Knott David M Jr Purchases Shares of 346,904 Avadel Pharmaceuticals plc (NASDAQ:AVDL)

Knott David M Jr purchased a new position in shares of Avadel Pharmaceuticals plc (NASDAQ:AVDL) in the 4th quarter, Holdings Channel.com reports. The fund purchased 346,904 shares of the company’s stock, valued at approximately $3,646,000. Avadel Pharmaceuticals comprises about 1.3% of Knott David M Jr’s portfolio, making the stock its 13th largest position.

A number of other large investors also recently modified their holdings of the company. FMR LLC purchased a new stake in shares of Avadel Pharmaceuticals during the 3rd quarter valued at about $31,000. Kazazian Asset Management LLC acquired a new stake in Avadel Pharmaceuticals in the fourth quarter valued at approximately $126,000. Sanctuary Advisors LLC purchased a new stake in shares of Avadel Pharmaceuticals during the fourth quarter valued at approximately $140,000. Nations Financial Group Inc. IA ADV acquired a new position in shares of Avadel Pharmaceuticals during the fourth quarter worth $163,000. Finally, Quarry LP boosted its stake in shares of Avadel Pharmaceuticals by 211.1% in the third quarter. Quarry LP now owns 14,000 shares of the company’s stock valued at $184,000 after purchasing an additional 9,500 shares during the period. 69.19% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, Director Linda Palczuk bought 5,000 shares of the business’s stock in a transaction on Tuesday, January 21st. The shares were bought at an average cost of $7.93 per share, for a total transaction of $39,650.00. Following the completion of the purchase, the director now owns 67,900 shares of the company’s stock, valued at $538,447. This represents a 7.95 % increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Peter J. Thornton acquired 10,000 shares of the company’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 acquisition, the director now owns 104,055 shares in the company, valued at approximately $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 Performance

NASDAQ AVDL opened at $7.83 on Tuesday. Avadel Pharmaceuticals plc has a one year low of $7.39 and a one year high of $19.09. The company has a 50-day simple moving average of $8.18 and a 200-day simple moving average of $10.54. The firm has a market capitalization of $756.61 million, a PE ratio of -9.91 and a beta of 1.57.

Wall Street Analyst Weigh In

A number of equities analysts have commented on the stock. Piper Sandler cut their price objective on shares of Avadel Pharmaceuticals from $24.00 to $13.00 and set an “overweight” rating on the stock in a report on Friday, January 10th. HC Wainwright reiterated a “buy” rating and issued a $21.00 price target on shares of Avadel Pharmaceuticals in a research note on Tuesday, March 4th. Deutsche Bank Aktiengesellschaft started coverage on Avadel Pharmaceuticals in a research note on Tuesday, February 11th. They set a “buy” rating and a $12.00 price objective for the company. UBS Group reduced their target price 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. Finally, Needham & Company LLC restated a “buy” rating and issued a $19.00 price target on shares of Avadel Pharmaceuticals in a research note on Monday, March 3rd. Eight research analysts have rated the stock with a buy rating, According to MarketBeat, the company presently has a consensus rating of “Buy” and an average target price of $19.88.

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.