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

AlphaCentric Advisors LLC purchased a new stake in shares of Avadel Pharmaceuticals plc (NASDAQ:AVDL - Free Report) during the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm purchased 33,650 shares of the company's stock, valued at approximately $354,000.

Several other hedge funds and other institutional investors also recently made changes to their positions in AVDL. FMR LLC acquired a new position in Avadel Pharmaceuticals in the 3rd quarter valued at approximately $31,000. Advisors Asset Management Inc. boosted its position in shares of Avadel Pharmaceuticals by 56.1% during the 3rd quarter. Advisors Asset Management Inc. now owns 7,921 shares of the company's stock valued at $104,000 after purchasing an additional 2,846 shares in the last quarter. Aigen Investment Management LP bought a new stake in Avadel Pharmaceuticals in the third quarter worth approximately $160,000. Creative Planning lifted its stake in Avadel Pharmaceuticals by 8.2% in the third quarter. Creative Planning now owns 12,381 shares of the company's stock valued at $162,000 after buying an additional 938 shares during the period. Finally, Nations Financial Group Inc. IA ADV bought a new position in shares of Avadel Pharmaceuticals during the 4th quarter worth approximately $163,000. 69.19% of the stock is currently owned by institutional investors.

Avadel Pharmaceuticals Stock Up 0.7 %

AVDL traded up $0.06 on Thursday, hitting $8.47. The company's stock had a trading volume of 1,031,950 shares, compared to its average volume of 1,618,762. The firm has a market cap of $816.17 million, a P/E ratio of -10.72 and a beta of 1.28. Avadel Pharmaceuticals plc has a 12 month low of $7.39 and a 12 month high of $19.09. The company's 50 day simple moving average is $9.12 and its 200-day simple moving average is $11.98.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on AVDL. Deutsche Bank Aktiengesellschaft assumed coverage on shares of Avadel Pharmaceuticals in a research note on Tuesday, February 11th. They issued a "buy" rating and a $12.00 price objective for the company. Oppenheimer increased their target price on shares of Avadel Pharmaceuticals from $29.00 to $30.00 and gave the company an "outperform" rating in a report on Thursday, October 31st. UBS Group cut their price target 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. Needham & Company LLC dropped their target price on shares of Avadel Pharmaceuticals from $22.00 to $19.00 and set a "buy" rating on the stock in a research report on Thursday, January 9th. Finally, HC Wainwright reaffirmed a "buy" rating and issued a $21.00 target price (down from $25.00) on shares of Avadel Pharmaceuticals in a report on Friday, January 10th. Eight research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company has a consensus rating of "Buy" and an average price target of $19.88.

Insider Activity

In other Avadel Pharmaceuticals news, Director Peter J. Thornton bought 10,000 shares of the firm's stock in a transaction 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 purchase, the director now directly owns 104,055 shares of the company's stock, valued at $836,602.20. The trade was a 10.63 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Linda Palczuk purchased 3,000 shares of the stock in a transaction on Friday, December 6th. The stock was acquired at an average cost of $10.19 per share, for a total transaction of $30,570.00. Following the acquisition, the director now owns 66,400 shares in the company, valued at approximately $676,616. This represents a 4.73 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last ninety days, insiders bought 55,579 shares of company stock worth $526,363. 4.80% of the stock is owned by company insiders.

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.