19,950 Shares in Avadel Pharmaceuticals plc (NASDAQ:AVDL) Bought by Verition Fund Management LLC

Verition Fund Management LLC purchased a new stake in Avadel Pharmaceuticals plc (NASDAQ:AVDL) during the third quarter, HoldingsChannel.com reports. The fund purchased 19,950 shares of the company’s stock, valued at approximately $262,000.

A number of other institutional investors also recently bought and sold shares of the business. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC purchased a new position in shares of Avadel Pharmaceuticals in the 3rd quarter valued at about $484,000. Zurcher Kantonalbank Zurich Cantonalbank purchased a new position in Avadel Pharmaceuticals in the third quarter valued at approximately $262,000. MetLife Investment Management LLC raised its holdings in 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 purchasing an additional 30,313 shares in the last quarter. Townsquare Capital LLC lifted its position in shares of Avadel Pharmaceuticals by 18.0% during the 3rd 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 last quarter. Finally, FMR LLC purchased a new stake in shares of Avadel Pharmaceuticals during the 3rd quarter worth approximately $31,000. 69.19% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

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

Avadel Pharmaceuticals Stock Performance

Shares of NASDAQ:AVDL opened at $10.39 on Friday. The company has a 50-day simple moving average of $12.43 and a 200-day simple moving average of $14.18. The stock 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 one year low of $9.41 and a one year high of $19.09.

Avadel Pharmaceuticals (NASDAQ:AVDL) last announced its quarterly earnings data on Tuesday, November 12th. The company reported ($0.03) EPS 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 net margin of 52.53% and a negative return on equity of 93.34%. Avadel Pharmaceuticals’s quarterly revenue was up 624.6% on a year-over-year basis. During the same quarter in the prior year, the firm earned ($0.41) EPS. As a group, research analysts forecast that Avadel Pharmaceuticals plc will post -0.48 EPS for the current fiscal year.

Analyst Ratings Changes

Several brokerages recently commented on AVDL. Oppenheimer lifted their price target 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 reduced their target price on Avadel Pharmaceuticals from $27.00 to $25.00 and set a “buy” rating for the company in a report on Wednesday, November 13th. Finally, Needham & Company LLC restated a “buy” rating and set a $22.00 price target on shares of Avadel Pharmaceuticals in a research note on Tuesday, November 12th. Seven 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 price target of $24.43.

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.