Handelsbanken Fonder AB Takes Position in Avadel Pharmaceuticals PLC. $AVDL

Handelsbanken Fonder AB purchased a new position in shares of Avadel Pharmaceuticals PLC. (NASDAQ:AVDL) in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 34,100 shares of the company’s stock, valued at approximately $302,000.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Geode Capital Management LLC grew its holdings in shares of Avadel Pharmaceuticals by 82.3% during the second quarter. Geode Capital Management LLC now owns 2,169,018 shares of the company’s stock worth $19,198,000 after buying an additional 979,422 shares during the last quarter. Two Seas Capital LP lifted its position in Avadel Pharmaceuticals by 15.1% during the 1st quarter. Two Seas Capital LP now owns 4,946,449 shares of the company’s stock worth $38,731,000 after acquiring an additional 650,000 shares during the period. Nuveen LLC purchased a new position in shares of Avadel Pharmaceuticals in the 1st quarter valued at approximately $4,055,000. Woodline Partners LP increased its holdings in shares of Avadel Pharmaceuticals by 78.7% in the first quarter. Woodline Partners LP now owns 896,861 shares of the company’s stock valued at $7,022,000 after purchasing an additional 395,040 shares during the period. Finally, Invenomic Capital Management LP acquired a new position in shares of Avadel Pharmaceuticals in the first quarter valued at approximately $1,785,000. 69.19% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of research firms recently weighed in on AVDL. Jefferies Financial Group lowered shares of Avadel Pharmaceuticals from a “buy” rating to a “hold” rating and lowered their price objective for the company from $22.00 to $20.00 in a research report on Wednesday, October 22nd. Wall Street Zen downgraded shares of Avadel Pharmaceuticals from a “strong-buy” rating to a “buy” rating in a report on Saturday, October 25th. Wells Fargo & Company increased their price target on shares of Avadel Pharmaceuticals from $20.00 to $22.50 and gave the stock an “equal weight” rating in a report on Thursday, November 20th. Weiss Ratings restated a “sell (d-)” rating on shares of Avadel Pharmaceuticals in a research report on Monday, November 24th. Finally, UBS Group lowered Avadel Pharmaceuticals to a “neutral” rating in a report on Tuesday, October 28th. One equities research analyst has rated the stock with a Buy rating, ten have issued a Hold rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Reduce” and an average price target of $18.13.

Avadel Pharmaceuticals Stock Performance

Avadel Pharmaceuticals stock opened at $21.56 on Monday. Avadel Pharmaceuticals PLC. has a fifty-two week low of $6.38 and a fifty-two week high of $23.57. The firm has a market capitalization of $2.11 billion, a price-to-earnings ratio of -718.80 and a beta of 1.47. The stock’s fifty day moving average is $18.02 and its two-hundred day moving average is $13.78.

Avadel Pharmaceuticals (NASDAQ:AVDL) last released its quarterly earnings results on Tuesday, November 4th. The company reported $0.00 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.04 by ($0.04). The firm had revenue of $77.47 million for the quarter, compared to analyst estimates of $78.05 million. Avadel Pharmaceuticals had a negative return on equity of 3.73% and a negative net margin of 1.32%.The company’s quarterly revenue was up 55.0% compared to the same quarter last year. During the same period last year, the firm earned ($0.03) EPS. As a group, sell-side analysts forecast that Avadel Pharmaceuticals PLC. will post -0.51 EPS for the current fiscal year.

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.