Krilogy Financial LLC Acquires 9,200 Shares of Avadel Pharmaceuticals plc (NASDAQ:AVDL)

Krilogy Financial LLC lifted its holdings in shares of Avadel Pharmaceuticals plc (NASDAQ:AVDL) by 53.6% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 26,362 shares of the company’s stock after purchasing an additional 9,200 shares during the period. Krilogy Financial LLC’s holdings in Avadel Pharmaceuticals were worth $277,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Braidwell LP raised its stake in Avadel Pharmaceuticals by 16.9% during the 3rd quarter. Braidwell LP now owns 3,388,939 shares of the company’s stock worth $44,446,000 after buying an additional 490,300 shares during the period. State Street Corp raised its stake in Avadel Pharmaceuticals by 42.5% during the 3rd quarter. State Street Corp now owns 1,623,302 shares of the company’s stock worth $21,290,000 after buying an additional 483,787 shares during the period. Nantahala Capital Management LLC acquired a new position in Avadel Pharmaceuticals during the 2nd quarter worth approximately $4,921,000. Troluce Capital Advisors LLC acquired a new position in Avadel Pharmaceuticals during the 2nd quarter worth approximately $2,109,000. Finally, Barclays PLC raised its stake in Avadel Pharmaceuticals by 45.8% during the 3rd quarter. Barclays PLC now owns 392,691 shares of the company’s stock worth $5,150,000 after buying an additional 123,430 shares during the period. Institutional investors own 69.19% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on AVDL. Needham & Company LLC dropped 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. UBS Group lowered their price objective on Avadel Pharmaceuticals from $22.00 to $14.00 and set a “buy” rating for the company in a research note on Monday, January 13th. Piper Sandler lowered their price objective on Avadel Pharmaceuticals from $24.00 to $13.00 and set an “overweight” rating for the company in a research note on Friday, January 10th. Oppenheimer increased their price objective 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, HC Wainwright reissued a “buy” rating and issued a $21.00 price objective (down from $25.00) on shares of Avadel Pharmaceuticals in a research note on Friday, January 10th. Seven research analysts have rated the stock with a buy rating, According to MarketBeat, the company presently has an average rating of “Buy” and an average price target of $21.00.

Insiders Place Their Bets

In other news, Director Peter J. Thornton bought 10,000 shares of the firm’s stock in a transaction on Monday, January 13th. The stock was acquired at an average cost of $8.04 per share, with a total value of $80,400.00. Following the completion of the transaction, the director now directly owns 104,055 shares of the company’s stock, valued at $836,602.20. This represents a 10.63 % increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Thomas S. Mchugh bought 5,000 shares of the firm’s stock in a transaction on Wednesday, December 11th. The stock was purchased at an average cost of $10.49 per share, with a total value of $52,450.00. Following the completion of the transaction, the chief financial officer now directly owns 85,500 shares of the company’s stock, valued at approximately $896,895. The trade was a 6.21 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders bought 50,579 shares of company stock valued at $486,713 over the last ninety days. 4.80% of the stock is currently owned by insiders.

Avadel Pharmaceuticals Stock Down 3.1 %

AVDL stock opened at $7.75 on Monday. The firm has a market cap of $746.81 million, a PE ratio of -9.81 and a beta of 1.31. The business has a 50 day moving average of $10.53 and a 200-day moving average of $13.27. Avadel Pharmaceuticals plc has a 12-month low of $7.39 and a 12-month high of $19.09.

Avadel Pharmaceuticals (NASDAQ:AVDL) last released its earnings results on Tuesday, November 12th. The company reported ($0.03) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.06) by $0.03. The company had revenue of $50.00 million during the quarter, compared to analyst estimates of $48.43 million. Avadel Pharmaceuticals had a negative return on equity of 93.34% and a negative net margin of 52.53%. Avadel Pharmaceuticals’s quarterly revenue was up 624.6% on a year-over-year basis. During the same period in the prior year, the company posted ($0.41) earnings per share. On average, research analysts expect that Avadel Pharmaceuticals plc will post -0.49 earnings per share for the current year.

About Avadel Pharmaceuticals

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.