AlphaCentric Advisors LLC Acquires New Stake in Avadel Pharmaceuticals plc (NASDAQ:AVDL)

AlphaCentric Advisors LLC bought a new position in shares of Avadel Pharmaceuticals plc (NASDAQ:AVDL) during the 4th quarter, HoldingsChannel.com reports. The institutional investor bought 33,650 shares of the company’s stock, valued at approximately $354,000.

A number of other institutional investors have also recently added to or reduced their stakes in the company. SG Americas Securities LLC acquired a new position in shares of Avadel Pharmaceuticals during the 3rd quarter valued at $164,000. Creative Planning grew its holdings in Avadel Pharmaceuticals by 8.2% during the third quarter. Creative Planning now owns 12,381 shares of the company’s stock worth $162,000 after acquiring an additional 938 shares during the period. Claro Advisors LLC raised its position in Avadel Pharmaceuticals by 379.2% in the third quarter. Claro Advisors LLC now owns 49,080 shares of the company’s stock worth $644,000 after acquiring an additional 38,837 shares in the last quarter. China Universal Asset Management Co. Ltd. lifted its holdings in Avadel Pharmaceuticals by 64.0% in the 3rd quarter. China Universal Asset Management Co. Ltd. now owns 18,516 shares of the company’s stock valued at $243,000 after acquiring an additional 7,224 shares during the last quarter. Finally, Diversify Wealth Management LLC boosted its position in shares of Avadel Pharmaceuticals by 8.3% during the 3rd quarter. Diversify Wealth Management LLC now owns 31,637 shares of the company’s stock valued at $418,000 after purchasing an additional 2,432 shares in the last quarter. 69.19% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of analysts recently commented on AVDL shares. UBS Group dropped their target price on shares of Avadel Pharmaceuticals from $22.00 to $14.00 and set a “buy” rating on the stock in a report on Monday, January 13th. Deutsche Bank Aktiengesellschaft started coverage on Avadel Pharmaceuticals in a report on Tuesday, February 11th. They issued a “buy” rating and a $12.00 price target on the stock. HC Wainwright reissued a “buy” rating and set a $21.00 price objective (down from $25.00) on shares of Avadel Pharmaceuticals in a research note on Friday, January 10th. Oppenheimer boosted their target price on Avadel Pharmaceuticals from $29.00 to $30.00 and gave the stock an “outperform” rating in a research report on Thursday, October 31st. Finally, Piper Sandler decreased their price target on Avadel Pharmaceuticals from $24.00 to $13.00 and set an “overweight” rating for the company in a research report on Friday, January 10th. Eight analysts have rated the stock with a buy rating, According to data from MarketBeat, the company presently has an average rating of “Buy” and a consensus price target of $19.88.

Avadel Pharmaceuticals Stock Down 4.2 %

Shares of Avadel Pharmaceuticals stock opened at $8.61 on Monday. Avadel Pharmaceuticals plc has a 12 month low of $7.39 and a 12 month high of $19.09. The business has a fifty day simple moving average of $9.26 and a 200-day simple moving average of $12.14.

Insider Buying and Selling

In other news, CEO Gregory J. Divis purchased 9,598 shares of the business’s stock in a transaction dated Friday, December 6th. The stock was bought at an average cost of $9.98 per share, with a total value of $95,788.04. Following the purchase, the chief executive officer now directly owns 9,598 shares of the company’s stock, valued at approximately $95,788.04. This trade represents a ∞ increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director Linda Palczuk purchased 3,000 shares of the stock in a transaction that occurred on Friday, December 6th. The stock was purchased at an average cost of $10.19 per share, with a total value of $30,570.00. Following the purchase, the director now owns 66,400 shares in the company, valued at $676,616. This represents a 4.73 % increase in their position. The disclosure for this purchase can be found here. In the last ninety days, insiders acquired 55,579 shares of company stock valued at $526,363. Corporate insiders own 4.80% of the company’s stock.

Avadel Pharmaceuticals Company 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.