Handelsbanken Fonder AB Takes Position in Avadel Pharmaceuticals PLC. $AVDL

Handelsbanken Fonder AB acquired a new position in shares of Avadel Pharmaceuticals PLC. (NASDAQ:AVDL) in the second quarter, HoldingsChannel reports. The firm acquired 34,100 shares of the company’s stock, valued at approximately $302,000.

Several other institutional investors have also recently added to or reduced their stakes in the company. Dynamic Technology Lab Private Ltd boosted its stake in shares of Avadel Pharmaceuticals by 18.8% during the 2nd quarter. Dynamic Technology Lab Private Ltd now owns 17,439 shares of the company’s stock worth $154,000 after purchasing an additional 2,761 shares during the last quarter. Cetera Investment Advisers raised its holdings in Avadel Pharmaceuticals by 9.4% in the 2nd quarter. Cetera Investment Advisers now owns 114,380 shares of the company’s stock valued at $1,012,000 after acquiring an additional 9,815 shares during the last quarter. Creative Planning raised its holdings in Avadel Pharmaceuticals by 10.0% in the 2nd quarter. Creative Planning now owns 19,376 shares of the company’s stock valued at $171,000 after acquiring an additional 1,759 shares during the last quarter. Geode Capital Management LLC boosted its holdings in shares of Avadel Pharmaceuticals by 82.3% during the second quarter. Geode Capital Management LLC now owns 2,169,018 shares of the company’s stock worth $19,198,000 after purchasing an additional 979,422 shares during the last quarter. Finally, Los Angeles Capital Management LLC acquired a new stake in shares of Avadel Pharmaceuticals during the second quarter worth $700,000. Institutional investors and hedge funds own 69.19% of the company’s stock.

Avadel Pharmaceuticals Stock Performance

Avadel Pharmaceuticals stock opened at $21.56 on Monday. The firm has a market capitalization of $2.11 billion, a PE ratio of -718.80 and a beta of 1.47. The stock’s 50 day moving average price is $18.02 and its 200 day moving average price is $13.78. Avadel Pharmaceuticals PLC. has a one year low of $6.38 and a one year high of $23.57.

Avadel Pharmaceuticals (NASDAQ:AVDL) last announced its earnings results on Tuesday, November 4th. The company reported $0.00 earnings per share for the quarter, missing the consensus estimate of $0.04 by ($0.04). The firm had revenue of $77.47 million during the quarter, compared to analysts’ expectations of $78.05 million. Avadel Pharmaceuticals had a negative net margin of 1.32% and a negative return on equity of 3.73%. Avadel Pharmaceuticals’s revenue for the quarter was up 55.0% compared to the same quarter last year. During the same quarter last year, the company posted ($0.03) earnings per share. On average, analysts forecast that Avadel Pharmaceuticals PLC. will post -0.51 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several research firms recently commented on AVDL. Lifesci Capital downgraded Avadel Pharmaceuticals from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, October 22nd. Piper Sandler lowered shares of Avadel Pharmaceuticals from a “strong-buy” rating to a “hold” rating in a report on Wednesday, October 22nd. Weiss Ratings restated a “sell (d-)” rating on shares of Avadel Pharmaceuticals in a report on Monday, November 24th. Wells Fargo & Company upped their price target on shares of Avadel Pharmaceuticals from $20.00 to $22.50 and gave the stock an “equal weight” rating in a research report on Thursday, November 20th. Finally, Craig Hallum downgraded shares of Avadel Pharmaceuticals from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, October 22nd. One investment analyst has rated the stock with a Buy rating, ten have assigned a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat, the company currently has an average rating of “Reduce” and an average price target of $18.13.

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.