Rhumbline Advisers Purchases 121,130 Shares of Avadel Pharmaceuticals plc (NASDAQ:AVDL)

Rhumbline Advisers grew its holdings in shares of Avadel Pharmaceuticals plc (NASDAQ:AVDL) by 7,840.1% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 122,675 shares of the company’s stock after acquiring an additional 121,130 shares during the quarter. Rhumbline Advisers owned 0.13% of Avadel Pharmaceuticals worth $1,725,000 at the end of the most recent quarter.

Other institutional investors have also recently bought and sold shares of the company. Chilton Capital Management LLC acquired a new position in shares of Avadel Pharmaceuticals in the first quarter valued at approximately $51,000. BNP Paribas Financial Markets increased its stake in shares of Avadel Pharmaceuticals by 60.5% in 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 acquired a new position in shares of Avadel Pharmaceuticals in the fourth quarter valued at approximately $120,000. Claro Advisors LLC acquired a new position in shares of Avadel Pharmaceuticals in the first quarter valued at approximately $172,000. Finally, Principal Financial Group Inc. acquired a new position in shares of Avadel Pharmaceuticals in the second quarter valued at approximately $176,000. Institutional investors and hedge funds own 69.19% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on AVDL. Needham & Company LLC reaffirmed a “buy” rating and issued a $22.00 price objective on shares of Avadel Pharmaceuticals in a research note on Wednesday, September 4th. Rodman & Renshaw began 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. Finally, HC Wainwright reissued a “buy” rating and set 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 MarketBeat.com, Avadel Pharmaceuticals currently has an average rating of “Buy” and a consensus target price of $24.57.

Avadel Pharmaceuticals Stock Performance

NASDAQ:AVDL opened at $13.40 on Friday. The company has a market capitalization of $1.29 billion, a PE ratio of -7.20 and a beta of 1.53. The company has a 50 day simple moving average of $15.51 and a two-hundred day simple moving average of $15.94. Avadel Pharmaceuticals plc has a fifty-two week low of $9.50 and a fifty-two week high of $19.09.

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

About Avadel Pharmaceuticals

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.