Wealth Effects LLC Purchases 110,359 Shares of Avadel Pharmaceuticals plc (NASDAQ:AVDL)

Wealth Effects LLC lifted its position in Avadel Pharmaceuticals plc (NASDAQ:AVDL) by 4.9% in the fourth quarter, HoldingsChannel.com reports. The firm owned 2,344,130 shares of the company’s stock after acquiring an additional 110,359 shares during the period. Avadel Pharmaceuticals comprises 8.8% of Wealth Effects LLC’s investment portfolio, making the stock its 2nd largest holding. Wealth Effects LLC’s holdings in Avadel Pharmaceuticals were worth $24,637,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also recently bought and sold shares of the company. FMR LLC bought a new position in shares of Avadel Pharmaceuticals during the 3rd quarter worth approximately $31,000. Amalgamated Bank bought a new position in shares of Avadel Pharmaceuticals during the second quarter valued at $45,000. Quarry LP acquired a new stake in shares of Avadel Pharmaceuticals in the 2nd quarter valued at $63,000. Advisors Asset Management Inc. grew its holdings in shares of Avadel Pharmaceuticals by 56.1% in the 3rd quarter. Advisors Asset Management Inc. now owns 7,921 shares of the company’s stock worth $104,000 after purchasing an additional 2,846 shares during the last quarter. Finally, Aigen Investment Management LP bought a new position in Avadel Pharmaceuticals during the 3rd quarter valued at about $160,000. Institutional investors and hedge funds own 69.19% of the company’s stock.

Analyst Ratings Changes

Several brokerages have weighed in on AVDL. UBS Group decreased their price objective on shares of Avadel Pharmaceuticals from $22.00 to $14.00 and set a “buy” rating on the stock in a research note on Monday, January 13th. Piper Sandler cut their price objective 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. Oppenheimer increased their target price on Avadel Pharmaceuticals from $29.00 to $30.00 and gave the stock an “outperform” rating in a report on Thursday, October 31st. HC Wainwright reaffirmed a “buy” rating and issued a $21.00 price target (down from $25.00) on shares of Avadel Pharmaceuticals in a report on Friday, January 10th. Finally, Needham & Company LLC reduced their price target on shares of Avadel Pharmaceuticals from $22.00 to $19.00 and set a “buy” rating on the stock in a research report on Thursday, January 9th. Seven investment analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock has a consensus rating of “Buy” and an average target price of $21.00.

Insider Activity

In other Avadel Pharmaceuticals news, Director Linda Palczuk purchased 5,000 shares of the company’s stock in a transaction dated Tuesday, January 21st. The shares were bought at an average price of $7.93 per share, with a total value of $39,650.00. Following the completion of the transaction, the director now directly owns 67,900 shares in the company, valued at $538,447. This trade represents a 7.95 % increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Geoffrey Michael Glass acquired 20,279 shares of the business’s stock in a transaction dated Tuesday, December 10th. The shares were acquired at an average price of $9.84 per share, for a total transaction of $199,545.36. Following the acquisition, the director now directly owns 75,904 shares in the company, valued at $746,895.36. This represents a 36.46 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders purchased a total of 55,579 shares of company stock valued at $526,363 in the last ninety days. 4.80% of the stock is owned by insiders.

Avadel Pharmaceuticals Stock Performance

AVDL opened at $7.49 on Tuesday. The company has a fifty day moving average price of $9.97 and a two-hundred day moving average price of $12.94. The firm has a market capitalization of $721.75 million, a PE ratio of -9.48 and a beta of 1.31. Avadel Pharmaceuticals plc has a 52 week low of $7.39 and a 52 week high of $19.09.

Avadel Pharmaceuticals (NASDAQ:AVDL) last announced its quarterly earnings data on Tuesday, November 12th. The company reported ($0.03) EPS for the quarter, topping analysts’ consensus estimates of ($0.06) by $0.03. Avadel Pharmaceuticals had a negative return on equity of 93.34% and a negative net margin of 52.53%. The business had revenue of $50.00 million during the quarter, compared to analysts’ expectations of $48.43 million. During the same period in the previous year, the firm earned ($0.41) earnings per share. The firm’s quarterly revenue was up 624.6% compared to the same quarter last year. Equities analysts forecast that Avadel Pharmaceuticals plc will post -0.51 EPS for the current year.

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.