Avadel Pharmaceuticals plc (NASDAQ:AVDL) Shares Sold by JPMorgan Chase & Co.

JPMorgan Chase & Co. reduced its holdings in Avadel Pharmaceuticals plc (NASDAQ:AVDL) by 37.2% during the 3rd quarter, Holdings Channel reports. The firm owned 115,025 shares of the company’s stock after selling 68,141 shares during the quarter. JPMorgan Chase & Co.’s holdings in Avadel Pharmaceuticals were worth $1,509,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of the business. Lord Abbett & CO. LLC grew its holdings in Avadel Pharmaceuticals by 23.9% in the third quarter. Lord Abbett & CO. LLC now owns 489,073 shares of the company’s stock valued at $6,414,000 after purchasing an additional 94,239 shares during the period. Barclays PLC boosted its stake in shares of Avadel Pharmaceuticals by 45.8% in the third quarter. Barclays PLC now owns 392,691 shares of the company’s stock worth $5,150,000 after acquiring an additional 123,430 shares during the last quarter. MML Investors Services LLC boosted its stake in shares of Avadel Pharmaceuticals by 13.8% in the third quarter. MML Investors Services LLC now owns 136,356 shares of the company’s stock worth $1,788,000 after acquiring an additional 16,500 shares during the last quarter. Dorsey Wright & Associates boosted its stake in shares of Avadel Pharmaceuticals by 12.9% in the third quarter. Dorsey Wright & Associates now owns 142,120 shares of the company’s stock worth $1,864,000 after acquiring an additional 16,215 shares during the last quarter. Finally, XTX Topco Ltd acquired a new stake in shares of Avadel Pharmaceuticals in the third quarter worth approximately $642,000. 69.19% of the stock is owned by institutional investors and hedge funds.

Avadel Pharmaceuticals Stock Performance

Shares of Avadel Pharmaceuticals stock opened at $7.94 on Friday. Avadel Pharmaceuticals plc has a one year low of $7.39 and a one year high of $19.09. The company has a market cap of $765.10 million, a price-to-earnings ratio of -10.05 and a beta of 1.31. The business’s 50 day moving average price is $10.17 and its 200 day moving average price is $13.13.

Avadel Pharmaceuticals (NASDAQ:AVDL) last posted its earnings results on Tuesday, November 12th. The company reported ($0.03) EPS for the quarter, beating analysts’ consensus estimates of ($0.06) by $0.03. Avadel Pharmaceuticals had a negative return on equity of 93.34% and a negative net margin of 52.53%. The company had revenue of $50.00 million for the quarter, compared to the consensus estimate of $48.43 million. During the same quarter in the previous year, the business earned ($0.41) earnings per share. The company’s revenue for the quarter was up 624.6% on a year-over-year basis. On average, analysts predict that Avadel Pharmaceuticals plc will post -0.51 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on the company. HC Wainwright reaffirmed a “buy” rating and issued a $21.00 price target (down from $25.00) on shares of Avadel Pharmaceuticals in a research note on Friday, January 10th. Piper Sandler lowered their price target on Avadel Pharmaceuticals from $24.00 to $13.00 and set an “overweight” rating on the stock in a research note on Friday, January 10th. UBS Group lowered their price target on Avadel Pharmaceuticals from $22.00 to $14.00 and set a “buy” rating on the stock in a research note on Monday, January 13th. Oppenheimer lifted their price target on Avadel Pharmaceuticals from $29.00 to $30.00 and gave the stock an “outperform” rating in a research note on Thursday, October 31st. Finally, Needham & Company LLC lowered their price target on Avadel Pharmaceuticals from $22.00 to $19.00 and set a “buy” rating on the stock in a research note on Thursday, January 9th. Seven equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock has an average rating of “Buy” and an average target price of $21.00.

Insider Buying and Selling at Avadel Pharmaceuticals

In other Avadel Pharmaceuticals news, CEO Gregory J. Divis bought 9,598 shares of Avadel Pharmaceuticals stock in a transaction on Friday, December 6th. The shares were bought at an average price of $9.98 per share, for a total transaction of $95,788.04. Following the completion of the transaction, the chief executive officer now directly owns 9,598 shares of the company’s stock, valued at $95,788.04. This trade represents a ∞ increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available at this link. Also, Director Linda Palczuk bought 5,000 shares of Avadel Pharmaceuticals stock in a transaction on Tuesday, January 21st. The stock was acquired at an average price of $7.93 per share, for a total transaction of $39,650.00. Following the transaction, the director now directly owns 67,900 shares of the company’s stock, valued at approximately $538,447. This trade represents a 7.95 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have acquired 55,579 shares of company stock worth $526,363 over the last quarter. 4.80% of the stock is currently owned by company insiders.

Avadel Pharmaceuticals 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.