Intech Investment Management LLC Raises Position in Avadel Pharmaceuticals plc (NASDAQ:AVDL)

Intech Investment Management LLC lifted its stake in Avadel Pharmaceuticals plc (NASDAQ:AVDL) by 259.6% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 58,758 shares of the company’s stock after purchasing an additional 42,418 shares during the period. Intech Investment Management LLC owned 0.06% of Avadel Pharmaceuticals worth $618,000 at the end of the most recent reporting period.

A number of other institutional investors also recently bought and sold shares of AVDL. Wealth Effects LLC increased its position in Avadel Pharmaceuticals by 4.9% in the fourth quarter. Wealth Effects LLC now owns 2,344,130 shares of the company’s stock worth $24,637,000 after buying an additional 110,359 shares in the last quarter. XTX Topco Ltd bought a new position in shares of Avadel Pharmaceuticals during the 3rd quarter valued at approximately $642,000. State Street Corp increased its holdings in Avadel Pharmaceuticals by 42.5% in the 3rd quarter. State Street Corp now owns 1,623,302 shares of the company’s stock worth $21,290,000 after acquiring an additional 483,787 shares in the last quarter. SG Americas Securities LLC raised its stake in Avadel Pharmaceuticals by 274.6% during the 4th quarter. SG Americas Securities LLC now owns 46,767 shares of the company’s stock worth $492,000 after acquiring an additional 34,281 shares during the period. Finally, Barclays PLC lifted its holdings in 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 purchasing an additional 123,430 shares in the last quarter. 69.19% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of analysts have recently issued reports on AVDL shares. Deutsche Bank Aktiengesellschaft started coverage on shares of Avadel Pharmaceuticals in a research note 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. Piper Sandler cut their target price on Avadel Pharmaceuticals from $24.00 to $13.00 and set an “overweight” rating for the company 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, March 4th. Finally, UBS Group dropped their price target on Avadel Pharmaceuticals from $22.00 to $14.00 and set a “buy” rating for the company in a research note on Monday, January 13th. Eight analysts have rated the stock with a buy rating, According to MarketBeat.com, the company presently has an average rating of “Buy” and an average price target of $19.88.

Insider Buying and Selling

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

Avadel Pharmaceuticals Price Performance

NASDAQ:AVDL opened at $8.53 on Tuesday. The company has a market cap of $824.25 million, a price-to-earnings ratio of -10.80 and a beta of 1.57. Avadel Pharmaceuticals plc has a 1 year low of $7.39 and a 1 year high of $19.09. The stock’s 50 day simple moving average is $8.17 and its two-hundred day simple moving average is $10.76.

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.