Nantahala Capital Management LLC purchased a new position in shares of Avadel Pharmaceuticals plc (NASDAQ:AVDL – Free Report) during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 350,000 shares of the company’s stock, valued at approximately $4,921,000. Nantahala Capital Management LLC owned approximately 0.36% of Avadel Pharmaceuticals as of its most recent filing with the Securities and Exchange Commission.
A number of other institutional investors and hedge funds have also recently bought and sold shares of AVDL. Janus Henderson Group PLC grew its holdings in Avadel Pharmaceuticals by 16.1% during the 1st quarter. Janus Henderson Group PLC now owns 12,915,160 shares of the company’s stock valued at $218,182,000 after purchasing an additional 1,789,830 shares in the last quarter. Bank of New York Mellon Corp acquired a new position in shares of Avadel Pharmaceuticals in the second quarter worth about $4,575,000. Obermeyer Wood Investment Counsel Lllp purchased a new position in Avadel Pharmaceuticals in the first quarter valued at about $4,721,000. StemPoint Capital LP acquired a new stake in Avadel Pharmaceuticals during the 1st quarter valued at approximately $3,778,000. Finally, Lord Abbett & CO. LLC purchased a new stake in Avadel Pharmaceuticals during the 1st quarter worth approximately $3,264,000. Hedge funds and other institutional investors own 69.19% of the company’s stock.
Avadel Pharmaceuticals Stock Up 2.9 %
AVDL stock opened at $13.12 on Tuesday. The stock has a market cap of $1.26 billion, a PE ratio of -7.05 and a beta of 1.53. The firm’s 50-day simple moving average is $15.08 and its 200 day simple moving average is $15.80. Avadel Pharmaceuticals plc has a fifty-two week low of $9.50 and a fifty-two week high of $19.09.
Wall Street Analysts Forecast Growth
AVDL has been the subject of a number of recent analyst reports. Rodman & Renshaw assumed coverage on shares of Avadel Pharmaceuticals in a research report on Wednesday, June 12th. They set a “buy” rating and a $27.00 price target for the company. Needham & Company LLC reissued a “buy” rating and set a $22.00 price objective on shares of Avadel Pharmaceuticals in a report on Wednesday, September 4th. Finally, HC Wainwright reiterated a “buy” rating and issued a $27.00 price target on shares of Avadel Pharmaceuticals in a research note on Wednesday, August 28th. Seven investment analysts have rated the stock with a buy rating, According to MarketBeat, Avadel Pharmaceuticals presently has an average rating of “Buy” and an average price target of $24.57.
Read Our Latest Analysis on AVDL
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.
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