Teacher Retirement System of Texas Boosts Stake in Avadel Pharmaceuticals plc (NASDAQ:AVDL)

Teacher Retirement System of Texas raised its holdings in shares of Avadel Pharmaceuticals plc (NASDAQ:AVDL) by 33.4% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 25,738 shares of the company’s stock after purchasing an additional 6,451 shares during the quarter. Teacher Retirement System of Texas’ holdings in Avadel Pharmaceuticals were worth $271,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Wealth Effects LLC raised its position in Avadel Pharmaceuticals by 4.9% in the 4th quarter. Wealth Effects LLC now owns 2,344,130 shares of the company’s stock worth $24,637,000 after purchasing an additional 110,359 shares during the period. XTX Topco Ltd bought a new position in shares of Avadel Pharmaceuticals during the third quarter valued at approximately $642,000. State Street Corp raised its holdings in shares of Avadel Pharmaceuticals by 42.5% in the third quarter. State Street Corp now owns 1,623,302 shares of the company’s stock worth $21,290,000 after buying an additional 483,787 shares during the period. SG Americas Securities LLC lifted its stake in shares of 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 last quarter. Finally, Barclays PLC boosted its holdings in Avadel Pharmaceuticals by 45.8% during the 3rd quarter. Barclays PLC now owns 392,691 shares of the company’s stock valued at $5,150,000 after acquiring an additional 123,430 shares during the period. Hedge funds and other institutional investors own 69.19% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on AVDL shares. Needham & Company LLC reiterated a “buy” rating and issued a $19.00 target price on shares of Avadel Pharmaceuticals in a research note on Monday, March 3rd. Deutsche Bank Aktiengesellschaft initiated coverage on shares of Avadel Pharmaceuticals in a research note on Tuesday, February 11th. They issued a “buy” rating and a $12.00 price target on the stock. 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. Piper Sandler reduced their target price on shares of Avadel Pharmaceuticals from $24.00 to $13.00 and set an “overweight” rating on the stock in a research report on Friday, January 10th. Finally, HC Wainwright reiterated a “buy” rating and issued a $21.00 price target on shares of Avadel Pharmaceuticals in a report on Tuesday, March 4th. Eight investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock currently has a consensus rating of “Buy” and an average price target of $19.88.

Insiders Place Their Bets

In related news, Director Linda Palczuk purchased 5,000 shares of the firm’s stock in a transaction on Tuesday, January 21st. The stock was acquired at an average price 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 in the company, valued at approximately $538,447. This represents a 7.95 % increase in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Peter J. Thornton bought 10,000 shares of the business’s stock in a transaction that occurred on Monday, January 13th. The stock was purchased 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 in the company, valued at $836,602.20. This trade represents a 10.63 % increase in their ownership of the stock. The disclosure for this purchase can be found here. 4.80% of the stock is currently owned by corporate insiders.

Avadel Pharmaceuticals Stock Down 4.1 %

Shares of NASDAQ:AVDL opened at $7.51 on Wednesday. The firm has a 50 day moving average of $8.17 and a 200 day moving average of $10.50. The company has a market capitalization of $725.68 million, a price-to-earnings ratio of -9.51 and a beta of 1.57. Avadel Pharmaceuticals plc has a 52 week low of $7.39 and a 52 week high of $19.09.

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.