Geode Capital Management LLC Reduces Stock Holdings in Avadel Pharmaceuticals plc (NASDAQ:AVDL)

Geode Capital Management LLC cut its stake in Avadel Pharmaceuticals plc (NASDAQ:AVDLFree Report) by 0.6% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 1,154,365 shares of the company’s stock after selling 6,455 shares during the quarter. Geode Capital Management LLC’s holdings in Avadel Pharmaceuticals were worth $15,139,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently modified their holdings of the stock. FMR LLC purchased a new position in shares of Avadel Pharmaceuticals during the 3rd quarter worth approximately $31,000. Amalgamated Bank purchased a new position in shares of Avadel Pharmaceuticals during the second quarter valued at approximately $45,000. Quarry LP bought a new position in Avadel Pharmaceuticals during the 2nd quarter valued at approximately $63,000. Advisors Asset Management Inc. raised its stake in Avadel Pharmaceuticals by 56.1% during the third quarter. Advisors Asset Management Inc. now owns 7,921 shares of the company’s stock valued at $104,000 after buying an additional 2,846 shares during the last quarter. Finally, Beverly Hills Private Wealth LLC bought a new stake in Avadel Pharmaceuticals in the second quarter worth $146,000. Hedge funds and other institutional investors own 69.19% of the company’s stock.

Avadel Pharmaceuticals Trading Down 0.8 %

Shares of AVDL stock opened at $10.53 on Monday. Avadel Pharmaceuticals plc has a 12-month low of $9.41 and a 12-month high of $19.09. The stock has a market capitalization of $1.01 billion, a P/E ratio of -13.33 and a beta of 1.32. The firm’s 50 day moving average is $11.89 and its 200 day moving average is $13.82.

Avadel Pharmaceuticals (NASDAQ:AVDLGet Free Report) last posted its quarterly earnings data 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 company had revenue of $50.00 million for the quarter, compared to the consensus estimate of $48.43 million. During the same quarter last year, the firm posted ($0.41) earnings per share. The firm’s revenue was up 624.6% compared to the same quarter last year. As a group, equities analysts predict that Avadel Pharmaceuticals plc will post -0.48 earnings per share for the current year.

Insider Activity at Avadel Pharmaceuticals

In other Avadel Pharmaceuticals news, Director Linda Palczuk acquired 3,000 shares of the stock in a transaction on 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 completion of the transaction, 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 ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Gregory J. Divis bought 9,598 shares of Avadel Pharmaceuticals stock in a transaction dated Friday, December 6th. The stock was acquired at an average price of $9.98 per share, for a total transaction of $95,788.04. Following the completion of the acquisition, the chief executive officer now owns 9,598 shares in the company, valued at approximately $95,788.04. The trade was a ∞ increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last 90 days, insiders have acquired 40,579 shares of company stock valued at $406,313. 4.80% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

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

View Our Latest Report on Avadel Pharmaceuticals

About Avadel Pharmaceuticals

(Free Report)

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.

See Also

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Institutional Ownership by Quarter for Avadel Pharmaceuticals (NASDAQ:AVDL)

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