Swiss National Bank Increases Position in Avadel Pharmaceuticals plc (NASDAQ:AVDL)

Swiss National Bank grew its holdings in shares of Avadel Pharmaceuticals plc (NASDAQ:AVDL) by 13.4% in the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 170,400 shares of the company’s stock after purchasing an additional 20,200 shares during the period. Swiss National Bank owned approximately 0.18% of Avadel Pharmaceuticals worth $1,791,000 as of its most recent SEC filing.

Other hedge funds have also recently made changes to their positions in the company. Braidwell LP grew its stake in shares of Avadel Pharmaceuticals by 16.9% in the third quarter. Braidwell LP now owns 3,388,939 shares of the company’s stock worth $44,446,000 after acquiring an additional 490,300 shares during the last quarter. State Street Corp grew its position in Avadel Pharmaceuticals by 42.5% during the 3rd quarter. State Street Corp now owns 1,623,302 shares of the company’s stock valued at $21,290,000 after purchasing an additional 483,787 shares during the last quarter. Modera Wealth Management LLC increased its stake in Avadel Pharmaceuticals by 29.6% during the 4th quarter. Modera Wealth Management LLC now owns 782,567 shares of the company’s stock valued at $8,225,000 after purchasing an additional 178,601 shares in the last quarter. Barclays PLC raised its holdings in Avadel Pharmaceuticals by 45.8% in the third quarter. Barclays PLC now owns 392,691 shares of the company’s stock worth $5,150,000 after buying an additional 123,430 shares during the last quarter. Finally, Wealth Effects LLC lifted its stake in shares of Avadel Pharmaceuticals by 4.9% in the fourth quarter. Wealth Effects LLC now owns 2,344,130 shares of the company’s stock worth $24,637,000 after buying an additional 110,359 shares in the last quarter. 69.19% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several research analysts have recently weighed in on the company. Deutsche Bank Aktiengesellschaft initiated coverage on Avadel Pharmaceuticals in a research note on Tuesday, February 11th. They issued a “buy” rating and a $12.00 price target for the company. Needham & Company LLC restated a “buy” rating and issued a $19.00 target price on shares of Avadel Pharmaceuticals in a report on Monday, March 3rd. HC Wainwright reiterated a “buy” rating and set a $21.00 target price on shares of Avadel Pharmaceuticals in a research note on Tuesday, March 4th. Piper Sandler dropped their target price on 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 reduced their price target 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. Eight analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock presently has an average rating of “Buy” and an average price target of $19.88.

Insider Buying and Selling

In other Avadel Pharmaceuticals news, Director Linda Palczuk purchased 5,000 shares of the stock in a transaction that occurred on Tuesday, January 21st. The shares were bought at an average cost of $7.93 per share, with a total value of $39,650.00. Following the acquisition, the director now owns 67,900 shares in the company, valued at approximately $538,447. This trade represents a 7.95 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Peter J. Thornton acquired 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 completion of the acquisition, the director now owns 104,055 shares in the company, valued at approximately $836,602.20. This represents a 10.63 % increase in their ownership of the stock. The disclosure for this purchase can be found here. 4.80% of the stock is currently owned by insiders.

Avadel Pharmaceuticals Price Performance

Shares of NASDAQ:AVDL opened at $8.01 on Friday. The firm’s 50 day simple moving average is $8.18 and its two-hundred day simple moving average is $10.64. The company has a market capitalization of $774.00 million, a P/E ratio of -10.14 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.

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.