Cinctive Capital Management LP Takes $433,000 Position in Avadel Pharmaceuticals plc (NASDAQ:AVDL)

Cinctive Capital Management LP purchased a new stake in shares of Avadel Pharmaceuticals plc (NASDAQ:AVDL) in the third quarter, according to the company in its most recent filing with the SEC. The firm purchased 33,012 shares of the company’s stock, valued at approximately $433,000.

A number of other large investors have also recently modified their holdings of the business. Braidwell LP raised its holdings in shares of Avadel Pharmaceuticals by 16.9% during the 3rd 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. Brandes Investment Partners LP raised its holdings in shares of Avadel Pharmaceuticals by 1.5% during the 2nd quarter. Brandes Investment Partners LP now owns 1,483,439 shares of the company’s stock valued at $20,894,000 after buying an additional 21,214 shares in the last quarter. Modera Wealth Management LLC raised its holdings in shares of Avadel Pharmaceuticals by 0.4% during the 2nd quarter. Modera Wealth Management LLC now owns 602,608 shares of the company’s stock valued at $8,473,000 after buying an additional 2,159 shares in the last quarter. Nantahala Capital Management LLC purchased a new position in shares of Avadel Pharmaceuticals during the 2nd quarter valued at about $4,921,000. Finally, Bank of New York Mellon Corp purchased a new position in shares of Avadel Pharmaceuticals during the 2nd quarter valued at about $4,575,000. Institutional investors own 69.19% of the company’s stock.

Avadel Pharmaceuticals Stock Performance

AVDL opened at $9.96 on Thursday. Avadel Pharmaceuticals plc has a 52-week low of $9.41 and a 52-week high of $19.09. The stock has a market capitalization of $959.75 million, a PE ratio of -12.61 and a beta of 1.32. The stock’s 50 day moving average price is $12.81 and its 200-day moving average price is $14.45.

Avadel Pharmaceuticals (NASDAQ:AVDL) last posted its earnings results 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 return on equity of 93.34% and a negative net margin of 52.53%. The firm had revenue of $50.00 million for the quarter, compared to analysts’ expectations of $48.43 million. During the same period in the previous year, the firm earned ($0.41) earnings per share. The business’s revenue was up 624.6% compared to the same quarter last year. Research analysts forecast that Avadel Pharmaceuticals plc will post -0.48 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

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