Brandes Investment Partners LP Raises Position in Avadel Pharmaceuticals plc (NASDAQ:AVDL)

Brandes Investment Partners LP raised its holdings in Avadel Pharmaceuticals plc (NASDAQ:AVDL) by 1.5% in the second quarter, Holdings Channel.com reports. The fund owned 1,483,439 shares of the company’s stock after buying an additional 21,214 shares during the quarter. Brandes Investment Partners LP’s holdings in Avadel Pharmaceuticals were worth $20,894,000 at the end of the most recent reporting period.

Several other institutional investors also recently made changes to their positions in AVDL. Janus Henderson Group PLC grew its position in Avadel Pharmaceuticals by 16.1% during the first quarter. Janus Henderson Group PLC now owns 12,915,160 shares of the company’s stock worth $218,182,000 after buying an additional 1,789,830 shares during the period. Gendell Jeffrey L increased its stake in Avadel Pharmaceuticals by 1.7% in the 1st quarter. Gendell Jeffrey L now owns 5,708,118 shares of the company’s stock valued at $96,410,000 after purchasing an additional 92,768 shares in the last quarter. Kennedy Capital Management LLC increased its stake in Avadel Pharmaceuticals by 1.1% in the 1st quarter. Kennedy Capital Management LLC now owns 653,147 shares of the company’s stock valued at $11,032,000 after purchasing an additional 7,273 shares in the last quarter. Modera Wealth Management LLC raised its holdings in Avadel Pharmaceuticals by 0.4% during the second quarter. Modera Wealth Management LLC now owns 602,608 shares of the company’s stock worth $8,473,000 after purchasing an additional 2,159 shares during the last quarter. Finally, Bank of New York Mellon Corp purchased a new stake in Avadel Pharmaceuticals during the second quarter worth $4,575,000. 69.19% of the stock is currently owned by hedge funds and other institutional investors.

Avadel Pharmaceuticals Trading Up 1.2 %

Shares of AVDL stock opened at $12.75 on Monday. The company’s fifty day simple moving average is $15.15 and its 200-day simple moving average is $15.82. Avadel Pharmaceuticals plc has a 52 week low of $9.50 and a 52 week high of $19.09. The company has a market cap of $1.23 billion, a PE ratio of -6.85 and a beta of 1.53.

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

Analyst Ratings Changes

A number of research analysts have recently weighed in on AVDL shares. Rodman & Renshaw assumed coverage on Avadel Pharmaceuticals in a research report on Wednesday, June 12th. They issued a “buy” rating and a $27.00 price target for the company. HC Wainwright restated a “buy” rating and set a $27.00 target price on shares of Avadel Pharmaceuticals in a research report on Wednesday, August 28th. Finally, Needham & Company LLC reaffirmed a “buy” rating and issued a $22.00 target price on shares of Avadel Pharmaceuticals in a research note on Wednesday, September 4th. Seven analysts have rated the stock with a buy rating, According to MarketBeat, the stock has a consensus rating of “Buy” and a consensus target price of $24.57.

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.