Edge Wealth Management LLC Acquires Shares of 20,000 Avadel Pharmaceuticals plc (NASDAQ:AVDL)

Edge Wealth Management LLC acquired a new stake in Avadel Pharmaceuticals plc (NASDAQ:AVDL) during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 20,000 shares of the company’s stock, valued at approximately $262,000.

A number of other hedge funds have also recently modified their holdings of AVDL. Janus Henderson Group PLC increased its position in shares of Avadel Pharmaceuticals by 16.1% during the first quarter. Janus Henderson Group PLC now owns 12,915,160 shares of the company’s stock valued at $218,182,000 after buying an additional 1,789,830 shares during the period. Gendell Jeffrey L increased its position in shares of Avadel Pharmaceuticals by 1.7% during the first quarter. Gendell Jeffrey L now owns 5,708,118 shares of the company’s stock valued at $96,410,000 after buying an additional 92,768 shares during the period. Brandes Investment Partners LP increased its position in shares of Avadel Pharmaceuticals by 1.5% during the second quarter. Brandes Investment Partners LP now owns 1,483,439 shares of the company’s stock valued at $20,894,000 after buying an additional 21,214 shares during the period. Kennedy Capital Management LLC increased its position in shares of Avadel Pharmaceuticals by 1.1% during the first quarter. Kennedy Capital Management LLC now owns 653,147 shares of the company’s stock valued at $11,032,000 after buying an additional 7,273 shares during the period. Finally, Modera Wealth Management LLC grew its holdings in Avadel Pharmaceuticals by 0.4% in the second quarter. Modera Wealth Management LLC now owns 602,608 shares of the company’s stock worth $8,473,000 after purchasing an additional 2,159 shares during the period. Hedge funds and other institutional investors own 69.19% of the company’s stock.

Avadel Pharmaceuticals Price Performance

Avadel Pharmaceuticals stock traded up $0.03 during midday trading on Tuesday, reaching $13.20. 824,506 shares of the company traded hands, compared to its average volume of 1,161,726. The firm has a market capitalization of $1.27 billion, a price-to-earnings ratio of -7.10 and a beta of 1.50. The business has a 50 day moving average of $14.40 and a two-hundred day moving average of $15.56. Avadel Pharmaceuticals plc has a 12 month low of $9.50 and a 12 month high of $19.09.

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

Analyst Ratings Changes

A number of equities research analysts have weighed in on the stock. HC Wainwright restated a “buy” rating and issued a $27.00 price objective on shares of Avadel Pharmaceuticals in a report on Wednesday, August 28th. Needham & Company LLC reiterated a “buy” rating and issued a $22.00 target price on shares of Avadel Pharmaceuticals in a research note on Wednesday, September 4th. Seven research analysts have rated the stock with a buy rating, According to data from MarketBeat, Avadel Pharmaceuticals currently has an average rating of “Buy” and a consensus 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.