Iridian Asset Management LLC Increases Stake in Avadel Pharmaceuticals

Iridian Asset Management LLC CT has raised its stake in Avadel Pharmaceuticals plc (NASDAQ:AVDL) by 42.5% during the third quarter, as indicated in its latest Form 13F filing with the SEC. After acquiring an additional 50,000 shares during this quarter, the firm now holds a total of 167,700 shares of Avadel's stock, representing about 0.17% of the company. At the end of the most recent quarter, this stake was valued at approximately $2,199,000.

In addition to Iridian Asset Management, several other institutional investors have also adjusted their holdings in Avadel Pharmaceuticals. For instance, Janus Henderson Group PLC increased its ownership by 16.1% in the first quarter, now possessing 12,915,160 shares valued at $218,182,000 after a purchase of 1,789,830 shares. Nantahala Capital Management LLC and Bank of New York Mellon Corp each established new positions in Avadel Pharmaceuticals in the second quarter, valued at $4,921,000 and $4,575,000, respectively. Other firms, including Obermeyer Wood Investment Counsel Lllp and StemPoint Capital LP, have similarly invested in the company's stock. Collectively, institutional investors own 69.19% of Avadel's shares.

Recent Trading Performance of Avadel Pharmaceuticals

As for the trading activity of Avadel Pharmaceuticals, its shares (NASDAQ:AVDL) opened at $12.91 on Thursday. The stock's 50-day moving average stands at $13.80, while its 200-day moving average is at $15.30. In the past year, Avadel Pharmaceuticals has experienced a 12-month low of $9.69 and a high of $19.09. The company's market capitalization is approximately $1.24 billion, with a P/E ratio of -6.94 and a beta of 1.50.

In terms of financial performance, Avadel Pharmaceuticals reported its latest quarterly earnings on August 8th, indicating an earnings per share (EPS) of ($0.14), surpassing analysts' expectations of ($0.17) by $0.03. They reported revenues of $41.50 million for the quarter, exceeding expectations of $37.47 million. This marks an impressive revenue increase of 2666.7% compared to the same period last year. Analysts predict that Avadel Pharmaceuticals will report an EPS of -0.5 for the current year.

Analyst Ratings and Target Prices

Avadel Pharmaceuticals has become a point of interest among analysts, with several research reports published recently. HC Wainwright has reaffirmed a "buy" rating for the stock, along with a target price of $27.00, as cited in a report dated October 21st. Similarly, Needham & Company LLC has reiterated a "buy" recommendation with a target price of $22.00, reported on October 18th. Based on data from MarketBeat.com, Avadel has received a consensus rating of "Buy" from seven investment analysts, with an average target price of $24.57.

Overview of Avadel Pharmaceuticals

Avadel Pharmaceuticals plc is a biopharmaceutical company operating in the United States. The company’s primary product candidate is LUMRYZ, a sodium oxybate formulation currently in a Phase 3 clinical trial targeting excessive daytime sleepiness or cataplexy in adults diagnosed with narcolepsy. Avadel was formerly known as Flamel Technologies SA until its name change in January 2017.

Investment, Pharmaceuticals, Stocks