Avadel Pharmaceuticals plc (NASDAQ:AVDL) Position Reduced by Diversify Advisory Services LLC

Diversify Advisory Services LLC trimmed its position in Avadel Pharmaceuticals plc (NASDAQ:AVDL) by 22.6% in the third quarter, HoldingsChannel.com reports. The firm owned 10,138 shares of the company’s stock after selling 2,958 shares during the quarter. Diversify Advisory Services LLC’s holdings in Avadel Pharmaceuticals were worth $139,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in AVDL. BNP Paribas Financial Markets boosted its stake in Avadel Pharmaceuticals by 60.5% during the first quarter. BNP Paribas Financial Markets now owns 4,469 shares of the company’s stock valued at $75,000 after buying an additional 1,685 shares in the last quarter. GSA Capital Partners LLP bought a new stake in shares of Avadel Pharmaceuticals in the 1st quarter worth approximately $804,000. Quantbot Technologies LP acquired a new stake in Avadel Pharmaceuticals during the first quarter valued at approximately $353,000. Obermeyer Wood Investment Counsel Lllp bought a new stake in Avadel Pharmaceuticals during the first quarter worth approximately $4,721,000. Finally, Chilton Capital Management LLC acquired a new position in Avadel Pharmaceuticals in the first quarter worth approximately $51,000. 69.19% of the stock is owned by institutional investors.

Analyst Ratings Changes

AVDL has been the subject of a number of recent research reports. Oppenheimer increased their price objective on Avadel Pharmaceuticals from $29.00 to $30.00 and gave the company an “outperform” rating in a research report on Thursday. Needham & Company LLC reaffirmed a “buy” rating and set a $22.00 target price on shares of Avadel Pharmaceuticals in a report on Thursday. Finally, HC Wainwright reissued a “buy” rating and issued a $27.00 price target on shares of Avadel Pharmaceuticals in a research note on Thursday. Seven equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock presently has a consensus rating of “Buy” and a consensus price target of $24.71.

Avadel Pharmaceuticals Stock Down 2.7 %

Shares of Avadel Pharmaceuticals stock opened at $15.05 on Friday. The business has a fifty day simple moving average of $13.72 and a 200-day simple moving average of $15.28. The stock has a market cap of $1.45 billion, a PE ratio of -13.08 and a beta of 1.50. Avadel Pharmaceuticals plc has a 12 month low of $9.98 and a 12 month high of $19.09.

Avadel Pharmaceuticals (NASDAQ:AVDL) last posted its quarterly earnings results on Thursday, August 8th. The company reported ($0.14) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.17) by $0.03. Avadel Pharmaceuticals had a negative net margin of 111.64% and a negative return on equity of 122.64%. The business had revenue of $41.50 million during the quarter, compared to analyst estimates of $37.47 million. During the same period in the prior year, the firm earned ($0.70) earnings per share. The firm’s revenue was up 2666.7% compared to the same quarter last year. Analysts expect that Avadel Pharmaceuticals plc will post -0.5 EPS for the current fiscal year.

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.