Modera Wealth Management LLC Sells 223,590 Shares of Avadel Pharmaceuticals PLC. (NASDAQ:AVDL)

Modera Wealth Management LLC lowered its stake in Avadel Pharmaceuticals PLC. (NASDAQ:AVDL) by 28.6% during the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 558,977 shares of the company’s stock after selling 223,590 shares during the period. Modera Wealth Management LLC owned 0.58% of Avadel Pharmaceuticals worth $4,377,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also recently modified their holdings of AVDL. Invesco Ltd. lifted its stake in Avadel Pharmaceuticals by 2.3% in the fourth quarter. Invesco Ltd. now owns 52,142 shares of the company’s stock worth $548,000 after purchasing an additional 1,177 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in Avadel Pharmaceuticals by 3.7% in the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 52,594 shares of the company’s stock worth $553,000 after purchasing an additional 1,882 shares during the last quarter. Rhumbline Advisers grew its holdings in shares of Avadel Pharmaceuticals by 2.3% during the first quarter. Rhumbline Advisers now owns 127,027 shares of the company’s stock valued at $995,000 after buying an additional 2,890 shares during the last quarter. MetLife Investment Management LLC boosted its holdings in Avadel Pharmaceuticals by 6.1% in the fourth quarter. MetLife Investment Management LLC now owns 57,068 shares of the company’s stock valued at $600,000 after purchasing an additional 3,271 shares during the last quarter. Finally, Edge Wealth Management LLC raised its position in shares of Avadel Pharmaceuticals by 25.0% in 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 period. 69.19% of the stock is owned by institutional investors.

Avadel Pharmaceuticals Stock Up 0.7%

Shares of AVDL opened at $10.70 on Thursday. The company’s fifty day moving average is $9.68 and its 200-day moving average is $8.71. Avadel Pharmaceuticals PLC. has a 12 month low of $6.38 and a 12 month high of $17.30. The firm has a market cap of $1.04 billion, a price-to-earnings ratio of -39.63 and a beta of 1.42.

Avadel Pharmaceuticals (NASDAQ:AVDL) last issued its quarterly earnings results on Wednesday, May 7th. The company reported ($0.05) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.07) by $0.02. The firm had revenue of $52.51 million during 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%. The business’s revenue was up 93.2% on a year-over-year basis. During the same period in the prior year, the firm earned ($0.30) EPS. As a group, research analysts predict that Avadel Pharmaceuticals PLC. will post -0.51 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on the stock. Needham & Company LLC reaffirmed a “buy” rating and set a $19.00 price objective on shares of Avadel Pharmaceuticals in a research report on Thursday, May 8th. HC Wainwright reaffirmed a “buy” rating and issued a $22.00 price target on shares of Avadel Pharmaceuticals in a report on Friday, July 18th. Six investment analysts have rated the stock with a buy rating, According to data from MarketBeat, Avadel Pharmaceuticals presently has a consensus rating of “Buy” and a consensus target price of $18.33.

Avadel Pharmaceuticals Company 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.