New York State Common Retirement Fund Sells 389,555 Shares of Avadel Pharmaceuticals plc (NASDAQ:AVDL)

New York State Common Retirement Fund cut its stake in shares of Avadel Pharmaceuticals plc (NASDAQ:AVDL) by 92.6% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm owned 31,200 shares of the company’s stock after selling 389,555 shares during the quarter. New York State Common Retirement Fund’s holdings in Avadel Pharmaceuticals were worth $328,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds also recently made changes to their positions in AVDL. Creative Planning increased its stake in shares of Avadel Pharmaceuticals by 8.2% in the third quarter. Creative Planning now owns 12,381 shares of the company’s stock valued at $162,000 after buying an additional 938 shares in the last quarter. Crossmark Global Holdings Inc. bought a new position in shares of Avadel Pharmaceuticals in the 3rd quarter valued at about $350,000. Aigen Investment Management LP acquired a new stake in shares of Avadel Pharmaceuticals during the 3rd quarter worth approximately $160,000. Oppenheimer & Co. Inc. raised its stake in shares of Avadel Pharmaceuticals by 9.2% during the third quarter. Oppenheimer & Co. Inc. now owns 33,105 shares of the company’s stock worth $434,000 after buying an additional 2,780 shares during the last quarter. Finally, MAI Capital Management lifted its holdings in Avadel Pharmaceuticals by 1.0% in the third quarter. MAI Capital Management now owns 107,533 shares of the company’s stock valued at $1,410,000 after buying an additional 1,031 shares during the period. Institutional investors and hedge funds own 69.19% of the company’s stock.

Insiders Place Their Bets

In other Avadel Pharmaceuticals news, Director Linda Palczuk purchased 5,000 shares of the stock in a transaction on Tuesday, January 21st. The shares were purchased 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 represents a 7.95 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Geoffrey Michael Glass acquired 20,279 shares of the firm’s stock in a transaction on Tuesday, December 10th. The stock was bought at an average price of $9.84 per share, for a total transaction of $199,545.36. Following the completion of the acquisition, the director now owns 75,904 shares of the company’s stock, valued at approximately $746,895.36. The trade was a 36.46 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have acquired 55,579 shares of company stock valued at $526,363 in the last three months. 4.80% of the stock is currently owned by corporate insiders.

Avadel Pharmaceuticals Stock Up 1.2 %

Shares of AVDL stock opened at $7.64 on Wednesday. Avadel Pharmaceuticals plc has a 12 month low of $7.39 and a 12 month high of $19.09. The company’s fifty day simple moving average is $8.77 and its 200-day simple moving average is $11.54. The firm has a market cap of $736.21 million, a PE ratio of -9.67 and a beta of 1.28.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on AVDL. Needham & Company LLC restated a “buy” rating and issued a $19.00 price target on shares of Avadel Pharmaceuticals in a research report on Monday. Deutsche Bank Aktiengesellschaft initiated coverage on Avadel Pharmaceuticals in a report on Tuesday, February 11th. They set a “buy” rating and a $12.00 target price on the stock. HC Wainwright restated a “buy” rating and set a $21.00 target price on shares of Avadel Pharmaceuticals in a research report on Tuesday. Piper Sandler cut 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 report on Friday, January 10th. Finally, UBS Group decreased their price objective 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. Eight equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Avadel Pharmaceuticals presently has an average rating of “Buy” and a consensus target price of $19.88.

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.