Smith Asset Management Group LP Reduces Stake in Flamel Technologies S.A. (AVDL)
Smith Asset Management Group LP lowered its position in Flamel Technologies S.A. (NASDAQ:AVDL) by 31.2% during the second quarter, Holdings Channel reports. The firm owned 22,410 shares of the company’s stock after selling 10,180 shares during the period. Smith Asset Management Group LP’s holdings in Flamel Technologies were worth $247,000 at the end of the most recent quarter.
Several other institutional investors have also made changes to their positions in AVDL. Russell Investments Group Ltd. acquired a new position in shares of Flamel Technologies during the first quarter worth about $3,654,000. US Bancorp DE acquired a new position in shares of Flamel Technologies during the first quarter worth about $121,000. Acadian Asset Management LLC raised its position in shares of Flamel Technologies by 9.7% in the second quarter. Acadian Asset Management LLC now owns 1,672,207 shares of the company’s stock worth $18,444,000 after buying an additional 147,907 shares during the period. Trexquant Investment LP raised its position in shares of Flamel Technologies by 30.7% in the second quarter. Trexquant Investment LP now owns 30,500 shares of the company’s stock worth $336,000 after buying an additional 7,169 shares during the period. Finally, Sei Investments Co. raised its position in shares of Flamel Technologies by 29.5% in the second quarter. Sei Investments Co. now owns 12,726 shares of the company’s stock worth $140,000 after buying an additional 2,900 shares during the period. Institutional investors and hedge funds own 66.79% of the company’s stock.
Flamel Technologies S.A. (NASDAQ:AVDL) opened at 8.77 on Wednesday. The stock has a market capitalization of $351.53 million, a price-to-earnings ratio of 9.26 and a beta of 1.37. Flamel Technologies S.A. has a 12 month low of $8.14 and a 12 month high of $15.45. The stock’s 50 day moving average is $9.98 and its 200-day moving average is $9.95.
Flamel Technologies (NASDAQ:AVDL) last issued its quarterly earnings results on Tuesday, August 8th. The company reported $0.19 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.05 by $0.14. Flamel Technologies had a return on equity of 29.86% and a net margin of 21.13%. The business had revenue of $46.30 million during the quarter, compared to the consensus estimate of $45.17 million. The firm’s revenue for the quarter was up 19.0% compared to the same quarter last year. On average, equities research analysts expect that Flamel Technologies S.A. will post $1.13 earnings per share for the current year.
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AVDL has been the topic of a number of research reports. Zacks Investment Research lowered shares of Flamel Technologies from a “hold” rating to a “sell” rating in a research report on Monday, August 7th. Roth Capital set a $15.00 target price on shares of Flamel Technologies and gave the stock a “buy” rating in a research report on Wednesday, August 9th. One equities research analyst has rated the stock with a sell rating and three have given a buy rating to the company’s stock. Flamel Technologies has a consensus rating of “Buy” and an average price target of $14.75.
In other news, Director Craig R. Stapleton purchased 31,013 shares of the stock in a transaction dated Monday, May 22nd. The stock was acquired at an average cost of $9.85 per share, for a total transaction of $305,478.05. Following the acquisition, the director now owns 507,678 shares of the company’s stock, valued at $5,000,628.30. The acquisition was disclosed in a filing with the SEC, which is available at this link. Also, major shareholder Healthcare Master Fun Broadfin sold 261,000 shares of the business’s stock in a transaction that occurred on Friday, June 23rd. The shares were sold at an average price of $10.68, for a total value of $2,787,480.00. The disclosure for this sale can be found here. 5.07% of the stock is currently owned by insiders.
About Flamel Technologies
Flamel Technologies SA is a specialty pharmaceutical company. The Company is engaged in the development and commercialization of pharmaceutical products, including controlled-release therapeutic products based on its polymer based technology. The Company has a balanced business model consisting of an Unapproved Marketed Drugs (UMDs) business with over two approved products in the United States, Bloxiverz (neostigmine methylsulfate injection) and Vazculep (phenylephrine hydrochloride injection) that are marketed; a branded pediatric business, and a branded business, focusing on the development of products utilizing Flamel’s drug delivery platforms.
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