Voya Investment Management LLC Sells 2,085 Shares of Avadel Pharmaceuticals plc (NASDAQ:AVDL)

Voya Investment Management LLC reduced its stake in Avadel Pharmaceuticals plc (NASDAQ:AVDL) by 6.9% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 28,151 shares of the company’s stock after selling 2,085 shares during the quarter. Voya Investment Management LLC’s holdings in Avadel Pharmaceuticals were worth $296,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in the stock. Hsbc Holdings PLC bought a new stake in shares of Avadel Pharmaceuticals in the fourth quarter valued at about $113,000. Kazazian Asset Management LLC bought a new stake in shares of Avadel Pharmaceuticals in the fourth quarter valued at about $126,000. Sanctuary Advisors LLC bought a new stake in shares of Avadel Pharmaceuticals in the fourth quarter valued at about $140,000. Nations Financial Group Inc. IA ADV bought a new position in Avadel Pharmaceuticals in the fourth quarter valued at $163,000. Finally, China Universal Asset Management Co. Ltd. grew its position in Avadel Pharmaceuticals by 10.3% in the fourth quarter. China Universal Asset Management Co. Ltd. now owns 20,432 shares of the company’s stock valued at $215,000 after purchasing an additional 1,916 shares in the last quarter. 69.19% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on the company. Deutsche Bank Aktiengesellschaft assumed coverage on Avadel Pharmaceuticals in a research note on Tuesday, February 11th. They set a “buy” rating and a $12.00 price objective on the stock. HC Wainwright reiterated a “buy” rating and set a $21.00 price target on shares of Avadel Pharmaceuticals in a report on Tuesday, March 4th. Needham & Company LLC reiterated a “buy” rating and set a $19.00 price target on shares of Avadel Pharmaceuticals in a report on Thursday. Finally, UBS Group reduced their target price on Avadel Pharmaceuticals from $22.00 to $14.00 and set a “buy” rating for the company in a research note on Monday, January 13th. Seven analysts have rated the stock with a buy rating, According to data from MarketBeat, the company presently has an average rating of “Buy” and a consensus price target of $19.43.

Avadel Pharmaceuticals Stock Performance

NASDAQ:AVDL opened at $9.39 on Monday. The stock has a market cap of $907.35 million, a P/E ratio of -11.89 and a beta of 1.40. The stock has a 50 day simple moving average of $8.11 and a 200 day simple moving average of $9.45. Avadel Pharmaceuticals plc has a 1-year low of $6.38 and a 1-year high of $17.51.

Avadel Pharmaceuticals (NASDAQ:AVDL) last released its quarterly earnings results on Wednesday, May 7th. The company reported ($0.05) EPS for the quarter, beating the consensus estimate of ($0.07) by $0.02. Avadel Pharmaceuticals had a negative net margin of 52.53% and a negative return on equity of 93.34%. The business had revenue of $52.51 million for the quarter, compared to the consensus estimate of $50.57 million. During the same period in the prior year, the company posted ($0.30) earnings per share. Avadel Pharmaceuticals’s revenue was up 93.2% compared to the same quarter last year. As a group, sell-side analysts forecast that Avadel Pharmaceuticals plc will post -0.51 EPS for the current year.

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.