Avadel Pharmaceuticals plc (NASDAQ:AVDL) Shares Bought by Avantax Advisory Services Inc.

Avantax Advisory Services Inc. raised its holdings in shares of Avadel Pharmaceuticals plc (NASDAQ:AVDL) by 90.9% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 166,456 shares of the company’s stock after purchasing an additional 79,248 shares during the period. Avantax Advisory Services Inc.’s holdings in Avadel Pharmaceuticals were worth $1,749,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the business. MAI Capital Management increased its position in Avadel Pharmaceuticals by 1.0% during the 3rd quarter. MAI Capital Management now owns 107,533 shares of the company’s stock valued at $1,410,000 after buying an additional 1,031 shares in the last quarter. Iridian Asset Management LLC CT grew its stake in shares of Avadel Pharmaceuticals by 1.1% during the fourth quarter. Iridian Asset Management LLC CT now owns 169,586 shares of the company’s stock worth $1,782,000 after acquiring an additional 1,886 shares during the last quarter. China Universal Asset Management Co. Ltd. increased its holdings in shares of Avadel Pharmaceuticals by 10.3% during the fourth quarter. China Universal Asset Management Co. Ltd. now owns 20,432 shares of the company’s stock valued at $215,000 after acquiring an additional 1,916 shares in the last quarter. FMR LLC purchased a new position in shares of Avadel Pharmaceuticals in the 3rd quarter valued at approximately $31,000. Finally, Charles Schwab Investment Management Inc. boosted its stake in Avadel Pharmaceuticals by 1.1% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 222,798 shares of the company’s stock worth $2,342,000 after purchasing an additional 2,434 shares in the last quarter. Hedge funds and other institutional investors own 69.19% of the company’s stock.

Analysts Set New Price Targets

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

Avadel Pharmaceuticals Stock Up 6.1 %

Shares of AVDL opened at $8.84 on Tuesday. The stock’s 50-day moving average price is $8.26 and its 200-day moving average price is $10.98. The company has a market capitalization of $854.20 million, a price-to-earnings ratio of -11.19 and a beta of 1.57. Avadel Pharmaceuticals plc has a 52 week low of $7.39 and a 52 week high of $19.09.

Insiders Place Their Bets

In other news, Director Peter J. Thornton purchased 10,000 shares of the 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 owns 104,055 shares of the company’s stock, valued at approximately $836,602.20. This represents a 10.63 % increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Linda Palczuk purchased 5,000 shares of the company’s stock in a transaction that occurred on Tuesday, January 21st. The shares were purchased at an average price of $7.93 per share, for a total transaction of $39,650.00. Following the transaction, the director now owns 67,900 shares of the company’s stock, valued at $538,447. This trade represents a 7.95 % increase in their position. The disclosure for this purchase can be found here. Insiders own 4.80% of the company’s stock.

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.