Avadel Pharmaceuticals Sees Unusually High Options Volume (NASDAQ:AVDL)

Avadel Pharmaceuticals plc (NASDAQ:AVDL) was the target of some unusual options trading activity on Thursday. Stock traders acquired 21,434 put options on the company. This represents an increase of 817% compared to the typical volume of 2,337 put options.

Hedge Funds Weigh In On Avadel Pharmaceuticals

A number of large investors have recently bought and sold shares of AVDL. Investors Asset Management of Georgia Inc. GA ADV lifted its position in Avadel Pharmaceuticals by 10.7% during the third quarter. Investors Asset Management of Georgia Inc. GA ADV now owns 99,075 shares of the company’s stock worth $1,299,000 after buying an additional 9,600 shares in the last quarter. Iridian Asset Management LLC CT raised its stake in Avadel Pharmaceuticals by 42.5% during the third quarter. Iridian Asset Management LLC CT now owns 167,700 shares of the company’s stock worth $2,199,000 after purchasing an additional 50,000 shares during the period. Diversify Wealth Management LLC boosted its holdings in Avadel Pharmaceuticals by 8.3% in the 3rd quarter. Diversify Wealth Management LLC now owns 31,637 shares of the company’s stock valued at $418,000 after purchasing an additional 2,432 shares during the last quarter. China Universal Asset Management Co. Ltd. grew its stake in shares of Avadel Pharmaceuticals by 64.0% in the 3rd quarter. China Universal Asset Management Co. Ltd. now owns 18,516 shares of the company’s stock valued at $243,000 after buying an additional 7,224 shares during the period. Finally, Claro Advisors LLC increased its holdings in shares of Avadel Pharmaceuticals by 379.2% during the 3rd quarter. Claro Advisors LLC now owns 49,080 shares of the company’s stock worth $644,000 after buying an additional 38,837 shares during the last quarter. Institutional investors and hedge funds own 69.19% of the company’s stock.

Avadel Pharmaceuticals Stock Performance

NASDAQ AVDL opened at $15.47 on Friday. Avadel Pharmaceuticals has a 52-week low of $9.69 and a 52-week high of $19.09. The firm’s 50 day moving average price is $13.74 and its 200-day moving average price is $15.28. The company has a market cap of $1.49 billion, a PE ratio of -13.22 and a beta of 1.50.

Avadel Pharmaceuticals (NASDAQ:AVDL) last released its quarterly earnings results 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 business had revenue of $41.50 million for the quarter, compared to analyst estimates of $37.47 million. Avadel Pharmaceuticals had a negative net margin of 111.64% and a negative return on equity of 122.64%. The business’s revenue for the quarter was up 2666.7% on a year-over-year basis. During the same period in the previous year, the company earned ($0.70) earnings per share. On average, analysts forecast that Avadel Pharmaceuticals will post -0.5 earnings per share for the current fiscal year.

Analyst Ratings Changes

AVDL has been the topic of a number of recent analyst reports. Needham & Company LLC reaffirmed a “buy” rating and set a $22.00 price target on shares of Avadel Pharmaceuticals in a report on Thursday. HC Wainwright restated a “buy” rating and set a $27.00 price target on shares of Avadel Pharmaceuticals in a research note on Thursday. Finally, Oppenheimer upped their target price on shares of Avadel Pharmaceuticals from $29.00 to $30.00 and gave the company an “outperform” rating in a report on Thursday. Seven analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock presently has an average rating of “Buy” and a consensus target price of $24.71.

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.