Renaissance Technologies LLC Grows Holdings in Avadel Pharmaceuticals plc (NASDAQ:AVDL)

Renaissance Technologies LLC raised its holdings in Avadel Pharmaceuticals plc (NASDAQ:AVDL - Free Report) by 1,703.7% in the 4th quarter, according to the company in its most recent filing with the SEC. The firm owned 387,800 shares of the company's stock after acquiring an additional 366,300 shares during the quarter. Renaissance Technologies LLC owned approximately 0.40% of Avadel Pharmaceuticals worth $4,076,000 as of its most recent SEC filing.

Other large investors have also recently modified their holdings of the company. FMR LLC acquired a new stake in shares of Avadel Pharmaceuticals during the third quarter worth $31,000. Kazazian Asset Management LLC bought a new position in shares of Avadel Pharmaceuticals in the 4th quarter worth about $126,000. Sanctuary Advisors LLC acquired a new position in shares of Avadel Pharmaceuticals in the 4th quarter valued at about $140,000. Nations Financial Group Inc. IA ADV bought a new stake in shares of Avadel Pharmaceuticals during the 4th quarter valued at about $163,000. Finally, China Universal Asset Management Co. Ltd. grew its stake in 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 worth $215,000 after purchasing an additional 1,916 shares during the period. Institutional investors own 69.19% of the company's stock.

Avadel Pharmaceuticals Stock Performance

Shares of Avadel Pharmaceuticals stock traded up $0.17 on Friday, hitting $8.77. The company had a trading volume of 440,785 shares, compared to its average volume of 1,217,070. Avadel Pharmaceuticals plc has a 1 year low of $6.38 and a 1 year high of $19.09. The stock has a 50 day moving average of $7.93 and a 200-day moving average of $9.83. The stock has a market capitalization of $847.53 million, a price-to-earnings ratio of -11.08 and a beta of 1.52.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on AVDL. HC Wainwright reiterated a "buy" rating and issued a $21.00 price objective on shares of Avadel Pharmaceuticals in a research note on Tuesday, March 4th. Piper Sandler dropped their price objective on shares of Avadel Pharmaceuticals from $24.00 to $13.00 and set an "overweight" rating on the stock in a report on Friday, January 10th. UBS Group reduced their target price on Avadel Pharmaceuticals from $22.00 to $14.00 and set a "buy" rating for the company in a research note on Monday, January 13th. Needham & Company LLC reaffirmed a "buy" rating and set a $19.00 price target on shares of Avadel Pharmaceuticals in a research note on Wednesday, April 9th. Finally, Deutsche Bank Aktiengesellschaft began 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 investment analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock has a consensus rating of "Buy" and a consensus target price of $19.88.

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.