Amalgamated Bank Purchases New Position in Avadel Pharmaceuticals plc (NASDAQ:AVDL)

Amalgamated Bank bought a new stake in Avadel Pharmaceuticals plc (NASDAQ:AVDL) in the 2nd quarter, according to its most recent filing with the SEC. The fund bought 3,198 shares of the company’s stock, valued at approximately $45,000.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in AVDL. BNP Paribas Financial Markets lifted its stake in Avadel Pharmaceuticals by 60.5% in the 1st quarter. BNP Paribas Financial Markets now owns 4,469 shares of the company’s stock worth $75,000 after purchasing an additional 1,685 shares in the last quarter. Investors Asset Management of Georgia Inc. GA ADV lifted its position in Avadel Pharmaceuticals by 2.4% during the second quarter. Investors Asset Management of Georgia Inc. GA ADV now owns 89,475 shares of the company’s stock worth $1,258,000 after buying an additional 2,100 shares in the last quarter. Modera Wealth Management LLC boosted its stake in Avadel Pharmaceuticals by 0.4% during the second quarter. Modera Wealth Management LLC now owns 602,608 shares of the company’s stock worth $8,473,000 after buying an additional 2,159 shares during the last quarter. Chilton Capital Management LLC purchased a new stake in Avadel Pharmaceuticals in the 1st quarter valued at $51,000. Finally, Commonwealth Equity Services LLC grew its holdings in Avadel Pharmaceuticals by 13.9% in the 2nd quarter. Commonwealth Equity Services LLC now owns 44,767 shares of the company’s stock valued at $629,000 after buying an additional 5,460 shares in the last quarter. 69.19% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts have commented on AVDL shares. Needham & Company LLC reaffirmed a “buy” rating and set a $22.00 target price on shares of Avadel Pharmaceuticals in a research note on Wednesday, September 4th. HC Wainwright restated a “buy” rating and issued a $27.00 price target on shares of Avadel Pharmaceuticals in a research note on Wednesday, August 28th. Finally, Rodman & Renshaw began coverage on Avadel Pharmaceuticals in a research note on Wednesday, June 12th. They issued a “buy” rating and a $27.00 price objective on the stock. Seven investment analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock has a consensus rating of “Buy” and an average target price of $24.57.

Avadel Pharmaceuticals Stock Performance

Shares of NASDAQ:AVDL opened at $13.16 on Wednesday. The business’s fifty day moving average price is $15.08 and its two-hundred day moving average price is $15.80. The stock has a market cap of $1.26 billion, a PE ratio of -7.08 and a beta of 1.53. Avadel Pharmaceuticals plc has a one year low of $9.50 and a one year high of $19.09.

Avadel Pharmaceuticals (NASDAQ:AVDL) last released its quarterly earnings data on Thursday, August 8th. The company reported ($0.14) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.17) by $0.03. The company had revenue of $41.50 million during the quarter, compared to the consensus estimate of $37.47 million. Avadel Pharmaceuticals had a negative net margin of 111.64% and a negative return on equity of 122.64%. Avadel Pharmaceuticals’s revenue for the quarter was up 2666.7% on a year-over-year basis. During the same period in the previous year, the firm earned ($0.70) earnings per share. As a group, equities research analysts predict that Avadel Pharmaceuticals plc will post -0.5 earnings per share 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.