Barclays PLC Acquires 123,430 Shares of Avadel Pharmaceuticals plc (NASDAQ:AVDL)

Barclays PLC raised its holdings in Avadel Pharmaceuticals plc (NASDAQ:AVDL) by 45.8% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 392,691 shares of the company’s stock after acquiring an additional 123,430 shares during the period. Barclays PLC’s holdings in Avadel Pharmaceuticals were worth $5,150,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors also recently modified their holdings of the company. Braidwell LP increased its position in shares of Avadel Pharmaceuticals by 16.9% during the third quarter. Braidwell LP now owns 3,388,939 shares of the company’s stock worth $44,446,000 after acquiring an additional 490,300 shares in the last quarter. State Street Corp lifted its stake in Avadel Pharmaceuticals by 42.5% in the third quarter. State Street Corp now owns 1,623,302 shares of the company’s stock valued at $21,290,000 after acquiring an additional 483,787 shares during the last quarter. Brandes Investment Partners LP increased its position in Avadel Pharmaceuticals by 1.5% during the second quarter. Brandes Investment Partners LP now owns 1,483,439 shares of the company’s stock worth $20,894,000 after buying an additional 21,214 shares during the last quarter. Modera Wealth Management LLC raised its stake in Avadel Pharmaceuticals by 0.4% in the 2nd quarter. Modera Wealth Management LLC now owns 602,608 shares of the company’s stock valued at $8,473,000 after acquiring an additional 2,159 shares during the period. Finally, Nantahala Capital Management LLC acquired a new stake in Avadel Pharmaceuticals during the 2nd quarter valued at $4,921,000. 69.19% of the stock is currently owned by institutional investors.

Avadel Pharmaceuticals Stock Performance

AVDL stock opened at $10.31 on Friday. Avadel Pharmaceuticals plc has a 52 week low of $9.41 and a 52 week high of $19.09. The company’s 50-day simple moving average is $12.20 and its 200 day simple moving average is $14.01. The company has a market capitalization of $993.49 million, a PE ratio of -13.05 and a beta of 1.32.

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

Insider Buying and Selling

In other news, Director Geoffrey Michael Glass acquired 20,279 shares of Avadel Pharmaceuticals stock in a transaction on Tuesday, December 10th. The shares were purchased at an average cost of $9.84 per share, for a total transaction of $199,545.36. Following the completion of the purchase, the director now directly owns 75,904 shares of the company’s stock, valued at approximately $746,895.36. This represents a 36.46 % increase in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CFO Thomas S. Mchugh bought 5,000 shares of the firm’s stock in a transaction on Wednesday, December 11th. The stock was purchased at an average cost of $10.49 per share, for a total transaction of $52,450.00. Following the completion of the acquisition, the chief financial officer now owns 85,500 shares in the company, valued at approximately $896,895. This trade represents a 6.21 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have purchased 40,579 shares of company stock valued at $406,313 over the last 90 days. 4.80% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

Several research firms have commented on AVDL. HC Wainwright decreased their price objective on shares of Avadel Pharmaceuticals from $27.00 to $25.00 and set a “buy” rating on the stock in a report on Wednesday, November 13th. Oppenheimer upped their price target on shares of Avadel Pharmaceuticals from $29.00 to $30.00 and gave the company an “outperform” rating in a research note on Thursday, October 31st. Finally, Needham & Company LLC restated a “buy” rating and set a $22.00 price objective on shares of Avadel Pharmaceuticals in a research report on Tuesday, November 12th. Seven research analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock currently has an average rating of “Buy” and a consensus price target of $24.43.

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.