Avantax Advisory Services Inc. Purchases 56,277 Shares of Avadel Pharmaceuticals PLC. (NASDAQ:AVDL)

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

Several other institutional investors and hedge funds have also added to or reduced their stakes in AVDL. BNP Paribas Financial Markets bought a new stake in Avadel Pharmaceuticals in the fourth quarter worth about $245,000. Tri Locum Partners LP increased its stake in shares of Avadel Pharmaceuticals by 16.7% in the fourth quarter. Tri Locum Partners LP now owns 1,937,984 shares of the company’s stock worth $20,368,000 after purchasing an additional 277,029 shares in the last quarter. California State Teachers Retirement System increased its stake in shares of Avadel Pharmaceuticals by 10.2% in the fourth quarter. California State Teachers Retirement System now owns 81,448 shares of the company’s stock worth $856,000 after purchasing an additional 7,544 shares in the last quarter. Vanguard Group Inc. increased its stake in shares of Avadel Pharmaceuticals by 2.3% in the fourth quarter. Vanguard Group Inc. now owns 3,953,247 shares of the company’s stock worth $41,549,000 after purchasing an additional 90,147 shares in the last quarter. Finally, Northern Trust Corp increased its stake in shares of Avadel Pharmaceuticals by 11.3% in the fourth quarter. Northern Trust Corp now owns 658,582 shares of the company’s stock worth $6,922,000 after purchasing an additional 66,948 shares in the last quarter. Institutional investors own 69.19% of the company’s stock.

Avadel Pharmaceuticals Price Performance

AVDL opened at $10.70 on Thursday. Avadel Pharmaceuticals PLC. has a 1 year low of $6.38 and a 1 year high of $17.30. The firm has a market capitalization of $1.04 billion, a PE ratio of -39.63 and a beta of 1.42. The business’s 50-day moving average is $9.68 and its two-hundred day moving average is $8.71.

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

Analysts Set New Price Targets

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

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.