Avadel Pharmaceuticals PLC. (NASDAQ:AVDL) Shares Bought by Avantax Advisory Services Inc.

Avantax Advisory Services Inc. raised its holdings in Avadel Pharmaceuticals PLC. (NASDAQ:AVDL) by 33.8% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 222,733 shares of the company’s stock after purchasing an additional 56,277 shares during the period. Avantax Advisory Services Inc. owned about 0.23% of Avadel Pharmaceuticals worth $1,744,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Kovack Advisors Inc. acquired a new stake in Avadel Pharmaceuticals during the first quarter worth $90,000. Pekin Hardy Strauss Inc. acquired a new stake in Avadel Pharmaceuticals during the first quarter worth $110,000. Hsbc Holdings PLC acquired a new stake in Avadel Pharmaceuticals during the fourth quarter worth $113,000. Edge Wealth Management LLC increased its stake in Avadel Pharmaceuticals by 25.0% during the first quarter. Edge Wealth Management LLC now owns 25,000 shares of the company’s stock worth $196,000 after acquiring an additional 5,000 shares during the last quarter. Finally, KLP Kapitalforvaltning AS acquired a new stake in Avadel Pharmaceuticals during the fourth quarter worth $218,000. Hedge funds and other institutional investors own 69.19% of the company’s stock.

Wall Street Analyst Weigh In

AVDL has been the topic of several research analyst reports. HC Wainwright reiterated a “buy” rating and issued a $22.00 price objective on shares of Avadel Pharmaceuticals in a report on Friday, July 18th. Needham & Company LLC reiterated a “buy” rating and issued a $19.00 price objective on shares of Avadel Pharmaceuticals in a report on Thursday, May 8th. Six investment analysts have rated the stock with a buy rating, According to data from MarketBeat, the company currently has an average rating of “Buy” and an average target price of $18.33.

Avadel Pharmaceuticals Stock Performance

Shares of NASDAQ:AVDL opened at $10.70 on Thursday. Avadel Pharmaceuticals PLC. has a one year low of $6.38 and a one year high of $17.30. The stock has a fifty day moving average of $9.68 and a 200-day moving average of $8.71. The company has a market capitalization of $1.04 billion, a PE ratio of -39.63 and a beta of 1.42.

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. The business had revenue of $52.51 million for the quarter, compared to the consensus estimate of $50.57 million. Avadel Pharmaceuticals had a negative net margin of 13.58% and a negative return on equity of 36.07%. Avadel Pharmaceuticals’s revenue for the quarter was up 93.2% compared to the same quarter last year. During the same period in the prior year, the business posted ($0.30) earnings per share. As a group, research analysts forecast that Avadel Pharmaceuticals PLC. will post -0.51 EPS for the current fiscal year.

Avadel Pharmaceuticals Profile

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.