Teacher Retirement System of Texas Lowers Holdings in Avadel Pharmaceuticals PLC. (NASDAQ:AVDL)

Teacher Retirement System of Texas trimmed its position in Avadel Pharmaceuticals PLC. (NASDAQ:AVDL) by 9.3% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 23,342 shares of the company’s stock after selling 2,396 shares during the quarter. Teacher Retirement System of Texas’ holdings in Avadel Pharmaceuticals were worth $183,000 at the end of the most recent reporting period.

Other large investors also recently added to or reduced their stakes in the company. Hsbc Holdings PLC purchased a new stake in Avadel Pharmaceuticals during the fourth quarter worth $113,000. Edge Wealth Management LLC grew its position in Avadel Pharmaceuticals by 25.0% during the 1st quarter. Edge Wealth Management LLC now owns 25,000 shares of the company’s stock worth $196,000 after purchasing an additional 5,000 shares during the period. KLP Kapitalforvaltning AS purchased a new stake in shares of Avadel Pharmaceuticals during the 4th quarter worth about $218,000. BNP Paribas Financial Markets purchased a new stake in shares of Avadel Pharmaceuticals during the 4th quarter worth about $245,000. Finally, ProShare Advisors LLC lifted its stake in Avadel Pharmaceuticals by 32.1% in the 4th quarter. ProShare Advisors LLC now owns 30,592 shares of the company’s stock valued at $322,000 after buying an additional 7,433 shares in the last quarter. 69.19% of the stock is owned by institutional investors.

Avadel Pharmaceuticals Stock Down 0.1%

NASDAQ:AVDL opened at $10.83 on Monday. The company has a market cap of $1.05 billion, a P/E ratio of -40.11 and a beta of 1.42. Avadel Pharmaceuticals PLC. has a fifty-two week low of $6.38 and a fifty-two week high of $17.30. The firm’s 50 day moving average is $9.41 and its two-hundred day moving average is $8.66.

Avadel Pharmaceuticals (NASDAQ:AVDL) last posted its quarterly earnings results on Wednesday, May 7th. The company reported ($0.05) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.07) by $0.02. Avadel Pharmaceuticals had a negative net margin of 13.58% and a negative return on equity of 36.07%. The company had revenue of $52.51 million for the quarter, compared to the consensus estimate of $50.57 million. During the same quarter last year, the firm posted ($0.30) earnings per share. Avadel Pharmaceuticals’s revenue was up 93.2% on a year-over-year basis. Research analysts forecast that Avadel Pharmaceuticals PLC. will post -0.51 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on the stock. Needham & Company LLC reiterated a “buy” rating and issued a $19.00 target price on shares of Avadel Pharmaceuticals in a report on Thursday, May 8th. HC Wainwright started coverage on shares of Avadel Pharmaceuticals in a research report on Friday. They set a “buy” rating and a $22.00 price objective for the company. Six equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Avadel Pharmaceuticals has a consensus rating of “Buy” and an average target price of $18.33.

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.