Oppenheimer & Co. Inc. Acquires 33,963 Shares of Avadel Pharmaceuticals plc (NASDAQ:AVDL)

Oppenheimer & Co. Inc. grew its stake in Avadel Pharmaceuticals plc (NASDAQ:AVDL - Free Report) by 102.6% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 67,068 shares of the company's stock after purchasing an additional 33,963 shares during the quarter. Oppenheimer & Co. Inc. owned about 0.07% of Avadel Pharmaceuticals worth $705,000 at the end of the most recent reporting period.

A number of other large investors also recently made changes to their positions in AVDL. Braidwell LP lifted its stake in shares of Avadel Pharmaceuticals by 16.9% in the 3rd quarter. Braidwell LP now owns 3,388,939 shares of the company's stock valued at $44,446,000 after purchasing an additional 490,300 shares during the period. State Street Corp increased its position in shares of Avadel Pharmaceuticals by 42.5% in the 3rd quarter. State Street Corp now owns 1,623,302 shares of the company's stock valued at $21,290,000 after buying an additional 483,787 shares in the last quarter. Barclays PLC increased its position in shares of 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 buying an additional 123,430 shares in the last quarter. Wealth Effects LLC increased its position in shares of 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 buying an additional 110,359 shares in the last quarter. Finally, Lord Abbett & CO. LLC increased its position in shares of Avadel Pharmaceuticals by 23.9% in the 3rd quarter. Lord Abbett & CO. LLC now owns 489,073 shares of the company's stock valued at $6,414,000 after buying an additional 94,239 shares in the last quarter. Institutional investors and hedge funds own 69.19% of the company's stock.

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Analysts Set New Price Targets

AVDL has been the subject of a number of recent analyst reports. 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 price objective for the company. Needham & Company LLC restated a "buy" rating and issued a $19.00 price objective on shares of Avadel Pharmaceuticals in a research report on Monday, March 3rd. HC Wainwright restated a "buy" rating and issued a $21.00 price objective on shares of Avadel Pharmaceuticals in a research report on Tuesday, March 4th. UBS Group lowered 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. Finally, Piper Sandler lowered their price objective on shares of Avadel Pharmaceuticals from $24.00 to $13.00 and set an "overweight" rating for the company in a research report on Friday, January 10th. Eight research analysts have rated the stock with a buy rating, According to data from MarketBeat, Avadel Pharmaceuticals has a consensus rating of "Buy" and an average price target of $19.88.

Avadel Pharmaceuticals Price Performance

AVDL stock traded up $0.03 during trading hours on Friday, reaching $7.91. 731,675 shares of the stock were exchanged, compared to its average volume of 1,185,152. The firm's 50-day moving average is $8.57 and its 200-day moving average is $11.37. The company has a market cap of $762.22 million, a price-to-earnings ratio of -10.01 and a beta of 1.57. Avadel Pharmaceuticals plc has a 12 month low of $7.39 and a 12 month high of $19.09.

Insider Transactions at Avadel Pharmaceuticals

In other Avadel Pharmaceuticals news, Director Linda Palczuk bought 5,000 shares of the stock in a transaction dated Tuesday, January 21st. The shares were bought at an average cost of $7.93 per share, with a total value of $39,650.00. Following the completion of the acquisition, the director now owns 67,900 shares of the company's stock, valued at $538,447. This trade represents a 7.95 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Geoffrey Michael Glass acquired 20,279 shares of the firm's stock in a transaction that occurred on Tuesday, December 10th. The stock was purchased at an average cost of $9.84 per share, for a total transaction of $199,545.36. Following the completion of the purchase, the director now directly owns 75,904 shares of the company's stock, valued at $746,895.36. The trade was a 36.46 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders acquired a total of 42,981 shares of company stock worth $400,005 in the last three months. Insiders own 4.80% of the company's stock.

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.