Avadel Pharmaceuticals (AVDL) Sees Unusually-High Trading Volume

Avadel Pharmaceuticals PLC (NASDAQ:AVDL) shares saw an uptick in trading volume on Tuesday . 1,087,044 shares changed hands during mid-day trading, an increase of 486% from the previous session’s volume of 185,616 shares.The stock last traded at $1.79 and had previously closed at $1.55.

A number of brokerages have recently weighed in on AVDL. Zacks Investment Research upgraded shares of Avadel Pharmaceuticals from a “sell” rating to a “hold” rating in a research note on Monday, May 20th. Laidlaw set a $2.00 price objective on shares of Avadel Pharmaceuticals and gave the stock a “hold” rating in a research note on Monday, March 18th. Finally, LADENBURG THALM/SH SH cut shares of Avadel Pharmaceuticals from a “buy” rating to a “neutral” rating in a research note on Friday, February 8th. One research analyst has rated the stock with a sell rating and six have issued a hold rating to the company. The stock currently has an average rating of “Hold” and an average target price of $5.08.

The company has a market cap of $63.29 million, a P/E ratio of -0.88 and a beta of 1.69. The company has a current ratio of 3.27, a quick ratio of 3.13 and a debt-to-equity ratio of 41.63.

Avadel Pharmaceuticals (NASDAQ:AVDL) last released its earnings results on Wednesday, May 8th. The company reported ($0.35) EPS for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.40) by $0.05. The firm had revenue of $16.44 million during the quarter. Avadel Pharmaceuticals had a negative net margin of 111.19% and a negative return on equity of 215.96%. As a group, equities research analysts expect that Avadel Pharmaceuticals PLC will post -1.12 EPS for the current year.

A number of large investors have recently added to or reduced their stakes in the stock. Brandes Investment Partners LP raised its stake in Avadel Pharmaceuticals by 12.4% during the 4th quarter. Brandes Investment Partners LP now owns 7,119,054 shares of the company’s stock valued at $18,367,000 after purchasing an additional 783,506 shares during the last quarter. Broadfin Capital LLC raised its stake in Avadel Pharmaceuticals by 11.1% during the 4th quarter. Broadfin Capital LLC now owns 3,102,673 shares of the company’s stock valued at $8,005,000 after purchasing an additional 309,900 shares during the last quarter. Morgan Stanley raised its stake in Avadel Pharmaceuticals by 61.2% during the 3rd quarter. Morgan Stanley now owns 777,272 shares of the company’s stock valued at $3,412,000 after purchasing an additional 295,036 shares during the last quarter. Renaissance Technologies LLC raised its stake in Avadel Pharmaceuticals by 5.9% during the 1st quarter. Renaissance Technologies LLC now owns 658,336 shares of the company’s stock valued at $948,000 after purchasing an additional 36,836 shares during the last quarter. Finally, Fosun International Ltd acquired a new position in Avadel Pharmaceuticals during the 4th quarter valued at $826,000. Hedge funds and other institutional investors own 53.29% of the company’s stock.

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About Avadel Pharmaceuticals (NASDAQ:AVDL)

Avadel Pharmaceuticals plc operates as a specialty pharmaceutical company in the United States, France, and Ireland. The company primarily develops FT218, which is in a Phase 3 clinical trial for the treatment of narcolepsy patients suffering from excessive daytime sleepiness (EDS) and cataplexy. It also markets three sterile injectable drugs used in the hospital setting, including Akovaz that is indicated for the treatment of clinically important hypotension occurring in the setting of anesthesia; Bloxiverz, a cholinesterase inhibitor indicated for the reversal of the effects of non-depolarizing neuromuscular blocking agents after surgery; and Vazculep, a phenylephrine hydrochloride injection indicated for the treatment of clinically important hypotension.

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