average is $15.94. The stock has a market capitalization of $1.31 billion, a P/E ratio of -7.34 and a beta of 1.53. Avadel Pharmaceuticals plc has a 12 month low of $9.50 and a 12 month high of $19.09.

Avadel Pharmaceuticals (NASDAQ:AVDL) last posted its earnings results on Thursday, August 8th. The company reported ($0.14) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.17) by $0.03. The firm had revenue of $41.50 million for the quarter, compared to the consensus estimate of $37.47 million. Avadel Pharmaceuticals had a negative return on equity of 122.64% and a negative net margin of 111.64%. The business’s quarterly revenue was up 2666.7% on a year-over-year basis. During the same quarter in the prior year, the business posted ($0.70) earnings per share. On average, equities analysts predict that Avadel Pharmaceuticals plc will post -0.5 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of research analysts have recently weighed in on the stock. Rodman & Renshaw initiated coverage on shares of Avadel Pharmaceuticals in a research report on Wednesday, June 12th. They set a “buy” rating and a $27.00 target price for the company. Needham & Company LLC reissued a “buy” rating and set a $22.00 price objective on shares of Avadel Pharmaceuticals in a report on Wednesday, September 4th. Finally, HC Wainwright reissued a “buy” rating and issued a $27.00 target price on shares of Avadel Pharmaceuticals in a research report on Wednesday, August 28th. Seven analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock has an average rating of “Buy” and an average price target of $24.57.

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.