Stifel Financial Corp Sells 1,452 Shares of Avadel Pharmaceuticals plc (NASDAQ:AVDL)

Stifel Financial Corp decreased its position in shares of Avadel Pharmaceuticals plc (NASDAQ:AVDL) by 6.2% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 21,972 shares of the company’s stock after selling 1,452 shares during the period. Stifel Financial Corp’s holdings in Avadel Pharmaceuticals were worth $288,000 at the end of the most recent quarter.

Other large investors have also added to or reduced their stakes in the company. Braidwell LP increased its stake in shares of Avadel Pharmaceuticals by 16.9% in the third quarter. Braidwell LP now owns 3,388,939 shares of the company’s stock worth $44,446,000 after purchasing an additional 490,300 shares in the last quarter. Nantahala Capital Management LLC purchased a new stake in Avadel Pharmaceuticals in the 2nd quarter worth $4,921,000. Bank of New York Mellon Corp purchased a new stake in Avadel Pharmaceuticals in the 2nd quarter worth $4,575,000. Troluce Capital Advisors LLC bought a new stake in Avadel Pharmaceuticals during the second quarter valued at about $2,109,000. Finally, Rhumbline Advisers lifted its position in shares of 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 acquiring an additional 121,130 shares in the last quarter. Hedge funds and other institutional investors own 69.19% of the company’s stock.

Insider Activity

In related news, Director Linda Palczuk bought 3,000 shares of the business’s stock in a transaction dated Friday, December 6th. The shares were purchased at an average price of $10.19 per share, with a total value of $30,570.00. Following the transaction, the director now owns 66,400 shares in the company, valued at $676,616. This trade represents a 4.73 % increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Geoffrey Michael Glass purchased 20,279 shares of the firm’s stock in a transaction that occurred on Tuesday, December 10th. The shares were bought at an average price of $9.84 per share, for a total transaction of $199,545.36. Following the acquisition, the director now directly owns 75,904 shares in the company, valued at $746,895.36. This trade represents a 36.46 % increase in their position. The disclosure for this purchase can be found here. In the last three months, insiders have acquired 40,579 shares of company stock worth $406,313. 4.80% of the stock is currently owned by corporate insiders.

Avadel Pharmaceuticals Price Performance

NASDAQ:AVDL opened at $10.53 on Friday. The company has a market cap of $1.01 billion, a price-to-earnings ratio of -13.33 and a beta of 1.32. Avadel Pharmaceuticals plc has a 1 year low of $9.41 and a 1 year high of $19.09. The stock’s 50 day simple moving average is $11.89 and its two-hundred day simple moving average is $13.84.

Avadel Pharmaceuticals (NASDAQ:AVDL) last announced its quarterly earnings results on Tuesday, November 12th. The company reported ($0.03) earnings per share for the quarter, topping the consensus estimate 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 company had revenue of $50.00 million for the quarter, compared to analysts’ expectations of $48.43 million. During the same quarter in the previous year, the business posted ($0.41) earnings per share. Avadel Pharmaceuticals’s quarterly revenue was up 624.6% on a year-over-year basis. As a group, analysts anticipate that Avadel Pharmaceuticals plc will post -0.48 EPS for the current year.

Analyst Ratings Changes

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

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.