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

Wealth Effects LLC grew its stake in shares of Avadel Pharmaceuticals plc (NASDAQ:AVDL) by 4.9% in the fourth quarter, according to its most recent 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 period. Avadel Pharmaceuticals comprises about 8.8% of Wealth Effects LLC’s portfolio, making the stock its 2nd largest holding. Wealth Effects LLC owned 2.43% of Avadel Pharmaceuticals worth $24,637,000 as of its most recent filing with the SEC.

Other large investors have also modified their holdings of the company. Braidwell LP lifted its position 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 acquiring an additional 490,300 shares in the last quarter. State Street Corp raised its stake in Avadel Pharmaceuticals by 42.5% during the 3rd quarter. State Street Corp now owns 1,623,302 shares of the company’s stock valued at $21,290,000 after purchasing an additional 483,787 shares during the period. Brandes Investment Partners LP lifted its holdings in shares of Avadel Pharmaceuticals by 1.5% in the second quarter. Brandes Investment Partners LP now owns 1,483,439 shares of the company’s stock valued at $20,894,000 after purchasing an additional 21,214 shares in the last quarter. Lord Abbett & CO. LLC boosted its position in shares of Avadel Pharmaceuticals by 23.9% in the third quarter. Lord Abbett & CO. LLC now owns 489,073 shares of the company’s stock worth $6,414,000 after buying an additional 94,239 shares during the period. Finally, Barclays PLC grew its holdings in shares of Avadel Pharmaceuticals by 45.8% during the third 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. 69.19% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other news, Director Linda Palczuk bought 3,000 shares of the business’s stock in a transaction on Friday, December 6th. The stock was purchased at an average price of $10.19 per share, with a total value of $30,570.00. Following the transaction, the director now directly owns 66,400 shares in the company, valued at approximately $676,616. The trade was a 4.73 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, 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 cost 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 $836,602.20. The trade was a 10.63 % increase in their position. The disclosure for this purchase can be found here. Insiders purchased 55,579 shares of company stock valued at $526,363 over the last 90 days. 4.80% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on the company. Needham & Company LLC decreased their price objective on Avadel Pharmaceuticals from $22.00 to $19.00 and set a “buy” rating for the company in a research report on Thursday, January 9th. HC Wainwright restated a “buy” rating and set a $21.00 price target (down from $25.00) on shares of Avadel Pharmaceuticals in a report on Friday, January 10th. Piper Sandler dropped their price objective on shares of Avadel Pharmaceuticals from $24.00 to $13.00 and set an “overweight” rating on the stock in a research note on Friday, January 10th. Oppenheimer lifted their target price on shares of Avadel Pharmaceuticals from $29.00 to $30.00 and gave the company an “outperform” rating in a research note on Thursday, October 31st. Finally, UBS Group dropped their price target on shares of Avadel Pharmaceuticals from $22.00 to $14.00 and set a “buy” rating on the stock in a research note on Monday, January 13th. Seven research analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock presently has an average rating of “Buy” and a consensus price target of $21.00.

Avadel Pharmaceuticals Trading Down 4.6 %

AVDL stock opened at $7.49 on Tuesday. The firm has a market cap of $721.75 million, a PE ratio of -9.48 and a beta of 1.31. Avadel Pharmaceuticals plc has a 1 year low of $7.39 and a 1 year high of $19.09. The company has a fifty day simple moving average of $9.97 and a 200 day simple moving average of $12.94.

Avadel Pharmaceuticals (NASDAQ:AVDL) last announced its quarterly earnings results on Tuesday, November 12th. The company reported ($0.03) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.06) by $0.03. Avadel Pharmaceuticals had a negative return on equity of 93.34% and a negative net margin of 52.53%. The company had revenue of $50.00 million during the quarter, compared to analysts’ expectations of $48.43 million. During the same quarter in the previous year, the firm earned ($0.41) earnings per share. The business’s quarterly revenue was up 624.6% compared to the same quarter last year. As a group, analysts forecast that Avadel Pharmaceuticals plc will post -0.51 EPS for the current fiscal year.

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.