Krilogy Financial LLC Acquires Shares of 17,262 Avadel Pharmaceuticals plc (NASDAQ:AVDL)

Krilogy Financial LLC acquired a new stake in shares of Avadel Pharmaceuticals plc (NASDAQ:AVDL) in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 17,262 shares of the company’s stock, valued at approximately $243,000.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in AVDL. Chilton Capital Management LLC acquired a new stake in shares of Avadel Pharmaceuticals in the 1st quarter worth approximately $51,000. BNP Paribas Financial Markets lifted its stake in Avadel Pharmaceuticals by 60.5% in the 1st 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. Quarry LP purchased a new position in shares of Avadel Pharmaceuticals during the 4th quarter worth $120,000. Claro Advisors LLC purchased a new position in shares of Avadel Pharmaceuticals during the 1st quarter worth $172,000. Finally, Avantax Advisory Services Inc. lifted its stake in shares of Avadel Pharmaceuticals by 3.8% during the 4th quarter. Avantax Advisory Services Inc. now owns 24,900 shares of the company’s stock worth $352,000 after purchasing an additional 900 shares during the period. 69.19% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on the stock. Craig Hallum raised their target price on shares of Avadel Pharmaceuticals from $22.00 to $23.00 and gave the stock a “buy” rating in a report on Thursday, May 9th. Rodman & Renshaw began coverage on shares of Avadel Pharmaceuticals in a research report on Wednesday, June 12th. They set a “buy” rating and a $27.00 price objective on the stock. Needham & Company LLC reaffirmed a “buy” rating and issued a $22.00 price objective on shares of Avadel Pharmaceuticals in a research note on Friday, August 9th. Finally, HC Wainwright lifted their price objective on shares of Avadel Pharmaceuticals from $25.00 to $27.00 and gave the company a “buy” rating in a research note on Thursday, May 9th. Seven equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock currently has a consensus rating of “Buy” and an average target price of $24.57.

Avadel Pharmaceuticals Price Performance

NASDAQ:AVDL traded up $0.18 during trading hours on Wednesday, hitting $16.28. The company had a trading volume of 569,380 shares, compared to its average volume of 1,219,428. The company has a market capitalization of $1.56 billion, a PE ratio of -8.73 and a beta of 1.53. The stock has a 50-day moving average price of $15.70 and a 200 day moving average price of $15.82. Avadel Pharmaceuticals plc has a 52 week low of $9.50 and a 52 week high of $19.09.

Avadel Pharmaceuticals (NASDAQ:AVDL) last announced its earnings results on Thursday, August 8th. The company reported ($0.14) EPS for the quarter, beating analysts’ consensus estimates of ($0.17) by $0.03. The firm had revenue of $41.50 million for the quarter, compared to analysts’ expectations of $37.47 million. Avadel Pharmaceuticals had a negative net margin of 284.42% and a negative return on equity of 139.72%. The company’s quarterly revenue was up 2666.7% on a year-over-year basis. During the same quarter in the previous year, the business posted ($0.70) EPS. Analysts anticipate that Avadel Pharmaceuticals plc will post -0.58 EPS for the current fiscal year.

Avadel Pharmaceuticals Company 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.