Arizona State Retirement System Acquires 2,938 Shares of Avadel Pharmaceuticals plc (NASDAQ:AVDL)

Arizona State Retirement System raised its holdings in Avadel Pharmaceuticals plc (NASDAQ:AVDL) by 13.3% in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 25,079 shares of the company’s stock after purchasing an additional 2,938 shares during the period. Arizona State Retirement System’s holdings in Avadel Pharmaceuticals were worth $264,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in AVDL. Charles Schwab Investment Management Inc. increased its position in shares of Avadel Pharmaceuticals by 1.1% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 222,798 shares of the company’s stock worth $2,342,000 after purchasing an additional 2,434 shares during the period. Modera Wealth Management LLC grew its stake in Avadel Pharmaceuticals by 29.6% during the fourth quarter. Modera Wealth Management LLC now owns 782,567 shares of the company’s stock worth $8,225,000 after buying an additional 178,601 shares in the last quarter. Oppenheimer & Co. Inc. grew its stake in Avadel Pharmaceuticals by 102.6% during the fourth quarter. Oppenheimer & Co. Inc. now owns 67,068 shares of the company’s stock worth $705,000 after buying an additional 33,963 shares in the last quarter. Investors Asset Management of Georgia Inc. GA ADV raised its position in shares of Avadel Pharmaceuticals by 21.4% in the 4th quarter. Investors Asset Management of Georgia Inc. GA ADV now owns 120,275 shares of the company’s stock valued at $1,264,000 after buying an additional 21,200 shares in the last quarter. Finally, Sanctuary Advisors LLC bought a new stake in shares of Avadel Pharmaceuticals during the 4th quarter worth approximately $140,000. 69.19% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, Director Peter J. Thornton bought 10,000 shares of the business’s stock in a transaction on Monday, January 13th. The shares were purchased at an average cost of $8.04 per share, with a total value of $80,400.00. Following the acquisition, the director now owns 104,055 shares of the company’s stock, valued at $836,602.20. This represents a 10.63 % increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Linda Palczuk purchased 5,000 shares of the firm’s stock in a transaction dated Tuesday, January 21st. The stock was bought at an average cost of $7.93 per share, with a total value of $39,650.00. Following the purchase, the director now owns 67,900 shares of the company’s stock, valued at approximately $538,447. This trade represents a 7.95 % increase in their position. The disclosure for this purchase can be found here. Insiders own 4.80% of the company’s stock.

Analyst Ratings Changes

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

Avadel Pharmaceuticals Price Performance

Avadel Pharmaceuticals stock opened at $8.33 on Friday. The business has a 50 day moving average of $8.30 and a 200-day moving average of $11.05. The company has a market capitalization of $804.92 million, a P/E ratio of -10.54 and a beta of 1.57. Avadel Pharmaceuticals plc has a 1 year low of $7.39 and a 1 year high of $19.09.

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.