Avadel Pharmaceuticals plc (NASDAQ:AVDL) Position Boosted by Lord Abbett & CO. LLC

Lord Abbett & CO. LLC grew its holdings in Avadel Pharmaceuticals plc (NASDAQ:AVDL) by 23.9% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 489,073 shares of the company’s stock after purchasing an additional 94,239 shares during the period. Lord Abbett & CO. LLC owned about 0.51% of Avadel Pharmaceuticals worth $6,414,000 as of its most recent SEC filing.

Other hedge funds have also made changes to their positions in the company. FMR LLC acquired a new position in Avadel Pharmaceuticals in the 3rd quarter valued at approximately $31,000. Amalgamated Bank acquired a new position in shares of Avadel Pharmaceuticals in the second quarter worth $45,000. Quarry LP purchased a new stake in shares of Avadel Pharmaceuticals during the second quarter worth $63,000. Advisors Asset Management Inc. boosted its position 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 purchasing an additional 2,846 shares during the last quarter. Finally, Beverly Hills Private Wealth LLC acquired a new stake in Avadel Pharmaceuticals during the second quarter valued at $146,000. 69.19% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, Director Linda Palczuk bought 3,000 shares of the company’s stock in a transaction that occurred on Friday, December 6th. The shares were acquired at an average price of $10.19 per share, with a total value of $30,570.00. Following the completion of the transaction, the director now owns 66,400 shares of the company’s stock, valued at $676,616. The trade was a 4.73 % increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Thomas S. Mchugh bought 5,000 shares of the business’s stock in a transaction that occurred on Wednesday, December 11th. The shares were bought at an average price of $10.49 per share, with a total value of $52,450.00. Following the completion of the purchase, the chief financial officer now owns 85,500 shares in the company, valued at approximately $896,895. The trade was a 6.21 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders bought a total of 40,579 shares of company stock valued at $406,313 in the last quarter. Insiders own 4.80% of the company’s stock.

Analysts Set New Price Targets

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

Avadel Pharmaceuticals Stock Performance

AVDL opened at $10.93 on Tuesday. Avadel Pharmaceuticals plc has a twelve month low of $9.41 and a twelve month high of $19.09. The business has a 50 day moving average price of $12.39 and a 200 day moving average price of $14.14. The firm has a market cap of $1.05 billion, a P/E ratio of -13.84 and a beta of 1.32.

Avadel Pharmaceuticals (NASDAQ:AVDL) last issued its quarterly earnings data on Tuesday, November 12th. The company reported ($0.03) earnings per share 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 business 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) earnings per share. Avadel Pharmaceuticals’s revenue for the quarter was up 624.6% on a year-over-year basis. As a group, analysts anticipate 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.