Diversify Advisory Services LLC bought a new position in shares of Avadel Pharmaceuticals plc (NASDAQ:AVDL – Free Report) during the 1st quarter, according to the company in its most recent filing with the SEC. The fund bought 32,363 shares of the company’s stock, valued at approximately $539,000.
Several other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Avantax Advisory Services Inc. increased its position in Avadel Pharmaceuticals by 3.8% during the 4th quarter. Avantax Advisory Services Inc. now owns 24,900 shares of the company’s stock worth $352,000 after purchasing an additional 900 shares during the period. Wealth Effects LLC increased its position in Avadel Pharmaceuticals by 0.3% during the 4th quarter. Wealth Effects LLC now owns 2,416,326 shares of the company’s stock worth $34,119,000 after purchasing an additional 7,037 shares during the period. Iridian Asset Management LLC CT increased its position in Avadel Pharmaceuticals by 17.3% during the 4th quarter. Iridian Asset Management LLC CT now owns 53,451 shares of the company’s stock worth $755,000 after purchasing an additional 7,865 shares during the period. China Universal Asset Management Co. Ltd. increased its position in Avadel Pharmaceuticals by 349.4% during the 4th quarter. China Universal Asset Management Co. Ltd. now owns 10,327 shares of the company’s stock worth $146,000 after purchasing an additional 8,029 shares during the period. Finally, Quarry LP purchased a new stake in shares of Avadel Pharmaceuticals during the 4th quarter worth approximately $120,000. Institutional investors and hedge funds own 69.19% of the company’s stock.
Avadel Pharmaceuticals Stock Performance
AVDL stock traded up $0.25 on Friday, reaching $14.78. The company had a trading volume of 1,188,187 shares, compared to its average volume of 1,834,466. Avadel Pharmaceuticals plc has a 1 year low of $9.50 and a 1 year high of $19.09. The company’s fifty day moving average is $15.78 and its 200 day moving average is $15.42. The company has a market cap of $1.42 billion, a P/E ratio of -7.95 and a beta of 1.52.
Wall Street Analyst Weigh In
Several brokerages have recently commented on AVDL. Rodman & Renshaw began coverage on Avadel Pharmaceuticals in a research note on Wednesday, June 12th. They set a “buy” rating and a $27.00 price target on the stock. Craig Hallum boosted their price target on Avadel Pharmaceuticals from $22.00 to $23.00 and gave the stock a “buy” rating in a research note on Thursday, May 9th. HC Wainwright boosted their price target on Avadel Pharmaceuticals from $25.00 to $27.00 and gave the stock a “buy” rating in a research note on Thursday, May 9th. Finally, Needham & Company LLC reissued a “buy” rating and set a $22.00 price target on shares of Avadel Pharmaceuticals in a research note on Wednesday, May 8th. Seven investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company has an average rating of “Buy” and a consensus target price of $24.57.
View Our Latest Report on Avadel Pharmaceuticals
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.
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