Braidwell LP Grows Stake in Avadel Pharmaceuticals plc (NASDAQ:AVDL)

Braidwell LP grew its position in Avadel Pharmaceuticals plc (NASDAQ:AVDL) by 16.9% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 3,388,939 shares of the company’s stock after purchasing an additional 490,300 shares during the quarter. Braidwell LP’s holdings in Avadel Pharmaceuticals were worth $44,446,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of the company. Verition Fund Management LLC purchased a new position in Avadel Pharmaceuticals in the third quarter worth $262,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC purchased a new position in Avadel Pharmaceuticals in the third quarter worth $484,000. Zurcher Kantonalbank Zurich Cantonalbank acquired a new stake in shares of Avadel Pharmaceuticals during the third quarter worth $262,000. MetLife Investment Management LLC lifted its stake in shares of Avadel Pharmaceuticals by 129.1% during the third quarter. MetLife Investment Management LLC now owns 53,797 shares of the company’s stock worth $706,000 after buying an additional 30,313 shares during the period. Finally, Townsquare Capital LLC lifted its stake in shares of Avadel Pharmaceuticals by 18.0% during the third quarter. Townsquare Capital LLC now owns 30,388 shares of the company’s stock worth $399,000 after buying an additional 4,629 shares during the period. 69.19% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

AVDL has been the subject of several research reports. Oppenheimer lifted their price objective on shares of Avadel Pharmaceuticals from $29.00 to $30.00 and gave the stock an “outperform” rating in a research note on Thursday, October 31st. 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. Finally, Needham & Company LLC restated a “buy” rating and set a $22.00 target price on shares of Avadel Pharmaceuticals in a research report on Tuesday, November 12th. Seven investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock has a consensus rating of “Buy” and an average price target of $24.43.

Avadel Pharmaceuticals Stock Performance

Shares of Avadel Pharmaceuticals stock opened at $11.17 on Friday. The firm has a 50-day simple moving average of $12.99 and a two-hundred day simple moving average of $14.61. The company has a market cap of $1.08 billion, a P/E ratio of -14.14 and a beta of 1.47. Avadel Pharmaceuticals plc has a fifty-two week low of $10.41 and a fifty-two week high of $19.09.

Avadel Pharmaceuticals (NASDAQ:AVDL) last issued its quarterly earnings data on Tuesday, November 12th. The company reported ($0.03) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.06) by $0.03. The business had revenue of $50.00 million during the quarter, compared to the consensus estimate of $48.43 million. Avadel Pharmaceuticals had a negative net margin of 52.53% and a negative return on equity of 93.34%. The company’s revenue was up 624.6% compared to the same quarter last year. During the same quarter in the prior year, the firm posted ($0.41) earnings per share. Equities research analysts forecast that Avadel Pharmaceuticals plc will post -0.48 EPS for the current year.

Avadel Pharmaceuticals 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.