Arizona State Retirement System Has $264,000 Position in Avadel Pharmaceuticals plc (NASDAQ:AVDL)

Arizona State Retirement System boosted its stake in Avadel Pharmaceuticals plc (NASDAQ:AVDL) by 13.3% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 25,079 shares of the company’s stock after purchasing an additional 2,938 shares during the quarter. Arizona State Retirement System’s holdings in Avadel Pharmaceuticals were worth $264,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. FMR LLC bought a new position in shares of Avadel Pharmaceuticals during the 3rd quarter worth about $31,000. Advisors Asset Management Inc. boosted its holdings in Avadel Pharmaceuticals by 56.1% in the third quarter. Advisors Asset Management Inc. now owns 7,921 shares of the company’s stock worth $104,000 after acquiring an additional 2,846 shares in the last quarter. Sanctuary Advisors LLC acquired a new stake in Avadel Pharmaceuticals in the fourth quarter valued at approximately $140,000. Aigen Investment Management LP bought a new stake in shares of Avadel Pharmaceuticals during the third quarter valued at approximately $160,000. Finally, Nations Financial Group Inc. IA ADV acquired a new position in shares of Avadel Pharmaceuticals during the fourth quarter worth approximately $163,000. 69.19% of the stock is owned by institutional investors.

Avadel Pharmaceuticals Stock Down 0.7 %

AVDL opened at $8.33 on Friday. The company’s 50-day moving average price is $8.30 and its two-hundred day moving average price is $11.05. Avadel Pharmaceuticals plc has a twelve month low of $7.39 and a twelve month high of $19.09. The stock has a market cap of $804.92 million, a price-to-earnings ratio of -10.54 and a beta of 1.57.

Analyst Ratings Changes

Several analysts recently issued reports on AVDL shares. Deutsche Bank Aktiengesellschaft initiated coverage on shares of Avadel Pharmaceuticals in a research report on Tuesday, February 11th. They issued a “buy” rating and a $12.00 price target for the company. UBS Group reduced their price objective on shares of Avadel Pharmaceuticals from $22.00 to $14.00 and set a “buy” rating for the company in a report on Monday, January 13th. Piper Sandler lowered their target price on shares of Avadel Pharmaceuticals from $24.00 to $13.00 and set an “overweight” rating on the stock in a report on Friday, January 10th. HC Wainwright reiterated a “buy” rating and set a $21.00 price target on shares of Avadel Pharmaceuticals in a research note on Tuesday, March 4th. Finally, Needham & Company LLC reissued a “buy” rating and set a $19.00 price objective on shares of Avadel Pharmaceuticals in a report on Monday, March 3rd. Eight analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock has an average rating of “Buy” and an average target price of $19.88.

Insider Activity at Avadel Pharmaceuticals

In other Avadel Pharmaceuticals news, Director Linda Palczuk bought 5,000 shares of the business’s stock in a transaction on Tuesday, January 21st. The stock was purchased at an average price of $7.93 per share, for a total transaction of $39,650.00. Following the completion of the transaction, the director now directly owns 67,900 shares of the company’s stock, valued at $538,447. This trade represents a 7.95 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Peter J. Thornton purchased 10,000 shares of the company’s stock in a transaction that occurred on Monday, January 13th. The shares were acquired at an average price of $8.04 per share, for a total transaction of $80,400.00. Following the completion of the purchase, the director now directly owns 104,055 shares in the company, valued at $836,602.20. This represents a 10.63 % increase in their position. The disclosure for this purchase can be found here. 4.80% of the stock is owned by company insiders.

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.