MML Investors Services LLC Boosts Stake in Avadel Pharmaceuticals plc (NASDAQ:AVDL)

MML Investors Services LLC boosted its position in shares of Avadel Pharmaceuticals plc (NASDAQ:AVDL) by 13.8% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 136,356 shares of the company’s stock after buying an additional 16,500 shares during the period. MML Investors Services LLC’s holdings in Avadel Pharmaceuticals were worth $1,788,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in AVDL. Bank of New York Mellon Corp bought a new position in shares of Avadel Pharmaceuticals during the 2nd quarter valued at approximately $4,575,000. XTX Topco Ltd bought a new position in shares of Avadel Pharmaceuticals during the third quarter valued at approximately $642,000. Troluce Capital Advisors LLC purchased a new stake in shares of Avadel Pharmaceuticals in the second quarter worth approximately $2,109,000. Iridian Asset Management LLC CT lifted its stake in shares of Avadel Pharmaceuticals by 42.5% during the 3rd quarter. Iridian Asset Management LLC CT now owns 167,700 shares of the company’s stock worth $2,199,000 after acquiring an additional 50,000 shares during the last quarter. Finally, Nantahala Capital Management LLC purchased a new position in Avadel Pharmaceuticals during the 2nd quarter valued at $4,921,000. Hedge funds and other institutional investors own 69.19% of the company’s stock.

Insider Buying and Selling at Avadel Pharmaceuticals

In other news, Director Linda Palczuk purchased 3,000 shares of the stock in a transaction on Friday, December 6th. The stock was bought at an average price of $10.19 per share, with a total value of $30,570.00. Following the transaction, the director now owns 66,400 shares in the company, valued at $676,616. The trade was a 4.73 % increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Thomas S. Mchugh acquired 5,000 shares of the business’s stock in a transaction dated Wednesday, December 11th. The stock was purchased at an average cost of $10.49 per share, for a total transaction of $52,450.00. Following the completion of the acquisition, the chief financial officer now directly owns 85,500 shares of the company’s stock, valued at approximately $896,895. This trade represents a 6.21 % increase in their position. The disclosure for this purchase can be found here. Over the last ninety days, insiders acquired 40,579 shares of company stock worth $406,313. 4.80% of the stock is owned by insiders.

Avadel Pharmaceuticals Stock Performance

AVDL stock opened at $10.73 on Wednesday. Avadel Pharmaceuticals plc has a one year low of $9.41 and a one year high of $19.09. The firm has a market cap of $1.03 billion, a price-to-earnings ratio of -13.58 and a beta of 1.32. The firm has a 50-day simple moving average of $12.39 and a two-hundred day simple moving average of $14.14.

Avadel Pharmaceuticals (NASDAQ:AVDL) last issued its quarterly earnings results on Tuesday, November 12th. The company reported ($0.03) earnings per share (EPS) for the quarter, topping 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 business had revenue of $50.00 million for the quarter, compared to the consensus estimate of $48.43 million. During the same period in the prior year, the firm posted ($0.41) earnings per share. The business’s quarterly revenue was up 624.6% on a year-over-year basis. As a group, equities analysts predict that Avadel Pharmaceuticals plc will post -0.48 earnings per share for the current fiscal year.

Analysts Set New Price Targets

AVDL has been the topic of a number of recent analyst reports. Needham & Company LLC reiterated a “buy” rating and issued a $22.00 target price on shares of Avadel Pharmaceuticals in a research note on Tuesday, November 12th. HC Wainwright decreased their price objective on Avadel Pharmaceuticals from $27.00 to $25.00 and set a “buy” rating for the company in a report on Wednesday, November 13th. Finally, Oppenheimer increased their target price 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. Seven investment analysts have rated the stock with a buy rating, According to data from MarketBeat, the company 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.