Geode Capital Management LLC Has $15.14 Million Stake in Avadel Pharmaceuticals plc (NASDAQ:AVDL)

Geode Capital Management LLC lessened its stake in shares of Avadel Pharmaceuticals plc (NASDAQ:AVDL) by 0.6% during the 3rd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 1,154,365 shares of the company’s stock after selling 6,455 shares during the period. Geode Capital Management LLC owned about 1.20% of Avadel Pharmaceuticals worth $15,139,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. FMR LLC acquired a new stake in Avadel Pharmaceuticals during the 3rd quarter worth approximately $31,000. Amalgamated Bank acquired a new stake in shares of Avadel Pharmaceuticals during the 2nd quarter worth approximately $45,000. Quarry LP bought a new position in Avadel Pharmaceuticals in the second quarter valued at approximately $63,000. Advisors Asset Management Inc. grew its holdings in shares of Avadel Pharmaceuticals by 56.1% during the 3rd quarter. Advisors Asset Management Inc. now owns 7,921 shares of the company’s stock valued at $104,000 after purchasing an additional 2,846 shares during the last quarter. Finally, Beverly Hills Private Wealth LLC acquired a new position in shares of Avadel Pharmaceuticals during the second quarter worth $146,000. 69.19% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of research firms have weighed in on AVDL. Needham & Company LLC reissued a “buy” rating and set a $22.00 target price on shares of Avadel Pharmaceuticals in a report on Tuesday, November 12th. Oppenheimer upped their price target 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 decreased 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 report on Wednesday, November 13th. Seven investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and a consensus price target of $24.43.

Avadel Pharmaceuticals Trading Down 0.8 %

Avadel Pharmaceuticals stock opened at $10.53 on Monday. The company has a market cap of $1.01 billion, a price-to-earnings ratio of -13.33 and a beta of 1.32. The business’s 50 day simple moving average is $11.89 and its 200 day simple moving average is $13.82. Avadel Pharmaceuticals plc has a 12 month low of $9.41 and a 12 month high of $19.09.

Avadel Pharmaceuticals (NASDAQ:AVDL) last released its quarterly earnings data on Tuesday, November 12th. The company reported ($0.03) earnings per share (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 company had revenue of $50.00 million for the quarter, compared to analyst estimates of $48.43 million. During the same period in the previous year, the company posted ($0.41) EPS. The firm’s revenue for the quarter was up 624.6% compared to the same quarter last year. As a group, equities research analysts forecast that Avadel Pharmaceuticals plc will post -0.48 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Avadel Pharmaceuticals news, Director Linda Palczuk acquired 3,000 shares of the business’s stock in a transaction dated 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 purchase, the director now owns 66,400 shares of the company’s stock, valued at approximately $676,616. This trade represents a 4.73 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Geoffrey Michael Glass acquired 20,279 shares of Avadel Pharmaceuticals stock in a transaction dated Tuesday, December 10th. The shares were bought at an average cost of $9.84 per share, for a total transaction of $199,545.36. Following the completion of the purchase, the director now directly owns 75,904 shares of the company’s stock, valued at approximately $746,895.36. The trade was a 36.46 % increase in their position. The disclosure for this purchase can be found here. Insiders have acquired 40,579 shares of company stock worth $406,313 in the last ninety days. 4.80% of the stock is currently 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.