346,904 Shares in Avadel Pharmaceuticals plc (NASDAQ:AVDL) Purchased by Knott David M Jr

Knott David M Jr acquired a new stake in Avadel Pharmaceuticals plc (NASDAQ:AVDL - Free Report) during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund acquired 346,904 shares of the company's stock, valued at approximately $3,646,000. Avadel Pharmaceuticals makes up approximately 1.3% of Knott David M Jr's investment portfolio, making the stock its 13th largest holding. Knott David M Jr owned approximately 0.36% of Avadel Pharmaceuticals as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also modified their holdings of the company. FMR LLC acquired a new position in shares of Avadel Pharmaceuticals during the third quarter worth about $31,000. Kazazian Asset Management LLC purchased a new stake in shares of Avadel Pharmaceuticals during the 4th quarter valued at about $126,000. Sanctuary Advisors LLC acquired a new position in Avadel Pharmaceuticals during the 4th quarter worth approximately $140,000. Nations Financial Group Inc. IA ADV purchased a new position in Avadel Pharmaceuticals in the 4th quarter worth approximately $163,000. Finally, Quarry LP grew its position in Avadel Pharmaceuticals by 211.1% in the third quarter. Quarry LP now owns 14,000 shares of the company's stock valued at $184,000 after acquiring an additional 9,500 shares in the last quarter. 69.19% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on AVDL. UBS Group lowered their price objective on Avadel Pharmaceuticals from $22.00 to $14.00 and set a "buy" rating for the company in a research note on Monday, January 13th. HC Wainwright reissued 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 cut their price target on shares of Avadel Pharmaceuticals from $24.00 to $13.00 and set an "overweight" rating on the stock in a report on Friday, January 10th. 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. Finally, Deutsche Bank Aktiengesellschaft initiated coverage on shares of Avadel Pharmaceuticals in a research report on Tuesday, February 11th. They issued a "buy" rating and a $12.00 target price for the company. Eight equities research analysts have rated the stock with a buy rating, According to MarketBeat, the company currently has an average rating of "Buy" and an average price target of $19.88.

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Avadel Pharmaceuticals Stock Performance

Shares of NASDAQ AVDL traded down $0.26 during midday trading on Thursday, hitting $7.20. The company's stock had a trading volume of 1,073,639 shares, compared to its average volume of 1,207,055. Avadel Pharmaceuticals plc has a 1-year low of $7.08 and a 1-year high of $19.09. The firm's fifty day moving average price is $8.15 and its 200-day moving average price is $10.46. The firm has a market cap of $695.73 million, a P/E ratio of -9.11 and a beta of 1.57.

Insider Buying and Selling at Avadel Pharmaceuticals

In other news, Director Peter J. Thornton purchased 10,000 shares of the stock in a transaction dated Monday, January 13th. The stock was 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 owns 104,055 shares of the company's stock, valued at approximately $836,602.20. The trade was a 10.63 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Linda Palczuk acquired 5,000 shares of the business's stock in a transaction that occurred on Tuesday, January 21st. The stock was purchased at an average price of $7.93 per share, for a total transaction of $39,650.00. Following the completion of the transaction, the director now owns 67,900 shares in the company, valued at $538,447. The trade was a 7.95 % increase in their ownership of the stock. The disclosure for this purchase can be found here. 4.80% of the stock is currently owned by insiders.

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.