King Wealth Management Group Purchases Shares of 35,000 Avadel Pharmaceuticals plc (NASDAQ:AVDL)

King Wealth Management Group acquired a new position in shares of Avadel Pharmaceuticals plc (NASDAQ:AVDLFree Report) during the 4th quarter, Holdings Channel reports. The firm acquired 35,000 shares of the company’s stock, valued at approximately $368,000.

Several other institutional investors also recently modified their holdings of AVDL. FMR LLC acquired a new stake in Avadel Pharmaceuticals in the 3rd quarter valued at about $31,000. Advisors Asset Management Inc. lifted its position 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 valued at $104,000 after buying an additional 2,846 shares during the last quarter. Sanctuary Advisors LLC bought a new position in shares of Avadel Pharmaceuticals during the 4th quarter worth approximately $140,000. Aigen Investment Management LP acquired a new position in shares of Avadel Pharmaceuticals during the 3rd quarter worth approximately $160,000. Finally, Nations Financial Group Inc. IA ADV bought a new stake in Avadel Pharmaceuticals in the 4th quarter valued at $163,000. 69.19% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

AVDL has been the subject of a number of research analyst reports. Piper Sandler reduced 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. Deutsche Bank Aktiengesellschaft initiated coverage on shares of Avadel Pharmaceuticals in a report on Tuesday, February 11th. They set a “buy” rating and a $12.00 target price for the company. Needham & Company LLC reiterated a “buy” rating and issued a $19.00 price target on shares of Avadel Pharmaceuticals in a research note on Monday, March 3rd. UBS Group cut 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, HC Wainwright reaffirmed a “buy” rating and issued a $21.00 target price on shares of Avadel Pharmaceuticals in a research report on Tuesday, March 4th. Eight research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock presently has a consensus rating of “Buy” and a consensus price target of $19.88.

Get Our Latest Report on AVDL

Avadel Pharmaceuticals Stock Up 5.4 %

Shares of NASDAQ:AVDL opened at $8.39 on Friday. Avadel Pharmaceuticals plc has a 12-month low of $7.39 and a 12-month high of $19.09. The company’s 50 day moving average price is $8.41 and its two-hundred day moving average price is $11.16. The firm has a market cap of $810.72 million, a PE ratio of -10.62 and a beta of 1.57.

Insider Activity at Avadel Pharmaceuticals

In other news, Director Peter J. Thornton bought 10,000 shares of the company’s stock in a transaction dated Monday, January 13th. The stock was bought at an average cost of $8.04 per share, for a total transaction of $80,400.00. Following the transaction, the director now owns 104,055 shares of the company’s stock, valued at $836,602.20. This represents a 10.63 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Linda Palczuk purchased 5,000 shares of the business’s stock in a transaction dated Tuesday, January 21st. The shares were purchased at an average cost of $7.93 per share, with a total value of $39,650.00. Following the acquisition, the director now owns 67,900 shares in the company, valued at $538,447. This trade represents a 7.95 % increase in their position. The disclosure for this purchase can be found here. 4.80% of the stock is currently owned by corporate insiders.

Avadel Pharmaceuticals Company Profile

(Free Report)

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.

Further Reading

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Institutional Ownership by Quarter for Avadel Pharmaceuticals (NASDAQ:AVDL)

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