State Street Corp Boosts Stake in Avadel Pharmaceuticals plc (NASDAQ:AVDL)

State Street Corp raised its position in Avadel Pharmaceuticals plc (NASDAQ:AVDL) by 42.5% during the third quarter, Holdings Channel reports. The firm owned 1,623,302 shares of the company’s stock after buying an additional 483,787 shares during the quarter. State Street Corp’s holdings in Avadel Pharmaceuticals were worth $21,290,000 at the end of the most recent quarter.

Other large investors also recently added to or reduced their stakes in the company. Braidwell LP grew its stake in shares of Avadel Pharmaceuticals by 16.9% in the third quarter. Braidwell LP now owns 3,388,939 shares of the company’s stock valued at $44,446,000 after buying an additional 490,300 shares in the last quarter. Nantahala Capital Management LLC acquired a new position in Avadel Pharmaceuticals in the 2nd quarter valued at about $4,921,000. Bank of New York Mellon Corp acquired a new position in Avadel Pharmaceuticals in the 2nd quarter valued at about $4,575,000. Troluce Capital Advisors LLC acquired a new stake in shares of Avadel Pharmaceuticals during the second quarter worth about $2,109,000. Finally, Rhumbline Advisers lifted its position in shares of Avadel Pharmaceuticals by 7,840.1% during the second quarter. Rhumbline Advisers now owns 122,675 shares of the company’s stock worth $1,725,000 after purchasing an additional 121,130 shares in the last quarter. 69.19% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

AVDL has been the topic of several recent research reports. Oppenheimer upped 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. HC Wainwright reduced their price objective 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. Finally, Needham & Company LLC reissued a “buy” rating and set a $22.00 target price 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 MarketBeat, Avadel Pharmaceuticals presently has an average rating of “Buy” and a consensus price target of $24.43.

Insider Transactions at Avadel Pharmaceuticals

In related news, Director Linda Palczuk purchased 3,000 shares of Avadel Pharmaceuticals stock in a transaction that occurred on Friday, December 6th. The stock was purchased at an average cost of $10.19 per share, with a total value of $30,570.00. Following the completion of the transaction, the director now directly owns 66,400 shares in the company, valued at approximately $676,616. The trade was a 4.73 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Thomas S. Mchugh acquired 5,000 shares of the company’s stock in a transaction on Wednesday, December 11th. The shares were purchased 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 approximately $896,895. The trade was a 6.21 % increase in their position. The disclosure for this purchase can be found here. In the last quarter, insiders purchased 40,579 shares of company stock worth $406,313. 4.80% of the stock is currently owned by insiders.

Avadel Pharmaceuticals Price Performance

Avadel Pharmaceuticals stock opened at $10.14 on Tuesday. The stock has a market cap of $977.11 million, a PE ratio of -12.84 and a beta of 1.32. The stock’s fifty day moving average is $12.13 and its two-hundred day moving average is $13.95. Avadel Pharmaceuticals plc has a 1-year low of $9.41 and a 1-year high of $19.09.

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