Cinctive Capital Management LP raised its stake in Avadel Pharmaceuticals plc (NASDAQ:AVDL - Free Report) by 110.4% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 69,458 shares of the company's stock after buying an additional 36,446 shares during the period. Cinctive Capital Management LP owned approximately 0.07% of Avadel Pharmaceuticals worth $730,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. Wealth Effects LLC increased its stake in Avadel Pharmaceuticals by 4.9% in the 4th quarter. Wealth Effects LLC now owns 2,344,130 shares of the company's stock valued at $24,637,000 after purchasing an additional 110,359 shares in the last quarter. XTX Topco Ltd acquired a new stake in shares of Avadel Pharmaceuticals during the third quarter valued at $642,000. State Street Corp increased its position in Avadel Pharmaceuticals by 42.5% during the 3rd quarter. State Street Corp now owns 1,623,302 shares of the company's stock worth $21,290,000 after purchasing an additional 483,787 shares in the last quarter. SG Americas Securities LLC raised its stake in Avadel Pharmaceuticals by 274.6% in the 4th quarter. SG Americas Securities LLC now owns 46,767 shares of the company's stock valued at $492,000 after purchasing an additional 34,281 shares during the last quarter. Finally, Barclays PLC lifted its holdings in Avadel Pharmaceuticals by 45.8% in the 3rd quarter. Barclays PLC now owns 392,691 shares of the company's stock valued at $5,150,000 after purchasing an additional 123,430 shares in the last quarter. 69.19% of the stock is currently owned by institutional investors and hedge funds.
Insider Activity
In other news, Director Linda Palczuk bought 5,000 shares of Avadel Pharmaceuticals stock in a transaction dated Tuesday, January 21st. The shares were acquired at an average cost of $7.93 per share, with a total value of $39,650.00. Following the completion of the transaction, the director now owns 67,900 shares in the company, valued at approximately $538,447. This trade represents a 7.95 % increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Peter J. Thornton purchased 10,000 shares of the company's stock in a transaction that occurred on Monday, January 13th. The shares were purchased 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 in the company, valued at $836,602.20. This trade represents a 10.63 % 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.
Avadel Pharmaceuticals Trading Up 10.2 %
Shares of Avadel Pharmaceuticals stock traded up $0.67 during trading hours on Wednesday, reaching $7.26. The stock had a trading volume of 1,924,804 shares, compared to its average volume of 1,232,070. The firm has a 50 day simple moving average of $8.05 and a two-hundred day simple moving average of $10.18. The firm has a market capitalization of $701.53 million, a price-to-earnings ratio of -9.19 and a beta of 1.52. Avadel Pharmaceuticals plc has a 1 year low of $6.38 and a 1 year high of $19.09.
Wall Street Analysts Forecast Growth
A number of research firms have recently weighed in on AVDL. UBS Group cut their price objective on shares of Avadel Pharmaceuticals from $22.00 to $14.00 and set a "buy" rating for the company in a research report on Monday, January 13th. Needham & Company LLC reissued a "buy" rating and set a $19.00 price target on shares of Avadel Pharmaceuticals in a research note on Wednesday. HC Wainwright reaffirmed a "buy" rating and issued a $21.00 price objective on shares of Avadel Pharmaceuticals in a research report on Tuesday, March 4th. Piper Sandler dropped their target price on Avadel Pharmaceuticals from $24.00 to $13.00 and set an "overweight" rating for the company in a research note on Friday, January 10th. 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 target on the stock. Eight research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Avadel Pharmaceuticals presently has an average rating of "Buy" and a consensus target price of $19.88.
Check Out Our Latest Analysis on AVDL
About Avadel Pharmaceuticals
(
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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