Avadel Pharmaceuticals PLC (NASDAQ:AVDL)’s share price shot up 5.1% on Tuesday . The stock traded as high as $2.08 and last traded at $2.05, 169,079 shares changed hands during trading. A decline of 26% from the average session volume of 228,956 shares. The stock had previously closed at $1.95.

Several research firms recently weighed in on AVDL. Zacks Investment Research raised shares of Avadel Pharmaceuticals from a “sell” rating to a “hold” rating in a research note on Monday, May 20th. Laidlaw raised shares of Avadel Pharmaceuticals from a “hold” rating to a “buy” rating in a research note on Monday. ValuEngine raised shares of Avadel Pharmaceuticals from a “hold” rating to a “buy” rating in a research note 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 on the stock in a research note on Friday, June 14th.

The company has a current ratio of 3.27, a quick ratio of 3.13 and a debt-to-equity ratio of 41.63. The stock’s 50 day moving average is $2.31. The company has a market capitalization of $72.83 million, a PE ratio of -1.03 and a beta of 1.63.

Avadel Pharmaceuticals (NASDAQ:AVDL) last announced its quarterly earnings results on Friday, August 9th. The company reported ($0.23) earnings per share for the quarter. Avadel Pharmaceuticals had a negative net margin of 135.48% and a negative return on equity of 318.48%. The company had revenue of $17.55 million during the quarter. As a group, research analysts forecast that Avadel Pharmaceuticals PLC will post -1.12 earnings per share for the current year.

Institutional investors and hedge funds have recently made changes to their positions in the business. Wedbush Securities Inc. acquired a new stake in shares of Avadel Pharmaceuticals in the first quarter valued at approximately $51,000. JPMorgan Chase & Co. raised its holdings 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 purchasing an additional 18,000 shares during the last quarter. Millennium Management LLC acquired a new stake in shares of Avadel Pharmaceuticals in the fourth quarter valued at approximately $189,000. CIBC Private Wealth Group LLC acquired a new stake in shares of Avadel Pharmaceuticals in the second quarter valued at approximately $434,000. Finally, Renaissance Technologies LLC raised its holdings 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 purchasing an additional 144,270 shares during the last quarter. 52.74% of the stock is currently owned by hedge funds and other 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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