Avadel Pharmaceuticals plc (NASDAQ:AVDL) Shares Bought by Two Seas Capital LP

Two Seas Capital LP increased its position in Avadel Pharmaceuticals plc (NASDAQ:AVDL - Free Report) by 90.6% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 4,296,449 shares of the company's stock after acquiring an additional 2,042,669 shares during the period. Avadel Pharmaceuticals comprises approximately 3.9% of Two Seas Capital LP's holdings, making the stock its 8th largest position. Two Seas Capital LP owned approximately 4.46% of Avadel Pharmaceuticals worth $45,156,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. FMR LLC bought a new position in shares of Avadel Pharmaceuticals during the 3rd quarter valued at $31,000. Hsbc Holdings PLC purchased a new position in Avadel Pharmaceuticals during the fourth quarter valued at $113,000. Kazazian Asset Management LLC purchased a new stake in shares of Avadel Pharmaceuticals in the fourth quarter worth about $126,000. Sanctuary Advisors LLC purchased a new position in Avadel Pharmaceuticals during the 4th quarter valued at approximately $140,000. Finally, Nations Financial Group Inc. IA ADV bought a new stake in Avadel Pharmaceuticals in the 4th quarter worth approximately $163,000. 69.19% of the stock is owned by institutional investors.

Avadel Pharmaceuticals Stock Down 0.2 %

AVDL stock traded down $0.02 during trading on Monday, hitting $8.75. The company had a trading volume of 1,173,329 shares, compared to its average volume of 1,222,437. The firm has a market capitalization of $845.50 million, a P/E ratio of -11.08 and a beta of 1.52. The company has a 50 day simple moving average of $7.94 and a 200-day simple moving average of $9.73. Avadel Pharmaceuticals plc has a 52-week low of $6.38 and a 52-week high of $19.09.

Analyst Ratings Changes

A number of research firms recently weighed in on AVDL. Needham & Company LLC reissued a "buy" rating and issued a $19.00 target price on shares of Avadel Pharmaceuticals in a report on Wednesday, April 9th. HC Wainwright restated a "buy" rating and issued 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 report on Friday, January 10th. UBS Group reduced their price objective on Avadel Pharmaceuticals from $22.00 to $14.00 and set a "buy" rating on the stock in a research note on Monday, January 13th. Finally, Deutsche Bank Aktiengesellschaft started coverage on Avadel Pharmaceuticals in a research note on Tuesday, February 11th. They issued a "buy" rating and a $12.00 price objective for the company. Eight research analysts have rated the stock with a buy rating, According to data from MarketBeat, the company has a consensus rating of "Buy" and a consensus target price of $19.88.

About Avadel Pharmaceuticals

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.