OneDigital Investment Advisors LLC Sells 4,000 Shares of Avadel Pharmaceuticals plc (NASDAQ:AVDL)

OneDigital Investment Advisors LLC lessened its stake in Avadel Pharmaceuticals plc (NASDAQ:AVDL) by 24.5% during the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 12,310 shares of the company’s stock after selling 4,000 shares during the quarter. OneDigital Investment Advisors LLC’s holdings in Avadel Pharmaceuticals were worth $161,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of AVDL. Amalgamated Bank purchased a new position in Avadel Pharmaceuticals during the second quarter worth about $45,000. Quarry LP purchased a new position in shares of Avadel Pharmaceuticals in the 2nd quarter worth approximately $63,000. BNP Paribas Financial Markets grew its holdings in shares of Avadel Pharmaceuticals by 60.5% in the first quarter. BNP Paribas Financial Markets now owns 4,469 shares of the company’s stock valued at $75,000 after acquiring an additional 1,685 shares in the last quarter. Beverly Hills Private Wealth LLC purchased a new stake in shares of Avadel Pharmaceuticals during the second quarter valued at approximately $146,000. Finally, Aigen Investment Management LP bought a new stake in Avadel Pharmaceuticals during the third quarter worth $160,000. Institutional investors own 69.19% of the company’s stock.

Avadel Pharmaceuticals Price Performance

Shares of NASDAQ:AVDL opened at $11.66 on Friday. The firm has a market capitalization of $1.12 billion, a PE ratio of -14.76 and a beta of 1.47. The company has a 50-day moving average price of $13.20 and a two-hundred day moving average price of $14.77. Avadel Pharmaceuticals plc has a twelve month low of $10.41 and a twelve month high of $19.09.

Avadel Pharmaceuticals (NASDAQ:AVDL) last released its quarterly earnings data on Tuesday, November 12th. The company reported ($0.03) EPS 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 during the quarter, compared to the consensus estimate of $48.43 million. During the same period last year, the firm earned ($0.41) EPS. Avadel Pharmaceuticals’s revenue for the quarter was up 624.6% on a year-over-year basis. Analysts anticipate that Avadel Pharmaceuticals plc will post -0.48 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on AVDL shares. HC Wainwright reduced their price objective on Avadel Pharmaceuticals from $27.00 to $25.00 and set a “buy” rating for the company in a research note on Wednesday, November 13th. Oppenheimer increased their price target 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, Needham & Company LLC restated a “buy” rating and set a $22.00 price objective on shares of Avadel Pharmaceuticals in a report on Tuesday, November 12th. Seven analysts have rated the stock with a buy rating, Based on data from MarketBeat, Avadel Pharmaceuticals has an average rating of “Buy” and a consensus 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.