The Manufacturers Life Insurance Company Invests $590,000 in Avadel Pharmaceuticals plc (NASDAQ:AVDL)

The Manufacturers Life Insurance Company bought a new stake in shares of Avadel Pharmaceuticals plc (NASDAQ:AVDL) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm bought 41,979 shares of the company’s stock, valued at approximately $590,000.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. GSA Capital Partners LLP purchased a new stake in shares of Avadel Pharmaceuticals in the first quarter valued at approximately $804,000. Lord Abbett & CO. LLC acquired a new stake in Avadel Pharmaceuticals in the 1st quarter valued at about $3,264,000. Cetera Investment Advisers purchased a new position in shares of Avadel Pharmaceuticals in the 1st quarter valued at about $1,925,000. Bank of New York Mellon Corp acquired a new position in shares of Avadel Pharmaceuticals during the second quarter worth about $4,575,000. Finally, Russell Investments Group Ltd. acquired a new position in shares of Avadel Pharmaceuticals during the first quarter worth about $1,943,000. Hedge funds and other institutional investors own 69.19% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts recently commented on the stock. HC Wainwright reiterated a “buy” rating and set a $27.00 price target on shares of Avadel Pharmaceuticals in a research note on Wednesday, August 28th. Needham & Company LLC reissued a “buy” rating and issued a $22.00 price target on shares of Avadel Pharmaceuticals in a report on Wednesday, September 4th. Seven investment analysts have rated the stock with a buy rating, According to MarketBeat.com, Avadel Pharmaceuticals has an average rating of “Buy” and an average price target of $24.57.

Avadel Pharmaceuticals Stock Performance

Shares of NASDAQ:AVDL opened at $13.20 on Wednesday. The stock has a 50-day simple moving average of $14.40 and a 200-day simple moving average of $15.56. Avadel Pharmaceuticals plc has a 1 year low of $9.50 and a 1 year high of $19.09. The stock has a market capitalization of $1.27 billion, a P/E ratio of -7.10 and a beta of 1.50.

Avadel Pharmaceuticals (NASDAQ:AVDL) last announced its earnings results on Thursday, August 8th. The company reported ($0.14) earnings per share (EPS) 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 analyst estimates of $37.47 million. Avadel Pharmaceuticals had a negative return on equity of 122.64% and a negative net margin of 111.64%. Avadel Pharmaceuticals’s quarterly revenue was up 2666.7% on a year-over-year basis. During the same period in the prior year, the company posted ($0.70) EPS. Analysts predict that Avadel Pharmaceuticals plc will post -0.5 earnings per share 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.