Intech Investment Management LLC Buys 42,418 Shares of Avadel Pharmaceuticals plc (NASDAQ:AVDL)

Intech Investment Management LLC boosted its stake in Avadel Pharmaceuticals plc (NASDAQ:AVDL - Free Report) by 259.6% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 58,758 shares of the company's stock after buying an additional 42,418 shares during the period. Intech Investment Management LLC owned 0.06% of Avadel Pharmaceuticals worth $618,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Iridian Asset Management LLC CT lifted its holdings in shares of Avadel Pharmaceuticals by 1.1% during the fourth quarter. Iridian Asset Management LLC CT now owns 169,586 shares of the company's stock valued at $1,782,000 after purchasing an additional 1,886 shares during the last quarter. China Universal Asset Management Co. Ltd. grew its position in Avadel Pharmaceuticals by 10.3% in the 4th 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. FMR LLC bought a new stake in shares of Avadel Pharmaceuticals in the third quarter worth $31,000. Charles Schwab Investment Management Inc. grew its stake in shares of Avadel Pharmaceuticals by 1.1% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 222,798 shares of the company's stock valued at $2,342,000 after purchasing an additional 2,434 shares during the period. Finally, Rhumbline Advisers increased its holdings in Avadel Pharmaceuticals by 2.0% during the fourth quarter. Rhumbline Advisers now owns 124,137 shares of the company's stock valued at $1,305,000 after buying an additional 2,492 shares during the last quarter. Hedge funds and other institutional investors own 69.19% of the company's stock.

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Analyst Ratings Changes

AVDL has been the topic of several analyst reports. Piper Sandler lowered their target price on Avadel Pharmaceuticals from $24.00 to $13.00 and set an "overweight" rating on the stock in a research report on Friday, January 10th. Needham & Company LLC reissued a "buy" rating and set a $19.00 target price on shares of Avadel Pharmaceuticals in a research note on Monday, March 3rd. UBS Group dropped their target price 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. Deutsche Bank Aktiengesellschaft started coverage on shares of Avadel Pharmaceuticals in a research note on Tuesday, February 11th. They issued a "buy" rating and a $12.00 price target on the stock. Finally, HC Wainwright reissued a "buy" rating and set a $21.00 price target on shares of Avadel Pharmaceuticals in a research note on Tuesday, March 4th. Eight analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company has a consensus rating of "Buy" and a consensus target price of $19.88.

Avadel Pharmaceuticals Stock Performance

AVDL stock traded down $0.11 during midday trading on Friday, reaching $8.01. 677,420 shares of the company traded hands, compared to its average volume of 1,204,442. The firm has a market capitalization of $774.00 million, a price-to-earnings ratio of -10.14 and a beta of 1.57. Avadel Pharmaceuticals plc has a 52-week low of $7.39 and a 52-week high of $19.09. The business has a 50 day moving average of $8.18 and a 200-day moving average of $10.64.

Insider Activity

In other news, Director Peter J. Thornton acquired 10,000 shares of the business's stock in a transaction on Monday, January 13th. The shares were acquired at an average price of $8.04 per share, for a total transaction of $80,400.00. Following the completion of the transaction, 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 legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Linda Palczuk bought 5,000 shares of Avadel Pharmaceuticals stock in a transaction dated Tuesday, January 21st. The stock was purchased at an average cost of $7.93 per share, for a total transaction of $39,650.00. Following the purchase, the director now owns 67,900 shares of the company's stock, valued at approximately $538,447. This trade represents a 7.95 % increase in their position. The disclosure for this purchase can be found here. Corporate insiders own 4.80% of the company's stock.

Avadel Pharmaceuticals 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.