Brandes Investment Partners LP boosted its position in Avadel Pharmaceuticals plc (NASDAQ:AVDL - Free Report) by 58.1% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,173,139 shares of the company's stock after purchasing an additional 798,415 shares during the period. Brandes Investment Partners LP owned about 2.26% of Avadel Pharmaceuticals worth $22,840,000 as of its most recent SEC filing.
A number of other hedge funds have also made changes to their positions in the company. FMR LLC acquired a new position in Avadel Pharmaceuticals in the third quarter valued at $31,000. Advisors Asset Management Inc. increased its position in shares of Avadel Pharmaceuticals by 56.1% in the 3rd quarter. Advisors Asset Management Inc. now owns 7,921 shares of the company's stock worth $104,000 after purchasing an additional 2,846 shares during the last quarter. Sanctuary Advisors LLC acquired a new stake in Avadel Pharmaceuticals during the fourth quarter valued at approximately $140,000. Aigen Investment Management LP acquired a new position in Avadel Pharmaceuticals in the third quarter worth $160,000. Finally, Nations Financial Group Inc. IA ADV bought a new stake in shares of Avadel Pharmaceuticals during the 4th quarter valued at about $163,000. Hedge funds and other institutional investors own 69.19% of the company's stock.
Insiders Place Their Bets
In other Avadel Pharmaceuticals news, Director Peter J. Thornton bought 10,000 shares of the stock in a transaction that occurred on Monday, January 13th. The shares were bought at an average price of $8.04 per share, for a total transaction of $80,400.00. Following the acquisition, the director now directly owns 104,055 shares of the company's stock, valued at approximately $836,602.20. The trade was a 10.63 % increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Linda Palczuk acquired 5,000 shares of the business's stock in a transaction on Tuesday, January 21st. The shares were purchased at an average cost of $7.93 per share, for a total transaction of $39,650.00. Following the completion of the acquisition, the director now directly owns 67,900 shares in the company, valued at approximately $538,447. The trade was a 7.95 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders own 4.80% of the company's stock.
Analyst Ratings Changes
A number of brokerages have issued reports on AVDL. HC Wainwright reiterated a "buy" rating and set a $21.00 price target on shares of Avadel Pharmaceuticals in a research report on Tuesday, March 4th. Piper Sandler decreased their price objective on Avadel Pharmaceuticals from $24.00 to $13.00 and set an "overweight" rating for the company in a research report on Friday, January 10th. UBS Group dropped their price target on shares of Avadel Pharmaceuticals from $22.00 to $14.00 and set a "buy" rating on the stock in a research note on Monday, January 13th. Deutsche Bank Aktiengesellschaft started coverage on shares of Avadel Pharmaceuticals in a research report on Tuesday, February 11th. They set a "buy" rating and a $12.00 price objective on the stock. Finally, Needham & Company LLC reiterated a "buy" rating and set a $19.00 price target on shares of Avadel Pharmaceuticals in a research note on Monday, March 3rd. Eight analysts have rated the stock with a buy rating, According to MarketBeat.com, Avadel Pharmaceuticals presently has a consensus rating of "Buy" and a consensus target price of $19.88.
Get Our Latest Analysis on Avadel Pharmaceuticals
Avadel Pharmaceuticals Price Performance
Avadel Pharmaceuticals stock traded up $0.14 during trading hours on Wednesday, hitting $8.77. The company had a trading volume of 783,572 shares, compared to its average volume of 1,183,426. Avadel Pharmaceuticals plc has a one year low of $7.39 and a one year high of $19.09. The firm has a market cap of $847.44 million, a PE ratio of -11.10 and a beta of 1.57. The firm has a 50-day moving average of $8.22 and a 200 day moving average of $10.93.
Avadel Pharmaceuticals Profile
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Free Report)
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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