Wealth Effects LLC Buys 110,359 Shares of Avadel Pharmaceuticals plc (NASDAQ:AVDL)

Wealth Effects LLC raised its holdings in Avadel Pharmaceuticals plc (NASDAQ:AVDL - Free Report) by 4.9% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 2,344,130 shares of the company's stock after acquiring an additional 110,359 shares during the quarter. Avadel Pharmaceuticals comprises 8.8% of Wealth Effects LLC's portfolio, making the stock its 2nd largest position. Wealth Effects LLC owned approximately 2.43% of Avadel Pharmaceuticals worth $24,637,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently made changes to their positions in the company. FMR LLC bought a new position in shares of Avadel Pharmaceuticals during the third quarter worth $31,000. Amalgamated Bank bought a new position in Avadel Pharmaceuticals during the second quarter worth about $45,000. Quarry LP acquired a new position in Avadel Pharmaceuticals in the second quarter valued at about $63,000. Advisors Asset Management Inc. increased its holdings in shares of Avadel Pharmaceuticals by 56.1% in the third quarter. Advisors Asset Management Inc. now owns 7,921 shares of the company's stock worth $104,000 after acquiring an additional 2,846 shares in the last quarter. Finally, Aigen Investment Management LP acquired a new stake in shares of Avadel Pharmaceuticals during the third quarter worth about $160,000. Institutional investors own 69.19% of the company's stock.

Analyst Ratings Changes

Several brokerages have commented on AVDL. HC Wainwright restated a "buy" rating and set a $21.00 target price (down from $25.00) on shares of Avadel Pharmaceuticals in a report on Friday, January 10th. Oppenheimer upped their target price on shares of Avadel Pharmaceuticals from $29.00 to $30.00 and gave the stock an "outperform" rating in a research note on Thursday, October 31st. Needham & Company LLC dropped their price target on Avadel Pharmaceuticals from $22.00 to $19.00 and set a "buy" rating on the stock in a research note on Thursday, January 9th. UBS Group reduced their price objective on 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 cut their target price on Avadel Pharmaceuticals from $24.00 to $13.00 and set an "overweight" rating on the stock in a research note on Friday, January 10th. Seven equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock presently has an average rating of "Buy" and an average target price of $21.00.

Avadel Pharmaceuticals Stock Performance

AVDL traded up $0.21 on Friday, hitting $7.90. 1,036,997 shares of the company were exchanged, compared to its average volume of 1,765,305. The stock's fifty day moving average is $9.77 and its 200-day moving average is $12.81. The company has a market cap of $760.76 million, a PE ratio of -9.99 and a beta of 1.31. Avadel Pharmaceuticals plc has a 12 month low of $7.39 and a 12 month high of $19.09.

Avadel Pharmaceuticals (NASDAQ:AVDL - Get Free Report) last released its earnings results on Tuesday, November 12th. The company reported ($0.03) earnings per share for the quarter, beating the consensus estimate of ($0.06) by $0.03. The business had revenue of $50.00 million during the quarter, compared to analysts' expectations of $48.43 million. Avadel Pharmaceuticals had a negative net margin of 52.53% and a negative return on equity of 93.34%. The firm's revenue was up 624.6% on a year-over-year basis. During the same period last year, the business earned ($0.41) earnings per share. As a group, equities research analysts expect that Avadel Pharmaceuticals plc will post -0.51 EPS for the current fiscal year.

Insider Activity

In related news, CFO Thomas S. Mchugh purchased 5,000 shares of the stock in a transaction on Wednesday, December 11th. The shares were purchased at an average cost of $10.49 per share, with a total value of $52,450.00. Following the acquisition, the chief financial officer now directly owns 85,500 shares in the company, valued at $896,895. The trade was a 6.21 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Linda Palczuk acquired 3,000 shares of the business's stock in a transaction on Friday, December 6th. The shares were bought at an average price of $10.19 per share, with a total value of $30,570.00. Following the completion of the transaction, the director now directly owns 66,400 shares of the company's stock, valued at approximately $676,616. The trade was a 4.73 % increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last ninety days, insiders have bought 55,579 shares of company stock valued at $526,363. 4.80% of the stock is owned by company insiders.

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.