D. E. Shaw & Co. Inc. trimmed its position in shares of Avadel Pharmaceuticals PLC (NASDAQ:AVDL) by 48.6% during the second quarter, Holdings Channel.com reports. The institutional investor owned 17,425 shares of the company’s stock after selling 16,470 shares during the period. D. E. Shaw & Co. Inc.’s holdings in Avadel Pharmaceuticals were worth $50,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds have also recently modified their holdings of AVDL. JPMorgan Chase & Co. increased its holdings in Avadel Pharmaceuticals by 383.0% during the second quarter. JPMorgan Chase & Co. now owns 22,700 shares of the company’s stock worth $64,000 after buying an additional 18,000 shares during the last quarter. CIBC Private Wealth Group LLC acquired a new position in Avadel Pharmaceuticals during the second quarter worth $434,000. Morgan Stanley increased its holdings in Avadel Pharmaceuticals by 0.7% during the second quarter. Morgan Stanley now owns 717,901 shares of the company’s stock worth $2,075,000 after buying an additional 5,243 shares during the last quarter. Renaissance Technologies LLC increased its holdings in Avadel Pharmaceuticals by 21.9% during the second quarter. Renaissance Technologies LLC now owns 802,606 shares of the company’s stock worth $2,320,000 after buying an additional 144,270 shares during the last quarter. Finally, Brown Capital Management LLC increased its holdings in Avadel Pharmaceuticals by 8.9% during the second quarter. Brown Capital Management LLC now owns 1,524,428 shares of the company’s stock worth $4,406,000 after buying an additional 124,421 shares during the last quarter. Institutional investors and hedge funds own 51.59% of the company’s stock.
AVDL stock traded down $0.04 during midday trading on Monday, reaching $3.39. 1,215 shares of the company were exchanged, compared to its average volume of 948,690. The business has a 50-day moving average price of $3.08 and a two-hundred day moving average price of $2.18. Avadel Pharmaceuticals PLC has a one year low of $1.03 and a one year high of $5.37. The firm has a market capitalization of $127.33 million, a price-to-earnings ratio of -1.71 and a beta of 1.64.
A number of research firms have commented on AVDL. Laidlaw lifted their price objective on shares of Avadel Pharmaceuticals from $3.00 to $6.00 and gave the stock a “buy” rating in a research report on Tuesday, September 24th. Zacks Investment Research cut shares of Avadel Pharmaceuticals from a “hold” rating to a “sell” rating in a research report on Wednesday, October 2nd. Finally, ValuEngine cut shares of Avadel Pharmaceuticals from a “buy” rating to a “hold” rating in a research report on Wednesday, September 4th.
Avadel Pharmaceuticals Profile
Avadel Pharmaceuticals plc operates as a specialty pharmaceutical company in the United States, France, and Ireland. The company primarily develops FT218, which is in a Phase 3 clinical trial for the treatment of narcolepsy patients suffering from excessive daytime sleepiness (EDS) and cataplexy. It also markets three sterile injectable drugs used in the hospital setting, including Akovaz that is indicated for the treatment of clinically important hypotension occurring in the setting of anesthesia; Bloxiverz, a cholinesterase inhibitor indicated for the reversal of the effects of non-depolarizing neuromuscular blocking agents after surgery; and Vazculep, a phenylephrine hydrochloride injection indicated for the treatment of clinically important hypotension.
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