King Wealth Management Group bought a new stake in Avadel Pharmaceuticals plc (NASDAQ:AVDL - Free Report) during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund bought 35,000 shares of the company's stock, valued at approximately $368,000.
Several other institutional investors and hedge funds also recently made changes to their positions in the company. Wealth Effects LLC lifted its position in Avadel Pharmaceuticals by 4.9% during the 4th quarter. Wealth Effects LLC now owns 2,344,130 shares of the company's stock worth $24,637,000 after buying an additional 110,359 shares in the last quarter. XTX Topco Ltd acquired a new position in Avadel Pharmaceuticals during the 3rd quarter worth about $642,000. State Street Corp lifted 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 buying an additional 483,787 shares in the last quarter. SG Americas Securities LLC lifted its position in Avadel Pharmaceuticals by 274.6% during the 4th quarter. SG Americas Securities LLC now owns 46,767 shares of the company's stock worth $492,000 after buying an additional 34,281 shares in the last quarter. Finally, Barclays PLC lifted its position in Avadel Pharmaceuticals by 45.8% during the 3rd quarter. Barclays PLC now owns 392,691 shares of the company's stock worth $5,150,000 after buying an additional 123,430 shares in the last quarter. Institutional investors and hedge funds own 69.19% of the company's stock.
Insider Activity at Avadel Pharmaceuticals
In other Avadel Pharmaceuticals news, Director Peter J. Thornton acquired 10,000 shares of the firm's stock in a transaction that occurred on Monday, January 13th. The stock was acquired at an average cost of $8.04 per share, for a total transaction of $80,400.00. Following the transaction, the director now owns 104,055 shares of the company's stock, valued at $836,602.20. This trade represents a 10.63 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Linda Palczuk acquired 5,000 shares of the firm's stock in a transaction that occurred on Tuesday, January 21st. The stock was acquired at an average price of $7.93 per share, with a total value of $39,650.00. Following the completion of the transaction, the director now directly owns 67,900 shares in the company, valued at $538,447. This trade represents a 7.95 % increase in their position. The disclosure for this purchase can be found here. 4.80% of the stock is owned by insiders.
Avadel Pharmaceuticals Trading Down 2.4 %
Shares of AVDL stock traded down $0.21 on Tuesday, reaching $8.63. The company had a trading volume of 694,163 shares, compared to its average volume of 1,183,044. The company has a 50-day moving average of $8.26 and a 200-day moving average of $10.98. Avadel Pharmaceuticals plc has a 12 month low of $7.39 and a 12 month high of $19.09. The stock has a market cap of $833.91 million, a PE ratio of -10.92 and a beta of 1.57.
Wall Street Analyst Weigh In
AVDL has been the topic of several research reports. 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. Needham & Company LLC reissued a "buy" rating and set a $19.00 price objective on shares of Avadel Pharmaceuticals in a report on Monday, March 3rd. UBS Group dropped their price objective on Avadel Pharmaceuticals from $22.00 to $14.00 and set a "buy" rating for the company in a report on Monday, January 13th. Deutsche Bank Aktiengesellschaft began coverage on Avadel Pharmaceuticals in a report on Tuesday, February 11th. They set a "buy" rating and a $12.00 price objective for the company. Finally, Piper Sandler dropped their price objective on Avadel Pharmaceuticals from $24.00 to $13.00 and set an "overweight" rating for the company in a report on Friday, January 10th. Eight investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company presently has an average rating of "Buy" and a consensus price target of $19.88.
Read Our Latest Report 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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