Diametric Capital LP Trims Stake in Avadel Pharmaceuticals plc (NASDAQ:AVDL)

Diametric Capital LP lessened its position in Avadel Pharmaceuticals plc (NASDAQ:AVDL) by 15.2% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 27,296 shares of the company’s stock after selling 4,893 shares during the quarter. Diametric Capital LP’s holdings in Avadel Pharmaceuticals were worth $287,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds also recently made changes to their positions in AVDL. Wealth Effects LLC lifted its position in Avadel Pharmaceuticals by 4.9% during the fourth quarter. Wealth Effects LLC now owns 2,344,130 shares of the company’s stock valued at $24,637,000 after buying an additional 110,359 shares during the period. XTX Topco Ltd purchased a new stake in shares of Avadel Pharmaceuticals during the third quarter valued at $642,000. State Street Corp grew its stake 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 acquiring an additional 483,787 shares during the period. SG Americas Securities LLC grew its position in Avadel Pharmaceuticals by 274.6% in the 4th quarter. SG Americas Securities LLC now owns 46,767 shares of the company’s stock worth $492,000 after purchasing an additional 34,281 shares during the period. Finally, Barclays PLC increased its position 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 acquiring an additional 123,430 shares during the last quarter. 69.19% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Avadel Pharmaceuticals

In other news, Director Peter J. Thornton acquired 10,000 shares of the firm’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 acquisition, the director now directly owns 104,055 shares of the company’s stock, valued at $836,602.20. The trade was a 10.63 % increase in their position. The acquisition was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Linda Palczuk acquired 5,000 shares of the business’s stock in a transaction that occurred on Tuesday, January 21st. The shares were acquired at an average cost of $7.93 per share, for a total transaction of $39,650.00. Following the completion of the acquisition, the director now owns 67,900 shares of the company’s stock, valued at $538,447. This trade represents a 7.95 % increase in their ownership of the stock. The disclosure for this purchase can be found here. 4.80% of the stock is owned by corporate insiders.

Avadel Pharmaceuticals Trading Down 4.1 %

Shares of AVDL opened at $7.51 on Wednesday. The firm has a market capitalization of $725.68 million, a P/E ratio of -9.51 and a beta of 1.57. Avadel Pharmaceuticals plc has a 12-month low of $7.39 and a 12-month high of $19.09. The firm has a fifty day moving average price of $8.17 and a 200-day moving average price of $10.50.

Analyst Ratings Changes

A number of analysts have commented on AVDL shares. UBS Group reduced their target price on shares of Avadel Pharmaceuticals from $22.00 to $14.00 and set a “buy” rating for the company in a report on Monday, January 13th. Needham & Company LLC reissued a “buy” rating and issued a $19.00 price target on shares of Avadel Pharmaceuticals in a report on Monday, March 3rd. HC Wainwright reissued a “buy” rating and set a $21.00 price objective on shares of Avadel Pharmaceuticals in a report on Tuesday, March 4th. Piper Sandler cut their target price on shares of Avadel Pharmaceuticals from $24.00 to $13.00 and set an “overweight” rating for the company in a report on Friday, January 10th. Finally, Deutsche Bank Aktiengesellschaft began coverage on Avadel Pharmaceuticals in a research report on Tuesday, February 11th. They issued a “buy” rating and a $12.00 price target for the company. Eight analysts have rated the stock with a buy rating, Based on data from MarketBeat, Avadel Pharmaceuticals has an average rating of “Buy” and a consensus target price of $19.88.

About Avadel Pharmaceuticals

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.