Janus Henderson Group PLC Boosts Stock Position in Avadel Pharmaceuticals plc (NASDAQ:AVDL)

Janus Henderson Group PLC raised its position in shares of Avadel Pharmaceuticals plc (NASDAQ:AVDL) by 0.2% in the 3rd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 13,326,887 shares of the company’s stock after buying an additional 29,570 shares during the quarter. Janus Henderson Group PLC owned about 0.14% of Avadel Pharmaceuticals worth $174,782,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of the company. Cetera Investment Advisers purchased a new stake in Avadel Pharmaceuticals during the first quarter valued at approximately $1,925,000. Cetera Advisors LLC lifted its holdings in shares of Avadel Pharmaceuticals by 8.9% during the 1st quarter. Cetera Advisors LLC now owns 92,017 shares of the company’s stock valued at $1,554,000 after purchasing an additional 7,531 shares during the last quarter. Krilogy Financial LLC acquired a new stake in shares of Avadel Pharmaceuticals in the 2nd quarter worth $243,000. Bank of New York Mellon Corp purchased a new position in Avadel Pharmaceuticals during the 2nd quarter worth $4,575,000. Finally, Iridian Asset Management LLC CT grew its stake in Avadel Pharmaceuticals by 63.4% during the 2nd quarter. Iridian Asset Management LLC CT now owns 117,700 shares of the company’s stock worth $1,655,000 after buying an additional 45,675 shares during the last quarter. 69.19% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research firms have commented on AVDL. HC Wainwright decreased their price target on Avadel Pharmaceuticals from $27.00 to $25.00 and set a “buy” rating for the company in a research note on Wednesday, November 13th. Needham & Company LLC reaffirmed a “buy” rating and issued a $22.00 price objective on shares of Avadel Pharmaceuticals in a research report on Tuesday, November 12th. Finally, Oppenheimer boosted their target price on shares of Avadel Pharmaceuticals from $29.00 to $30.00 and gave the stock an “outperform” rating in a research report on Thursday, October 31st. Seven equities research analysts have rated the stock with a buy rating, According to MarketBeat, Avadel Pharmaceuticals presently has a consensus rating of “Buy” and a consensus price target of $24.43.

Avadel Pharmaceuticals Stock Down 14.2 %

Shares of AVDL stock opened at $9.94 on Wednesday. The business has a 50-day simple moving average of $12.86 and a 200-day simple moving average of $14.48. The stock has a market cap of $957.82 million, a PE ratio of -12.58 and a beta of 1.32. Avadel Pharmaceuticals plc has a 52-week low of $9.41 and a 52-week high of $19.09.

Avadel Pharmaceuticals (NASDAQ:AVDL) last released its quarterly earnings data on Tuesday, November 12th. The company reported ($0.03) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.06) by $0.03. The company had revenue of $50.00 million during the quarter, compared to analysts’ expectations of $48.43 million. Avadel Pharmaceuticals had a negative net margin of 52.53% and a negative return on equity of 93.34%. The firm’s revenue for the quarter was up 624.6% on a year-over-year basis. During the same quarter in the previous year, the company earned ($0.41) earnings per share. Sell-side analysts anticipate that Avadel Pharmaceuticals plc will post -0.48 earnings per share for the current fiscal 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.