Aigen Investment Management LP Buys New Stake in Avadel Pharmaceuticals plc (NASDAQ:AVDL)

Aigen Investment Management LP bought a new stake in shares of Avadel Pharmaceuticals plc (NASDAQ:AVDL) during the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The fund bought 12,185 shares of the company’s stock, valued at approximately $160,000.

Several other hedge funds and other institutional investors have also made changes to their positions in the business. Creative Planning lifted its holdings in Avadel Pharmaceuticals by 8.2% in the 3rd quarter. Creative Planning now owns 12,381 shares of the company’s stock worth $162,000 after buying an additional 938 shares in the last quarter. BNP Paribas Financial Markets lifted its holdings in Avadel Pharmaceuticals by 60.5% in the 1st quarter. BNP Paribas Financial Markets now owns 4,469 shares of the company’s stock worth $75,000 after buying an additional 1,685 shares in the last quarter. Investors Asset Management of Georgia Inc. GA ADV lifted its holdings in Avadel Pharmaceuticals by 2.4% in the 2nd quarter. Investors Asset Management of Georgia Inc. GA ADV now owns 89,475 shares of the company’s stock worth $1,258,000 after buying an additional 2,100 shares in the last quarter. Modera Wealth Management LLC lifted its holdings in Avadel Pharmaceuticals by 0.4% in the 2nd quarter. Modera Wealth Management LLC now owns 602,608 shares of the company’s stock worth $8,473,000 after buying an additional 2,159 shares in the last quarter. Finally, Diversify Wealth Management LLC lifted its holdings in Avadel Pharmaceuticals by 8.3% in the 3rd quarter. Diversify Wealth Management LLC now owns 31,637 shares of the company’s stock worth $418,000 after buying an additional 2,432 shares in the last quarter. Institutional investors and hedge funds own 69.19% of the company’s stock.

Avadel Pharmaceuticals Stock Performance

AVDL opened at $10.91 on Monday. The company has a 50-day moving average of $13.49 and a 200-day moving average of $14.98. The company has a market capitalization of $1.05 billion, a P/E ratio of -13.81 and a beta of 1.47. Avadel Pharmaceuticals plc has a 1-year low of $10.39 and a 1-year high of $19.09.

Avadel Pharmaceuticals (NASDAQ:AVDL) last announced its quarterly earnings data on Tuesday, November 12th. The company reported ($0.03) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.06) by $0.03. Avadel Pharmaceuticals had a negative net margin of 52.53% and a negative return on equity of 93.34%. The business had revenue of $50.00 million during the quarter, compared to the consensus estimate of $48.43 million. During the same quarter in the prior year, the firm earned ($0.41) EPS. The company’s revenue for the quarter was up 624.6% compared to the same quarter last year. As a group, sell-side analysts expect that Avadel Pharmaceuticals plc will post -0.48 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

AVDL has been the topic of a number of recent analyst reports. Oppenheimer boosted their price objective on shares of Avadel Pharmaceuticals from $29.00 to $30.00 and gave the stock an “outperform” rating in a report on Thursday, October 31st. HC Wainwright dropped their target price on shares of Avadel Pharmaceuticals from $27.00 to $25.00 and set a “buy” rating for the company in a research report on Wednesday, November 13th. Finally, Needham & Company LLC reissued a “buy” rating and issued a $22.00 target price on shares of Avadel Pharmaceuticals in a research report on Tuesday, November 12th. Seven investment analysts have rated the stock with a buy rating, According to MarketBeat.com, Avadel Pharmaceuticals currently has an average rating of “Buy” and a consensus price target of $24.43.

Avadel Pharmaceuticals Company 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.