Shares of Avadel Pharmaceuticals PLC (NASDAQ:AVDL) were up 5.1% during trading on Tuesday . The company traded as high as $2.08 and last traded at $2.05, approximately 169,079 shares were traded during trading. A decline of 26% from the average daily volume of 228,956 shares. The stock had previously closed at $1.95.
A number of equities analysts have commented on AVDL shares. Zacks Investment Research raised shares of Avadel Pharmaceuticals from a “sell” rating to a “hold” rating in a research report on Monday, May 20th. Laidlaw raised shares of Avadel Pharmaceuticals from a “hold” rating to a “buy” rating in a research report on Monday. ValuEngine raised shares of Avadel Pharmaceuticals from a “hold” rating to a “buy” rating in a research report on Thursday, August 1st. Finally, LADENBURG THALM/SH SH raised shares of Avadel Pharmaceuticals from a “neutral” rating to a “buy” rating and set a $6.00 price objective for the company in a research report on Friday, June 14th.
The firm’s 50-day moving average price is $2.31. The firm has a market capitalization of $72.83 million, a P/E ratio of -1.03 and a beta of 1.63. The company has a debt-to-equity ratio of 41.63, a quick ratio of 3.13 and a current ratio of 3.27.
Institutional investors have recently made changes to their positions in the company. JPMorgan Chase & Co. boosted its position in shares of Avadel Pharmaceuticals by 383.0% in the second quarter. JPMorgan Chase & Co. now owns 22,700 shares of the company’s stock valued at $64,000 after acquiring an additional 18,000 shares during the period. Wedbush Securities Inc. bought a new stake in shares of Avadel Pharmaceuticals in the first quarter valued at about $51,000. Millennium Management LLC bought a new stake in shares of Avadel Pharmaceuticals in the fourth quarter valued at about $189,000. CIBC Private Wealth Group LLC bought a new stake in shares of Avadel Pharmaceuticals in the second quarter valued at about $434,000. Finally, Renaissance Technologies LLC boosted its position in shares of Avadel Pharmaceuticals by 21.9% in the second quarter. Renaissance Technologies LLC now owns 802,606 shares of the company’s stock valued at $2,320,000 after acquiring an additional 144,270 shares during the period. 52.74% of the stock is owned by institutional investors.
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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