Fmr LLC Makes New $31,000 Investment in Avadel Pharmaceuticals plc (NASDAQ:AVDL)

Fmr LLC purchased a new stake in Avadel Pharmaceuticals plc (NASDAQ:AVDL) in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 2,383 shares of the company’s stock, valued at approximately $31,000.

A number of other hedge funds have also recently made changes to their positions in the company. Bank of New York Mellon Corp bought a new position in Avadel Pharmaceuticals in the 2nd quarter worth about $4,575,000. Principal Financial Group Inc. purchased a new position in shares of Avadel Pharmaceuticals during the second quarter worth about $176,000. Commonwealth Equity Services LLC increased its position in shares of Avadel Pharmaceuticals by 13.9% in the second quarter. Commonwealth Equity Services LLC now owns 44,767 shares of the company’s stock worth $629,000 after purchasing an additional 5,460 shares during the last quarter. Rhumbline Advisers raised its stake in Avadel Pharmaceuticals by 7,840.1% in the second quarter. Rhumbline Advisers now owns 122,675 shares of the company’s stock valued at $1,725,000 after purchasing an additional 121,130 shares in the last quarter. Finally, Beverly Hills Private Wealth LLC bought a new stake in Avadel Pharmaceuticals during the second quarter valued at approximately $146,000. 69.19% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other Avadel Pharmaceuticals news, Director Geoffrey Michael Glass acquired 20,279 shares of the company’s stock in a transaction on Tuesday, December 10th. The stock was acquired at an average cost of $9.84 per share, with a total value of $199,545.36. Following the purchase, the director now directly owns 75,904 shares of the company’s stock, valued at approximately $746,895.36. This represents a 36.46 % increase in their position. The purchase was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Gregory J. Divis acquired 9,598 shares of the stock in a transaction dated Friday, December 6th. The stock was bought at an average cost of $9.98 per share, with a total value of $95,788.04. Following the completion of the purchase, the chief executive officer now directly owns 9,598 shares in the company, valued at approximately $95,788.04. The trade was a ∞ increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last quarter, insiders purchased 40,579 shares of company stock worth $406,313. 4.80% of the stock is owned by insiders.

Avadel Pharmaceuticals Stock Up 0.9 %

AVDL opened at $10.23 on Thursday. The stock has a market capitalization of $985.78 million, a price-to-earnings ratio of -12.95 and a beta of 1.32. The firm has a 50 day moving average price of $12.08 and a 200-day moving average price of $13.92. Avadel Pharmaceuticals plc has a twelve month low of $9.41 and a twelve month high of $19.09.

Avadel Pharmaceuticals (NASDAQ:AVDL) last announced its 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 net margin of 52.53% and a negative return on equity of 93.34%. The business had revenue of $50.00 million during the quarter, compared to analysts’ expectations of $48.43 million. During the same period in the prior year, the company earned ($0.41) earnings per share. The firm’s revenue was up 624.6% on a year-over-year basis. As a group, analysts expect that Avadel Pharmaceuticals plc will post -0.48 earnings per share for the current year.

Wall Street Analysts Forecast Growth

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

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.