Vanguard Group Inc. Acquires 90,147 Shares of Avadel Pharmaceuticals plc (NASDAQ:AVDL)

Vanguard Group Inc. raised its holdings in shares of Avadel Pharmaceuticals plc (NASDAQ:AVDL) by 2.3% in the 4th quarter, Holdings Channel reports. The firm owned 3,953,247 shares of the company’s stock after purchasing an additional 90,147 shares during the quarter. Vanguard Group Inc.’s holdings in Avadel Pharmaceuticals were worth $41,549,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in the business. FMR LLC purchased a new position in Avadel Pharmaceuticals in the 3rd quarter worth about $31,000. Kazazian Asset Management LLC bought a new position in Avadel Pharmaceuticals in the 4th quarter worth about $126,000. Sanctuary Advisors LLC purchased a new position in shares of Avadel Pharmaceuticals during the fourth quarter worth approximately $140,000. Nations Financial Group Inc. IA ADV bought a new stake in shares of Avadel Pharmaceuticals during the fourth quarter valued at approximately $163,000. Finally, Verition Fund Management LLC purchased a new stake in shares of Avadel Pharmaceuticals in the third quarter valued at approximately $262,000. 69.19% of the stock is currently owned by institutional investors.

Insider Activity at Avadel Pharmaceuticals

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

Analysts Set New Price Targets

A number of equities research analysts have weighed in on the company. Deutsche Bank Aktiengesellschaft started coverage on Avadel Pharmaceuticals in a research report on Tuesday, February 11th. They set a “buy” rating and a $12.00 target price for the company. Needham & Company LLC reaffirmed a “buy” rating and issued a $19.00 price objective on shares of Avadel Pharmaceuticals in a research note on Wednesday. HC Wainwright reiterated a “buy” rating and set a $21.00 target price on shares of Avadel Pharmaceuticals in a report on Tuesday, March 4th. Piper Sandler lowered their price target on shares of Avadel Pharmaceuticals from $24.00 to $13.00 and set an “overweight” rating for the company in a research report on Friday, January 10th. Finally, 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 research note on Monday, January 13th. Eight research analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock has an average rating of “Buy” and a consensus target price of $19.88.

Avadel Pharmaceuticals Stock Up 7.7 %

NASDAQ:AVDL opened at $7.68 on Friday. The stock has a market capitalization of $742.11 million, a price-to-earnings ratio of -9.72 and a beta of 1.52. Avadel Pharmaceuticals plc has a 52 week low of $6.38 and a 52 week high of $19.09. The firm has a 50 day moving average of $8.02 and a 200 day moving average of $10.11.

Avadel Pharmaceuticals Profile

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.