Avantax Advisory Services Inc. Grows Stake in Avadel Pharmaceuticals plc (NASDAQ:AVDL)

Avantax Advisory Services Inc. raised its stake in shares of Avadel Pharmaceuticals plc (NASDAQ:AVDL) by 90.9% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 166,456 shares of the company’s stock after purchasing an additional 79,248 shares during the period. Avantax Advisory Services Inc. owned 0.17% of Avadel Pharmaceuticals worth $1,749,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also modified their holdings of the company. FMR LLC purchased a new stake in Avadel Pharmaceuticals during the 3rd quarter valued at $31,000. Advisors Asset Management Inc. raised its stake in shares of Avadel Pharmaceuticals by 56.1% in the third quarter. Advisors Asset Management Inc. now owns 7,921 shares of the company’s stock valued at $104,000 after acquiring an additional 2,846 shares during the period. Sanctuary Advisors LLC purchased a new stake in shares of Avadel Pharmaceuticals in the fourth quarter valued at $140,000. Aigen Investment Management LP bought a new stake in shares of Avadel Pharmaceuticals in the 3rd quarter worth about $160,000. Finally, Nations Financial Group Inc. IA ADV purchased a new position in shares of Avadel Pharmaceuticals during the 4th quarter worth about $163,000. 69.19% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

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

Avadel Pharmaceuticals Price Performance

AVDL stock opened at $8.84 on Tuesday. Avadel Pharmaceuticals plc has a 1-year low of $7.39 and a 1-year high of $19.09. The business has a 50-day moving average price of $8.26 and a 200 day moving average price of $10.98. The company has a market capitalization of $854.20 million, a P/E ratio of -11.19 and a beta of 1.57.

Insider Activity

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

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.