Avadel Pharmaceuticals PLC. $AVDL Position Decreased by Wealth Effects LLC

Wealth Effects LLC trimmed its position in Avadel Pharmaceuticals PLC. (NASDAQ:AVDL) by 2.8% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 2,288,813 shares of the company’s stock after selling 66,009 shares during the period. Avadel Pharmaceuticals accounts for approximately 11.3% of Wealth Effects LLC’s investment portfolio, making the stock its biggest holding. Wealth Effects LLC owned about 2.36% of Avadel Pharmaceuticals worth $34,950,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in AVDL. State of Alaska Department of Revenue purchased a new stake in Avadel Pharmaceuticals during the 3rd quarter valued at about $83,000. Hennion & Walsh Asset Management Inc. lifted its holdings in shares of Avadel Pharmaceuticals by 69.9% during the third quarter. Hennion & Walsh Asset Management Inc. now owns 85,544 shares of the company’s stock worth $1,306,000 after purchasing an additional 35,208 shares during the period. Edge Wealth Management LLC lifted its holdings in shares of Avadel Pharmaceuticals by 20.0% during the third quarter. Edge Wealth Management LLC now owns 30,000 shares of the company’s stock worth $458,000 after purchasing an additional 5,000 shares during the period. Tower Research Capital LLC TRC boosted its position in Avadel Pharmaceuticals by 217.5% in the second quarter. Tower Research Capital LLC TRC now owns 8,795 shares of the company’s stock valued at $78,000 after buying an additional 6,025 shares during the last quarter. Finally, Krensavage Asset Management LLC increased its holdings in Avadel Pharmaceuticals by 0.9% in the 2nd quarter. Krensavage Asset Management LLC now owns 958,877 shares of the company’s stock worth $8,486,000 after buying an additional 8,877 shares during the period. Institutional investors and hedge funds own 69.19% of the company’s stock.

Wall Street Analyst Weigh In

AVDL has been the subject of several research reports. Wells Fargo & Company lifted their price objective on shares of Avadel Pharmaceuticals from $20.00 to $22.50 and gave the company an “equal weight” rating in a research note on Thursday, November 20th. UBS Group downgraded shares of Avadel Pharmaceuticals to a “neutral” rating in a research report on Tuesday, October 28th. Wall Street Zen lowered shares of Avadel Pharmaceuticals from a “strong-buy” rating to a “buy” rating in a report on Saturday, October 25th. Piper Sandler lowered Avadel Pharmaceuticals from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, October 22nd. Finally, HC Wainwright downgraded Avadel Pharmaceuticals from a “buy” rating to a “neutral” rating and set a $20.00 target price on the stock. in a research note on Thursday, October 23rd. One analyst has rated the stock with a Buy rating, eleven have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $18.86.

Avadel Pharmaceuticals Stock Performance

AVDL stock opened at $21.50 on Thursday. Avadel Pharmaceuticals PLC. has a one year low of $6.38 and a one year high of $23.57. The firm’s fifty day moving average is $21.41 and its 200 day moving average is $16.55.

Avadel Pharmaceuticals (NASDAQ:AVDL) last posted its 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). Avadel Pharmaceuticals had a negative return on equity of 0.33% and a negative net margin of 0.11%.The firm had revenue of $77.47 million for the quarter, compared to analysts’ expectations of $78.05 million. During the same period in the previous year, the company earned ($0.03) earnings per share. The company’s revenue was up 55.0% compared to the same quarter last year. As a group, research analysts expect that Avadel Pharmaceuticals PLC. will post -0.51 earnings per share for the current fiscal year.

About Avadel Pharmaceuticals

Avadel Pharmaceuticals plc is a global specialty biopharmaceutical company focused on developing and delivering treatments for rare diseases and central nervous system disorders. Headquartered in Dublin, Ireland, with operations in the United States, Avadel’s portfolio centers on sleep disorder therapeutics, including its flagship low-sodium oxybate product, XYWAV, which is approved in the U.S. for the treatment of cataplexy or excessive daytime sleepiness in patients with narcolepsy. The company is also advancing FT218, a once-nightly formulation of sodium oxybate, currently under regulatory review for narcolepsy management.

Formed through a rebranding of Flamel Technologies in 2016 and a strategic shift toward rare disease drug development, Avadel has built its R&D capabilities around improving patient compliance and reducing daily sodium exposure compared to traditional therapies.