Avadel Pharmaceuticals plc (NASDAQ:AVDL) Holdings Lifted by MML Investors Services LLC

MML Investors Services LLC boosted its holdings in Avadel Pharmaceuticals plc (NASDAQ:AVDL) by 22.7% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The fund owned 167,306 shares of the company’s stock after buying an additional 30,950 shares during the quarter. MML Investors Services LLC’s holdings in Avadel Pharmaceuticals were worth $1,758,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently modified their holdings of the stock. Kazazian Asset Management LLC acquired a new stake in shares of Avadel Pharmaceuticals during the fourth quarter valued at approximately $126,000. Sanctuary Advisors LLC acquired a new stake in Avadel Pharmaceuticals during the fourth quarter valued at $140,000. Nations Financial Group Inc. IA ADV bought a new stake in shares of Avadel Pharmaceuticals in the 4th quarter valued at approximately $163,000. China Universal Asset Management Co. Ltd. increased its stake in shares of Avadel Pharmaceuticals by 10.3% during the 4th quarter. China Universal Asset Management Co. Ltd. now owns 20,432 shares of the company’s stock worth $215,000 after purchasing an additional 1,916 shares during the last quarter. Finally, KLP Kapitalforvaltning AS acquired a new position in Avadel Pharmaceuticals during the fourth quarter worth $218,000. 69.19% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on the stock. UBS Group dropped their price target on shares of Avadel Pharmaceuticals from $22.00 to $14.00 and set a “buy” rating on the stock in a research report on Monday, January 13th. Deutsche Bank Aktiengesellschaft initiated coverage on Avadel Pharmaceuticals in a report on Tuesday, February 11th. They set a “buy” rating and a $12.00 price objective on the stock. HC Wainwright reissued a “buy” rating and issued a $21.00 target price on shares of Avadel Pharmaceuticals in a research note on Tuesday, March 4th. Needham & Company LLC reissued a “buy” rating and set a $19.00 price objective on shares of Avadel Pharmaceuticals in a report on Wednesday, April 9th. Finally, Piper Sandler reduced their target price on Avadel Pharmaceuticals from $24.00 to $13.00 and set an “overweight” rating on the stock in a report on Friday, January 10th. Eight analysts have rated the stock with a buy rating, Based on data from MarketBeat, Avadel Pharmaceuticals has a consensus rating of “Buy” and a consensus target price of $19.88.

Avadel Pharmaceuticals Stock Performance

Shares of AVDL stock opened at $8.61 on Wednesday. The firm’s 50 day moving average price is $7.94 and its two-hundred day moving average price is $9.72. The stock has a market cap of $831.98 million, a PE ratio of -10.90 and a beta of 1.52. Avadel Pharmaceuticals plc has a 52-week low of $6.38 and a 52-week 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.