Avantax Advisory Services Inc. Boosts Holdings in Avadel Pharmaceuticals plc (NASDAQ:AVDL)

Avantax Advisory Services Inc. grew its stake in shares of Avadel Pharmaceuticals plc (NASDAQ:AVDL - Free Report) by 90.9% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 166,456 shares of the company's stock after buying an additional 79,248 shares during the period. Avantax Advisory Services Inc. owned 0.17% of Avadel Pharmaceuticals worth $1,749,000 at the end of the most recent reporting period.

Other large investors have also recently made changes to their positions in the company. Braidwell LP lifted its holdings in Avadel Pharmaceuticals by 16.9% in the 3rd quarter. Braidwell LP now owns 3,388,939 shares of the company's stock worth $44,446,000 after purchasing an additional 490,300 shares in the last quarter. Wealth Effects LLC lifted its holdings in Avadel Pharmaceuticals by 4.9% in the 4th quarter. Wealth Effects LLC now owns 2,344,130 shares of the company's stock worth $24,637,000 after purchasing an additional 110,359 shares in the last quarter. State Street Corp increased its stake in Avadel Pharmaceuticals by 42.5% in the 3rd quarter. State Street Corp now owns 1,623,302 shares of the company's stock worth $21,290,000 after acquiring an additional 483,787 shares during the last quarter. Modera Wealth Management LLC increased its stake in Avadel Pharmaceuticals by 29.6% in the 4th quarter. Modera Wealth Management LLC now owns 782,567 shares of the company's stock worth $8,225,000 after acquiring an additional 178,601 shares during the last quarter. Finally, Lord Abbett & CO. LLC increased its stake in Avadel Pharmaceuticals by 23.9% in the 3rd quarter. Lord Abbett & CO. LLC now owns 489,073 shares of the company's stock worth $6,414,000 after acquiring an additional 94,239 shares during the last quarter. 69.19% of the stock is owned by hedge funds and other institutional investors.

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Insider Buying and Selling at Avadel Pharmaceuticals

In other news, Director Linda Palczuk bought 5,000 shares of the stock in a transaction on Tuesday, January 21st. The stock was acquired at an average cost of $7.93 per share, for a total transaction of $39,650.00. Following the acquisition, the director now owns 67,900 shares of the company's stock, valued at $538,447. This represents a 7.95 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Peter J. Thornton bought 10,000 shares of the stock in a transaction on Monday, January 13th. The stock was purchased at an average price of $8.04 per share, with a total value of $80,400.00. Following the completion of the acquisition, the director now directly owns 104,055 shares in the company, valued at approximately $836,602.20. This trade represents a 10.63 % increase in their position. The disclosure for this purchase can be found here. 4.80% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

A number of analysts have issued reports on the company. Needham & Company LLC reaffirmed a "buy" rating and issued a $19.00 price objective on shares of Avadel Pharmaceuticals in a research note on Monday, March 3rd. Piper Sandler reduced their price objective on Avadel Pharmaceuticals from $24.00 to $13.00 and set an "overweight" rating on the stock in a research note 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. HC Wainwright reissued a "buy" rating and set a $21.00 target price on shares of Avadel Pharmaceuticals in a research report on Tuesday, March 4th. Finally, Deutsche Bank Aktiengesellschaft began coverage on Avadel Pharmaceuticals in a research report on Tuesday, February 11th. They set a "buy" rating and a $12.00 target price on the stock. Eight analysts have rated the stock with a buy rating, Based on data from MarketBeat, Avadel Pharmaceuticals currently has an average rating of "Buy" and a consensus target price of $19.88.

Avadel Pharmaceuticals Stock Performance

Avadel Pharmaceuticals stock traded down $0.10 during mid-day trading on Friday, hitting $8.57. The company's stock had a trading volume of 910,639 shares, compared to its average volume of 1,185,388. The company has a 50 day moving average of $8.14 and a 200-day moving average of $10.90. The stock has a market cap of $828.11 million, a PE ratio of -10.85 and a beta of 1.57. Avadel Pharmaceuticals plc has a one year low of $7.39 and a one year high of $19.09.

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.