Modera Wealth Management LLC Boosts Holdings in Avadel Pharmaceuticals plc (NASDAQ:AVDL)

Modera Wealth Management LLC raised its stake in Avadel Pharmaceuticals plc (NASDAQ:AVDL - Free Report) by 29.6% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 782,567 shares of the company's stock after buying an additional 178,601 shares during the quarter. Modera Wealth Management LLC owned 0.81% of Avadel Pharmaceuticals worth $8,225,000 at the end of the most recent reporting period.

Several other hedge funds also recently modified their holdings of AVDL. FMR LLC bought a new position in Avadel Pharmaceuticals in the third quarter valued at approximately $31,000. Advisors Asset Management Inc. grew its position in 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 in the last quarter. Sanctuary Advisors LLC bought a new position in Avadel Pharmaceuticals in the 4th quarter worth approximately $140,000. Aigen Investment Management LP purchased a new stake in shares of Avadel Pharmaceuticals during the 3rd quarter valued at $160,000. Finally, Creative Planning raised its position in Avadel Pharmaceuticals by 8.2% in the 3rd quarter. Creative Planning now owns 12,381 shares of the company's stock worth $162,000 after purchasing an additional 938 shares during the period. Institutional investors and hedge funds own 69.19% of the company's stock.

Insider Activity at Avadel Pharmaceuticals

In other news, CEO Gregory J. Divis purchased 9,598 shares of the stock in a transaction that occurred on Friday, December 6th. The stock was bought at an average cost of $9.98 per share, for a total transaction of $95,788.04. Following the acquisition, the chief executive officer now directly owns 9,598 shares of the company's stock, valued at $95,788.04. This represents a ∞ increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director Geoffrey Michael Glass acquired 20,279 shares of the firm's stock in a transaction on Tuesday, December 10th. The stock was bought at an average price of $9.84 per share, with a total value of $199,545.36. Following the completion of the acquisition, the director now directly owns 75,904 shares in the company, valued at approximately $746,895.36. This represents a 36.46 % increase in their position. The disclosure for this purchase can be found here. Insiders have acquired 55,579 shares of company stock valued at $526,363 over the last ninety days. 4.80% of the stock is owned by corporate insiders.

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Wall Street Analysts Forecast Growth

Several analysts recently issued reports on AVDL shares. UBS Group cut 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. Piper Sandler dropped 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. HC Wainwright reissued a "buy" rating and issued a $21.00 price target on shares of Avadel Pharmaceuticals in a report on Tuesday. 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 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. Eight analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock has an average rating of "Buy" and an average target price of $19.88.

Avadel Pharmaceuticals Stock Down 0.7 %

Shares of NASDAQ AVDL traded down $0.06 during trading hours on Thursday, hitting $7.82. The company had a trading volume of 291,912 shares, compared to its average volume of 1,189,439. The stock has a market capitalization of $753.07 million, a P/E ratio of -9.87 and a beta of 1.28. The firm's 50 day moving average is $8.67 and its 200-day moving average is $11.45. Avadel Pharmaceuticals plc has a 1-year low of $7.39 and a 1-year high of $19.09.

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.