Avadel Pharmaceuticals plc (NASDAQ:AVDL) Shares Acquired by China Universal Asset Management Co. Ltd.

China Universal Asset Management Co. Ltd. increased its stake in Avadel Pharmaceuticals plc (NASDAQ:AVDL) by 64.0% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 18,516 shares of the company’s stock after buying an additional 7,224 shares during the period. China Universal Asset Management Co. Ltd.’s holdings in Avadel Pharmaceuticals were worth $243,000 at the end of the most recent reporting period.

Other institutional investors have also recently added to or reduced their stakes in the company. Chilton Capital Management LLC bought a new stake in shares of Avadel Pharmaceuticals in the 1st quarter worth about $51,000. Amalgamated Bank bought a new stake in Avadel Pharmaceuticals in the second quarter valued at about $45,000. BNP Paribas Financial Markets raised its stake in Avadel Pharmaceuticals by 60.5% during the first quarter. BNP Paribas Financial Markets now owns 4,469 shares of the company’s stock valued at $75,000 after buying an additional 1,685 shares in the last quarter. Quarry LP bought a new position in Avadel Pharmaceuticals during the 2nd quarter worth approximately $63,000. Finally, Claro Advisors LLC acquired a new position in shares of Avadel Pharmaceuticals in the 1st quarter worth approximately $172,000. 69.19% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on AVDL. Needham & Company LLC restated a “buy” rating and set a $22.00 price objective on shares of Avadel Pharmaceuticals in a research note on Friday, October 18th. HC Wainwright reissued a “buy” rating and set a $27.00 target price on shares of Avadel Pharmaceuticals in a report on Monday, October 21st. Seven research analysts have rated the stock with a buy rating, According to MarketBeat.com, Avadel Pharmaceuticals presently has an average rating of “Buy” and an average target price of $24.57.

Avadel Pharmaceuticals Stock Performance

AVDL stock opened at $12.91 on Thursday. Avadel Pharmaceuticals plc has a 1 year low of $9.69 and a 1 year high of $19.09. The stock has a market capitalization of $1.24 billion, a price-to-earnings ratio of -6.95 and a beta of 1.50. The stock’s fifty day moving average is $13.80 and its two-hundred day moving average is $15.30.

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

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.