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

Diametric Capital LP lowered its stake in Avadel Pharmaceuticals plc (NASDAQ:AVDL) by 15.2% during the fourth quarter, Holdings Channel.com reports. The fund 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 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. National Bank of Canada FI acquired a new stake in Avadel Pharmaceuticals in the 4th quarter valued at about $2,102,000. Alliancebernstein L.P. boosted its stake in Avadel Pharmaceuticals by 48.5% during the fourth quarter. Alliancebernstein L.P. now owns 96,710 shares of the company’s stock worth $1,016,000 after buying an additional 31,588 shares during the period. Vanguard Group Inc. boosted its position in shares of Avadel Pharmaceuticals by 2.3% during the 4th quarter. Vanguard Group Inc. now owns 3,953,247 shares of the company’s stock worth $41,549,000 after purchasing an additional 90,147 shares during the period. LPL Financial LLC boosted its position in shares of Avadel Pharmaceuticals by 41.9% during the fourth quarter. LPL Financial LLC now owns 34,125 shares of the company’s stock worth $359,000 after buying an additional 10,072 shares during the period. Finally, KLP Kapitalforvaltning AS acquired a new position in Avadel Pharmaceuticals in the 4th quarter valued at about $218,000. Institutional investors and hedge funds own 69.19% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms recently commented on AVDL. Piper Sandler lowered their target price on Avadel Pharmaceuticals from $24.00 to $13.00 and set an “overweight” rating for the company in a research note on Friday, January 10th. HC Wainwright reiterated a “buy” rating and set a $21.00 price target on shares of Avadel Pharmaceuticals in a research note on Tuesday, March 4th. Needham & Company LLC reiterated a “buy” rating and issued a $19.00 price objective on shares of Avadel Pharmaceuticals in a research note on Monday, March 3rd. 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. Finally, Deutsche Bank Aktiengesellschaft started coverage on Avadel Pharmaceuticals in a report on Tuesday, February 11th. They set 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.com, the stock currently has a consensus rating of “Buy” and an average target price of $19.88.

Avadel Pharmaceuticals Trading Down 4.1 %

Shares of Avadel Pharmaceuticals stock opened at $7.51 on Wednesday. Avadel Pharmaceuticals plc has a twelve month low of $7.39 and a twelve month high of $19.09. The company has a fifty day moving average price of $8.17 and a 200 day moving average price of $10.50. The stock has a market cap of $725.68 million, a price-to-earnings ratio of -9.51 and a beta of 1.57.

Insider Activity at Avadel Pharmaceuticals

In other Avadel Pharmaceuticals news, Director Peter J. Thornton bought 10,000 shares of the business’s stock in a transaction on Monday, January 13th. The shares were bought at an average cost of $8.04 per share, with a total value of $80,400.00. Following the transaction, the director now directly owns 104,055 shares in the company, valued at approximately $836,602.20. This trade represents a 10.63 % increase in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Linda Palczuk purchased 5,000 shares of the business’s stock in a transaction that occurred on Tuesday, January 21st. The stock was bought 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 directly owns 67,900 shares of the company’s stock, valued at $538,447. This represents a 7.95 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Company insiders own 4.80% of the company’s stock.

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.