Diversify Advisory Services LLC acquired a new position in shares of Avadel Pharmaceuticals plc (NASDAQ:AVDL – Free Report) in the first quarter, according to its most recent 13F filing with the SEC. The institutional investor acquired 32,363 shares of the company’s stock, valued at approximately $539,000.
A number of other hedge funds have also recently made changes to their positions in the stock. Avantax Advisory Services Inc. lifted its stake in shares of Avadel Pharmaceuticals by 3.8% during the 4th quarter. Avantax Advisory Services Inc. now owns 24,900 shares of the company’s stock worth $352,000 after purchasing an additional 900 shares during the last quarter. Wealth Effects LLC increased its position in Avadel Pharmaceuticals by 0.3% during the 4th quarter. Wealth Effects LLC now owns 2,416,326 shares of the company’s stock valued at $34,119,000 after buying an additional 7,037 shares in the last quarter. Iridian Asset Management LLC CT increased its position in Avadel Pharmaceuticals by 17.3% during the 4th quarter. Iridian Asset Management LLC CT now owns 53,451 shares of the company’s stock valued at $755,000 after buying an additional 7,865 shares in the last quarter. China Universal Asset Management Co. Ltd. increased its position in Avadel Pharmaceuticals by 349.4% during the 4th quarter. China Universal Asset Management Co. Ltd. now owns 10,327 shares of the company’s stock valued at $146,000 after buying an additional 8,029 shares in the last quarter. Finally, Quarry LP acquired a new position in Avadel Pharmaceuticals during the 4th quarter valued at about $120,000. 69.19% of the stock is currently owned by hedge funds and other institutional investors.
Avadel Pharmaceuticals Stock Up 1.7 %
Shares of AVDL traded up $0.25 during mid-day trading on Friday, reaching $14.78. The company had a trading volume of 1,188,187 shares, compared to its average volume of 1,834,466. Avadel Pharmaceuticals plc has a 52-week low of $9.50 and a 52-week high of $19.09. The stock has a market capitalization of $1.42 billion, a P/E ratio of -7.95 and a beta of 1.52. The stock has a 50 day moving average of $15.78 and a two-hundred day moving average of $15.42.
Analyst Ratings Changes
Several research analysts recently issued reports on AVDL shares. Craig Hallum upped their target price on Avadel Pharmaceuticals from $22.00 to $23.00 and gave the company a “buy” rating in a research report on Thursday, May 9th. Needham & Company LLC reaffirmed a “buy” rating and set a $22.00 target price on shares of Avadel Pharmaceuticals in a research report on Wednesday, May 8th. Rodman & Renshaw assumed coverage on Avadel Pharmaceuticals in a report on Wednesday, June 12th. They issued a “buy” rating and a $27.00 price objective on the stock. Finally, HC Wainwright increased their price objective on Avadel Pharmaceuticals from $25.00 to $27.00 and gave the company a “buy” rating in a report on Thursday, May 9th. Seven research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company presently has a consensus rating of “Buy” and an average price target of $24.57.
Read Our Latest Stock Analysis on AVDL
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.
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