Silverback Asset Management LLC Sells 100,000 Shares of Avadel Pharmaceuticals PLC. $AVDL

Silverback Asset Management LLC reduced its stake in Avadel Pharmaceuticals PLC. (NASDAQ:AVDL) by 43.5% during the second quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 130,000 shares of the company’s stock after selling 100,000 shares during the quarter. Silverback Asset Management LLC owned approximately 0.13% of Avadel Pharmaceuticals worth $1,150,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Nisa Investment Advisors LLC grew 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 during the period. Exencial Wealth Advisors LLC bought a new position in shares of Avadel Pharmaceuticals during the 1st quarter valued at approximately $82,000. Thoroughbred Financial Services LLC purchased a new stake in Avadel Pharmaceuticals in the 1st quarter worth approximately $82,000. Prudential Financial Inc. bought a new stake in Avadel Pharmaceuticals during the 2nd quarter worth approximately $96,000. Finally, Quarry LP bought a new stake in Avadel Pharmaceuticals during the 1st quarter worth approximately $94,000. 69.19% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on AVDL shares. Leerink Partners reiterated a “market perform” rating and issued a $18.50 price target on shares of Avadel Pharmaceuticals in a research report on Thursday, October 23rd. HC Wainwright cut shares of 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. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Avadel Pharmaceuticals in a report on Monday. UBS Group cut Avadel Pharmaceuticals to a “neutral” rating in a report on Tuesday, October 28th. Finally, Lifesci Capital downgraded Avadel Pharmaceuticals from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, October 22nd. One investment analyst has rated the stock with a Buy rating, ten have assigned a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Reduce” and an average target price of $18.13.

Avadel Pharmaceuticals Price Performance

AVDL opened at $21.35 on Wednesday. The firm has a 50-day simple moving average of $18.24 and a two-hundred day simple moving average of $13.96. Avadel Pharmaceuticals PLC. has a 52 week low of $6.38 and a 52 week high of $23.57.

Avadel Pharmaceuticals (NASDAQ:AVDL) last posted its earnings results on Tuesday, November 4th. The company reported $0.00 EPS for the quarter, missing analysts’ consensus estimates 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 during the quarter, compared to analysts’ expectations of $78.05 million. During the same quarter in the prior year, the firm posted ($0.03) earnings per share. Avadel Pharmaceuticals’s quarterly revenue was up 55.0% on a year-over-year basis. As a group, equities research analysts anticipate that Avadel Pharmaceuticals PLC. will post -0.51 EPS for the current fiscal 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.