The Manufacturers Life Insurance Company Has $740,000 Stock Position in Avadel Pharmaceuticals plc (NASDAQ:AVDL)

The Manufacturers Life Insurance Company lifted its holdings in shares of Avadel Pharmaceuticals plc (NASDAQ:AVDL) by 34.4% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 56,399 shares of the company’s stock after acquiring an additional 14,420 shares during the period. The Manufacturers Life Insurance Company owned approximately 0.06% of Avadel Pharmaceuticals worth $740,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Bank of New York Mellon Corp purchased a new stake in shares of Avadel Pharmaceuticals in the second quarter worth approximately $4,575,000. Troluce Capital Advisors LLC purchased a new stake in Avadel Pharmaceuticals in the 2nd quarter valued at $2,109,000. Iridian Asset Management LLC CT lifted its stake in Avadel Pharmaceuticals by 42.5% during the 3rd quarter. Iridian Asset Management LLC CT now owns 167,700 shares of the company’s stock valued at $2,199,000 after acquiring an additional 50,000 shares in the last quarter. Nantahala Capital Management LLC purchased a new position in Avadel Pharmaceuticals during the 2nd quarter worth $4,921,000. Finally, Rhumbline Advisers grew its stake in shares of Avadel Pharmaceuticals by 7,840.1% in the 2nd quarter. Rhumbline Advisers now owns 122,675 shares of the company’s stock worth $1,725,000 after acquiring an additional 121,130 shares in the last quarter. Institutional investors and hedge funds own 69.19% of the company’s stock.

Avadel Pharmaceuticals Price Performance

Shares of Avadel Pharmaceuticals stock opened at $10.39 on Friday. Avadel Pharmaceuticals plc has a 1 year low of $9.41 and a 1 year high of $19.09. The firm has a market cap of $1.00 billion, a PE ratio of -13.15 and a beta of 1.32. The stock has a fifty day moving average price of $12.43 and a 200-day moving average price of $14.19.

Avadel Pharmaceuticals (NASDAQ:AVDL) last announced its earnings results on Tuesday, November 12th. The company reported ($0.03) earnings per share (EPS) for the quarter, beating the consensus estimate 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 during the quarter, compared to analyst estimates of $48.43 million. During the same period last year, the firm posted ($0.41) EPS. The business’s revenue was up 624.6% compared to the same quarter last year. As a group, equities analysts anticipate that Avadel Pharmaceuticals plc will post -0.48 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

AVDL has been the subject of several recent analyst reports. Needham & Company LLC reiterated a “buy” rating and issued a $22.00 target price on shares of Avadel Pharmaceuticals in a research note on Tuesday, November 12th. HC Wainwright reduced their target price on shares of Avadel Pharmaceuticals from $27.00 to $25.00 and set a “buy” rating for the company in a research note on Wednesday, November 13th. Finally, Oppenheimer upped their target price on shares of Avadel Pharmaceuticals from $29.00 to $30.00 and gave the stock an “outperform” rating in a research note on Thursday, October 31st. Seven equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock presently has an average rating of “Buy” and a consensus target price of $24.43.

Insider Buying and Selling

In other news, Director Linda Palczuk acquired 3,000 shares of the firm’s stock in a transaction that occurred on Friday, December 6th. The stock was bought at an average price of $10.19 per share, with a total value of $30,570.00. Following the acquisition, the director now owns 66,400 shares in the company, valued at $676,616. The trade was a 4.73 % increase in their position. The acquisition was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Gregory J. Divis acquired 9,598 shares of the firm’s stock in a transaction that occurred on Friday, December 6th. The stock was purchased at an average cost of $9.98 per share, with a total value of $95,788.04. Following the acquisition, the chief executive officer now owns 9,598 shares in the company, valued at $95,788.04. The trade was a ∞ increase in their position. The disclosure for this purchase can be found here. In the last 90 days, insiders bought 38,279 shares of company stock valued at $382,301. 4.80% of the stock is owned by insiders.

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.