Atria Investments Inc Sells 4,952 Shares of Avadel Pharmaceuticals plc (NASDAQ:AVDL)

Atria Investments Inc cut its position in Avadel Pharmaceuticals plc (NASDAQ:AVDL) by 14.9% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 28,226 shares of the company’s stock after selling 4,952 shares during the quarter. Atria Investments Inc’s holdings in Avadel Pharmaceuticals were worth $370,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. Bank of New York Mellon Corp bought a new stake in Avadel Pharmaceuticals in the 2nd quarter valued at $4,575,000. Cetera Investment Advisers acquired a new position in Avadel Pharmaceuticals in the 1st quarter valued at $1,925,000. Russell Investments Group Ltd. acquired a new position in shares of Avadel Pharmaceuticals during the 1st quarter worth $1,943,000. Troluce Capital Advisors LLC acquired a new position in shares of Avadel Pharmaceuticals during the 2nd quarter worth $2,109,000. Finally, Iridian Asset Management LLC CT raised its holdings in shares of Avadel Pharmaceuticals by 42.5% during the 3rd quarter. Iridian Asset Management LLC CT now owns 167,700 shares of the company’s stock worth $2,199,000 after buying an additional 50,000 shares in the last quarter. 69.19% of the stock is currently owned by institutional investors.

Avadel Pharmaceuticals Trading Up 8.5 %

NASDAQ AVDL opened at $11.67 on Friday. The business’s 50-day moving average price is $13.28 and its two-hundred day moving average price is $14.84. Avadel Pharmaceuticals plc has a 12 month low of $10.41 and a 12 month high of $19.09. The firm has a market capitalization of $1.12 billion, a PE ratio of -14.73 and a beta of 1.47.

Avadel Pharmaceuticals (NASDAQ:AVDL) last released its quarterly earnings results on Tuesday, November 12th. The company reported ($0.03) EPS for the quarter, beating analysts’ consensus estimates of ($0.06) by $0.03. Avadel Pharmaceuticals had a negative return on equity of 93.34% and a negative net margin of 52.53%. The firm had revenue of $50.00 million for the quarter, compared to analyst estimates of $48.43 million. During the same quarter in the previous year, the company posted ($0.41) EPS. The business’s revenue was up 624.6% on a year-over-year basis. As a group, analysts forecast that Avadel Pharmaceuticals plc will post -0.48 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on AVDL shares. Needham & Company LLC reissued a “buy” rating and set a $22.00 price target on shares of Avadel Pharmaceuticals in a report on Tuesday, November 12th. HC Wainwright lowered their price target on Avadel Pharmaceuticals from $27.00 to $25.00 and set a “buy” rating for the company in a report on Wednesday, November 13th. Finally, Oppenheimer boosted their price target on Avadel Pharmaceuticals from $29.00 to $30.00 and gave the stock an “outperform” rating in a report on Thursday, October 31st. Seven analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock currently has an average rating of “Buy” and an average price target of $24.43.

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.