20,700 Shares in Avadel Pharmaceuticals plc (NASDAQ:AVDL) Purchased by KLP Kapitalforvaltning AS

KLP Kapitalforvaltning AS purchased a new stake in Avadel Pharmaceuticals plc (NASDAQ:AVDL) in the fourth quarter, HoldingsChannel.com reports. The institutional investor purchased 20,700 shares of the company’s stock, valued at approximately $218,000.

Other institutional investors have also recently made changes to their positions in the company. Wealth Effects LLC boosted its holdings in shares of Avadel Pharmaceuticals by 4.9% in the 4th quarter. Wealth Effects LLC now owns 2,344,130 shares of the company’s stock valued at $24,637,000 after buying an additional 110,359 shares during the last quarter. XTX Topco Ltd bought a new stake in Avadel Pharmaceuticals during the third quarter worth $642,000. State Street Corp raised its position in Avadel Pharmaceuticals by 42.5% during the third quarter. State Street Corp now owns 1,623,302 shares of the company’s stock worth $21,290,000 after acquiring an additional 483,787 shares in the last quarter. SG Americas Securities LLC lifted its stake in Avadel Pharmaceuticals by 274.6% in the fourth quarter. SG Americas Securities LLC now owns 46,767 shares of the company’s stock valued at $492,000 after acquiring an additional 34,281 shares during the last quarter. Finally, Barclays PLC grew its position in shares of Avadel Pharmaceuticals by 45.8% in the 3rd quarter. Barclays PLC now owns 392,691 shares of the company’s stock valued at $5,150,000 after acquiring an additional 123,430 shares during the period. Institutional investors and hedge funds own 69.19% of the company’s stock.

Avadel Pharmaceuticals Trading Down 1.6 %

NASDAQ:AVDL opened at $6.69 on Tuesday. The stock has a 50 day simple moving average of $8.11 and a 200 day simple moving average of $10.31. The stock has a market cap of $646.45 million, a P/E ratio of -8.47 and a beta of 1.52. Avadel Pharmaceuticals plc has a 1-year low of $6.39 and a 1-year high of $19.09.

Insiders Place Their Bets

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

Analyst Ratings Changes

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

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.