Avadel Pharmaceuticals PLC. $AVDL Shares Sold by Wealth Effects LLC

Wealth Effects LLC lowered its stake in Avadel Pharmaceuticals PLC. (NASDAQ:AVDL) by 2.8% during the third quarter, according to its most recent 13F filing with the SEC. The firm owned 2,288,813 shares of the company’s stock after selling 66,009 shares during the quarter. Avadel Pharmaceuticals accounts for about 11.3% of Wealth Effects LLC’s portfolio, making the stock its biggest holding. Wealth Effects LLC’s holdings in Avadel Pharmaceuticals were worth $34,950,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Nisa Investment Advisors LLC lifted its holdings in Avadel Pharmaceuticals by 164.5% during the second quarter. Nisa Investment Advisors LLC now owns 3,304 shares of the company’s stock valued at $29,000 after purchasing an additional 2,055 shares in the last quarter. Raymond James Financial Inc. purchased a new stake in shares of Avadel Pharmaceuticals during the second quarter worth about $65,000. Tower Research Capital LLC TRC raised its position in shares of Avadel Pharmaceuticals by 217.5% during the 2nd quarter. Tower Research Capital LLC TRC now owns 8,795 shares of the company’s stock worth $78,000 after purchasing an additional 6,025 shares during the last quarter. State of Alaska Department of Revenue acquired a new position in shares of Avadel Pharmaceuticals during the 3rd quarter worth about $83,000. Finally, Prudential Financial Inc. purchased a new position in Avadel Pharmaceuticals in the 2nd quarter valued at about $96,000. Hedge funds and other institutional investors own 69.19% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on AVDL shares. Leerink Partners reiterated a “market perform” rating and set a $18.50 price objective on shares of Avadel Pharmaceuticals in a research note on Thursday, October 23rd. UBS Group lowered Avadel Pharmaceuticals to a “neutral” rating in a research note on Tuesday, October 28th. Needham & Company LLC cut Avadel Pharmaceuticals from a “buy” rating to a “hold” rating in a research report on Wednesday, October 22nd. Lifesci Capital downgraded Avadel Pharmaceuticals from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, October 22nd. Finally, Zacks Research upgraded Avadel Pharmaceuticals from a “strong sell” rating to a “hold” rating in a report on Tuesday, January 6th. One analyst has rated the stock with a Buy rating, eleven have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, Avadel Pharmaceuticals currently has an average 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 1 year low of $6.38 and a 1 year high of $23.57. The business has a 50 day simple moving average of $21.41 and a 200-day simple moving average of $16.55.

Avadel Pharmaceuticals (NASDAQ:AVDL) last announced its quarterly earnings data on Tuesday, November 4th. The company reported $0.00 EPS for the quarter, missing analysts’ consensus estimates of $0.04 by ($0.04). The company had revenue of $77.47 million for the quarter, compared to analysts’ expectations of $78.05 million. Avadel Pharmaceuticals had a negative return on equity of 0.33% and a negative net margin of 0.11%.The business’s quarterly revenue was up 55.0% compared to the same quarter last year. During the same quarter in the previous year, the business posted ($0.03) EPS. As a group, equities research analysts predict that Avadel Pharmaceuticals PLC. will post -0.51 EPS for the current fiscal year.

Avadel Pharmaceuticals Profile

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.