Edge Wealth Management LLC Invests $262,000 in Avadel Pharmaceuticals plc (NASDAQ:AVDL)

Edge Wealth Management LLC acquired 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 acquired 20,000 shares of the company’s stock, valued at approximately $262,000.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Janus Henderson Group PLC grew its position in shares of Avadel Pharmaceuticals by 16.1% in the 1st quarter. Janus Henderson Group PLC now owns 12,915,160 shares of the company’s stock worth $218,182,000 after buying an additional 1,789,830 shares during the last quarter. Gendell Jeffrey L lifted its stake in Avadel Pharmaceuticals by 1.7% during the 1st quarter. Gendell Jeffrey L now owns 5,708,118 shares of the company’s stock valued at $96,410,000 after acquiring an additional 92,768 shares during the period. Brandes Investment Partners LP lifted its stake in 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 acquiring an additional 21,214 shares during the period. Kennedy Capital Management LLC lifted its stake in Avadel Pharmaceuticals by 1.1% during the 1st quarter. Kennedy Capital Management LLC now owns 653,147 shares of the company’s stock valued at $11,032,000 after acquiring an additional 7,273 shares during the period. Finally, Modera Wealth Management LLC lifted its stake in 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 acquiring an additional 2,159 shares during the period. Institutional investors own 69.19% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts recently issued reports on AVDL shares. Needham & Company LLC reiterated a “buy” rating and issued a $22.00 target price on shares of Avadel Pharmaceuticals in a research note on Wednesday, September 4th. HC Wainwright reissued a “buy” rating and issued a $27.00 price target on shares of Avadel Pharmaceuticals in a report on Wednesday, August 28th. Seven investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Avadel Pharmaceuticals presently has a consensus rating of “Buy” and an average target price of $24.57.

Avadel Pharmaceuticals Price Performance

Shares of AVDL traded up $0.03 during mid-day trading on Tuesday, reaching $13.20. The stock had a trading volume of 824,506 shares, compared to its average volume of 1,161,726. Avadel Pharmaceuticals plc has a 52-week low of $9.50 and a 52-week high of $19.09. The business’s fifty day moving average is $14.40 and its 200 day moving average is $15.56. The firm has a market cap of $1.27 billion, a price-to-earnings ratio of -7.10 and a beta of 1.50.

Avadel Pharmaceuticals (NASDAQ:AVDL) last announced its quarterly earnings data on Thursday, August 8th. The company reported ($0.14) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.17) by $0.03. Avadel Pharmaceuticals had a negative net margin of 111.64% and a negative return on equity of 122.64%. The firm had revenue of $41.50 million during the quarter, compared to analyst estimates of $37.47 million. During the same quarter in the prior year, the firm posted ($0.70) earnings per share. Avadel Pharmaceuticals’s quarterly revenue was up 2666.7% on a year-over-year basis. As a group, sell-side analysts anticipate that Avadel Pharmaceuticals plc will post -0.5 EPS for the current fiscal year.

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.