Aigen Investment Management LP Takes $160,000 Position in Avadel Pharmaceuticals plc (NASDAQ:AVDL)

Aigen Investment Management LP purchased a new stake in shares of Avadel Pharmaceuticals plc (NASDAQ:AVDL) in the third quarter, according to its most recent filing with the SEC. The firm purchased 12,185 shares of the company’s stock, valued at approximately $160,000.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Cetera Investment Advisers acquired a new stake in shares of Avadel Pharmaceuticals during the 1st quarter valued at approximately $1,925,000. Bank of New York Mellon Corp purchased a new position in shares of Avadel Pharmaceuticals during the 2nd quarter worth approximately $4,575,000. Russell Investments Group Ltd. purchased a new position in shares of Avadel Pharmaceuticals during the 1st quarter worth approximately $1,943,000. Troluce Capital Advisors LLC purchased a new position in shares of Avadel Pharmaceuticals during the 2nd quarter worth approximately $2,109,000. Finally, Iridian Asset Management LLC CT increased its stake 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 worth $2,199,000 after purchasing an additional 50,000 shares in the last quarter. 69.19% of the stock is currently owned by institutional investors and hedge funds.

Avadel Pharmaceuticals Stock Performance

AVDL stock opened at $10.91 on Monday. Avadel Pharmaceuticals plc has a one year low of $10.39 and a one year high of $19.09. The company has a 50 day moving average price of $13.49 and a two-hundred day moving average price of $14.98. The stock has a market capitalization of $1.05 billion, a P/E ratio of -13.81 and a beta of 1.47.

Avadel Pharmaceuticals (NASDAQ:AVDL) last announced its quarterly earnings data on Tuesday, November 12th. The company reported ($0.03) earnings per share (EPS) for the quarter, beating the consensus estimate 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 during the quarter, compared to analysts’ expectations of $48.43 million. During the same period in the previous year, the company earned ($0.41) EPS. The business’s quarterly revenue was up 624.6% compared to the same quarter last year. Research analysts forecast that Avadel Pharmaceuticals plc will post -0.48 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of research analysts have recently weighed in on the stock. Needham & Company LLC reissued a “buy” rating and set a $22.00 price objective on shares of Avadel Pharmaceuticals in a research note on Tuesday, November 12th. HC Wainwright dropped their price objective on shares of Avadel Pharmaceuticals from $27.00 to $25.00 and set a “buy” rating for the company in a research note on Wednesday, November 13th. Finally, Oppenheimer lifted their target price 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. Seven analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company presently has an average rating of “Buy” and an average target price 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.