The Manufacturers Life Insurance Company Boosts Position in Avadel Pharmaceuticals plc (NASDAQ:AVDL)

The Manufacturers Life Insurance Company raised its stake in shares of Avadel Pharmaceuticals plc (NASDAQ:AVDL) by 34.4% in the third quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 56,399 shares of the company’s stock after buying an additional 14,420 shares during the quarter. The Manufacturers Life Insurance Company’s holdings in Avadel Pharmaceuticals were worth $740,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in AVDL. Nantahala Capital Management LLC purchased a new position in Avadel Pharmaceuticals during the 2nd quarter valued at about $4,921,000. Bank of New York Mellon Corp bought a new stake in shares of Avadel Pharmaceuticals during the 2nd quarter valued at about $4,575,000. Troluce Capital Advisors LLC bought a new stake in shares of Avadel Pharmaceuticals during the 2nd quarter valued at about $2,109,000. Rhumbline Advisers boosted its position in shares of Avadel Pharmaceuticals by 7,840.1% during the 2nd quarter. Rhumbline Advisers now owns 122,675 shares of the company’s stock valued at $1,725,000 after acquiring an additional 121,130 shares during the last quarter. Finally, Iridian Asset Management LLC CT boosted its position in shares of Avadel Pharmaceuticals by 42.5% during the 3rd quarter. Iridian Asset Management LLC CT now owns 167,700 shares of the company’s stock valued at $2,199,000 after acquiring an additional 50,000 shares during the last quarter. Hedge funds and other institutional investors own 69.19% of the company’s stock.

Avadel Pharmaceuticals Price Performance

NASDAQ:AVDL opened at $10.39 on Friday. The business has a 50 day moving average of $12.43 and a 200 day moving average of $14.19. The company has a market capitalization of $1.00 billion, a price-to-earnings ratio of -13.15 and a beta of 1.32. Avadel Pharmaceuticals plc has a 1-year low of $9.41 and a 1-year high of $19.09.

Avadel Pharmaceuticals (NASDAQ:AVDL) last released its earnings results 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 company had revenue of $50.00 million during the quarter, compared to the consensus estimate of $48.43 million. Avadel Pharmaceuticals had a negative return on equity of 93.34% and a negative net margin of 52.53%. Avadel Pharmaceuticals’s quarterly revenue was up 624.6% compared to the same quarter last year. During the same quarter in the previous year, the company posted ($0.41) EPS. As a group, sell-side analysts anticipate that Avadel Pharmaceuticals plc will post -0.48 EPS for the current year.

Insider Buying and Selling

In other news, CFO Thomas S. Mchugh bought 5,000 shares of the company’s stock in a transaction that occurred on Wednesday, December 11th. The stock was bought at an average price of $10.49 per share, for a total transaction of $52,450.00. Following the transaction, the chief financial officer now directly owns 85,500 shares of the company’s stock, valued at $896,895. This represents a 6.21 % increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Linda Palczuk acquired 3,000 shares of the stock in a transaction on Friday, December 6th. The stock was bought at an average price of $10.19 per share, with a total value of $30,570.00. Following the transaction, the director now directly owns 66,400 shares of the company’s stock, valued at approximately $676,616. The trade was a 4.73 % increase in their position. The disclosure for this purchase can be found here. Insiders bought 38,279 shares of company stock worth $382,301 in the last quarter. 4.80% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on AVDL shares. HC Wainwright dropped their price target on Avadel Pharmaceuticals from $27.00 to $25.00 and set a “buy” rating for the company in a research report on Wednesday, November 13th. Needham & Company LLC reiterated a “buy” rating and set a $22.00 price target on shares of Avadel Pharmaceuticals in a research report on Tuesday, November 12th. Finally, Oppenheimer lifted their price target on Avadel Pharmaceuticals from $29.00 to $30.00 and gave the company an “outperform” rating in a research report on Thursday, October 31st. Seven research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Avadel Pharmaceuticals has an average rating of “Buy” and an average price target of $24.43.

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.