Kennedy Capital Management LLC Raises Stock Position in Avadel Pharmaceuticals plc (NASDAQ:AVDL)

Kennedy Capital Management LLC grew its position in shares of Avadel Pharmaceuticals plc (NASDAQ:AVDL) by 1.1% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 653,147 shares of the company’s stock after purchasing an additional 7,273 shares during the period. Kennedy Capital Management LLC owned approximately 0.72% of Avadel Pharmaceuticals worth $11,032,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Obermeyer Wood Investment Counsel Lllp purchased a new position in Avadel Pharmaceuticals in the first quarter worth about $4,721,000. StemPoint Capital LP bought a new position in Avadel Pharmaceuticals in the first quarter worth approximately $3,778,000. Lord Abbett & CO. LLC purchased a new position in Avadel Pharmaceuticals in the first quarter worth $3,264,000. Russell Investments Group Ltd. purchased a new position in Avadel Pharmaceuticals in the first quarter worth $1,943,000. Finally, Investors Asset Management of Georgia Inc. GA ADV purchased a new position in Avadel Pharmaceuticals in the fourth quarter worth $1,503,000. Hedge funds and other institutional investors own 69.19% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have commented on AVDL. Craig Hallum upped their price target on shares of Avadel Pharmaceuticals from $22.00 to $23.00 and gave the company a “buy” rating in a report on Thursday, May 9th. Rodman & Renshaw initiated coverage on shares of Avadel Pharmaceuticals in a research note on Wednesday, June 12th. They issued a “buy” rating and a $27.00 price target on the stock. Needham & Company LLC reissued a “buy” rating and issued a $22.00 target price on shares of Avadel Pharmaceuticals in a research note on Wednesday, May 8th. Finally, HC Wainwright raised their target price on shares of Avadel Pharmaceuticals from $25.00 to $27.00 and gave the stock a “buy” rating in a research note on Thursday, May 9th. Seven analysts have rated the stock with a buy rating, According to MarketBeat, the company has an average rating of “Buy” and a consensus target price of $24.57.

Avadel Pharmaceuticals Stock Performance

Shares of NASDAQ:AVDL traded down $0.08 during trading on Tuesday, hitting $16.24. The company’s stock had a trading volume of 485,565 shares, compared to its average volume of 1,243,960. The business has a 50 day moving average price of $15.53 and a two-hundred day moving average price of $15.65. The company has a market capitalization of $1.56 billion, a PE ratio of -8.73 and a beta of 1.53. Avadel Pharmaceuticals plc has a fifty-two week low of $9.50 and a fifty-two week high of $19.09.

Avadel Pharmaceuticals (NASDAQ:AVDL) last posted its quarterly earnings results on Wednesday, May 8th. The company reported ($0.30) EPS for the quarter, missing the consensus estimate of ($0.25) by ($0.05). The business had revenue of $27.18 million during the quarter, compared to analyst estimates of $25.89 million. Avadel Pharmaceuticals had a negative return on equity of 139.72% and a negative net margin of 284.42%. The business’s revenue was up 2617.8% on a year-over-year basis. During the same quarter last year, the firm earned ($0.48) EPS. As a group, equities analysts expect that Avadel Pharmaceuticals plc will post -0.58 earnings per share for the current fiscal year.

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.