Teacher Retirement System of Texas Increases Stock Position in Avadel Pharmaceuticals plc (NASDAQ:AVDL)

Teacher Retirement System of Texas grew its holdings in shares of Avadel Pharmaceuticals plc (NASDAQ:AVDL) by 33.4% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 25,738 shares of the company’s stock after buying an additional 6,451 shares during the period. Teacher Retirement System of Texas’ holdings in Avadel Pharmaceuticals were worth $271,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of AVDL. Wealth Effects LLC grew its holdings in 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 purchasing an additional 110,359 shares during the period. XTX Topco Ltd bought a new stake in shares of Avadel Pharmaceuticals in the 3rd quarter worth approximately $642,000. State Street Corp grew its stake in shares of Avadel Pharmaceuticals by 42.5% in the 3rd quarter. State Street Corp now owns 1,623,302 shares of the company’s stock worth $21,290,000 after buying an additional 483,787 shares during the last quarter. SG Americas Securities LLC increased its position in Avadel Pharmaceuticals by 274.6% during the 4th quarter. SG Americas Securities LLC now owns 46,767 shares of the company’s stock valued at $492,000 after buying an additional 34,281 shares in the last quarter. Finally, Barclays PLC raised its stake in Avadel Pharmaceuticals by 45.8% during the third quarter. Barclays PLC now owns 392,691 shares of the company’s stock valued at $5,150,000 after buying an additional 123,430 shares during the last quarter. 69.19% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Avadel Pharmaceuticals

In other 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, for a total transaction of $80,400.00. Following the completion of the transaction, the director now owns 104,055 shares in the company, valued at $836,602.20. The trade was a 10.63 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Linda Palczuk bought 5,000 shares of the stock in a transaction on Tuesday, January 21st. The stock was purchased at an average cost of $7.93 per share, for a total transaction of $39,650.00. Following the acquisition, the director now owns 67,900 shares of the company’s stock, valued at $538,447. This trade represents a 7.95 % increase in their position. The disclosure for this purchase can be found here. 4.80% of the stock is owned by insiders.

Analysts Set New Price Targets

A number of equities research analysts have recently commented on AVDL shares. Needham & Company LLC reissued a “buy” rating and issued a $19.00 target price on shares of Avadel Pharmaceuticals in a research note on Monday, March 3rd. Piper Sandler cut their price objective 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. UBS Group decreased their target price 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. Deutsche Bank Aktiengesellschaft began coverage on shares of Avadel Pharmaceuticals in a research note on Tuesday, February 11th. They issued a “buy” rating and a $12.00 target price on the stock. Finally, HC Wainwright reissued a “buy” rating and set a $21.00 price target on shares of Avadel Pharmaceuticals in a research report on Tuesday, March 4th. Eight investment analysts have rated the stock with a buy rating, According to MarketBeat, the company has an average rating of “Buy” and an average target price of $19.88.

Avadel Pharmaceuticals Stock Down 4.1 %

Shares of NASDAQ AVDL opened at $7.51 on Wednesday. The firm’s 50-day moving average price is $8.17 and its 200-day moving average price is $10.50. Avadel Pharmaceuticals plc has a 52-week low of $7.39 and a 52-week high of $19.09. The company has a market cap of $725.68 million, a PE ratio of -9.51 and a beta of 1.57.

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.