Knott David M Jr Takes $3.65 Million Position in Avadel Pharmaceuticals plc (NASDAQ:AVDL)

Knott David M Jr purchased a new stake in shares of Avadel Pharmaceuticals plc (NASDAQ:AVDL) during the 4th quarter, according to the company in its most recent filing with the SEC. The fund purchased 346,904 shares of the company’s stock, valued at approximately $3,646,000. Avadel Pharmaceuticals comprises 1.3% of Knott David M Jr’s investment portfolio, making the stock its 13th biggest holding. Knott David M Jr owned 0.36% of Avadel Pharmaceuticals at the end of the most recent reporting period.

Other large investors have also made changes to their positions in the company. Vanguard Group Inc. increased its holdings in Avadel Pharmaceuticals by 2.3% in the fourth quarter. Vanguard Group Inc. now owns 3,953,247 shares of the company’s stock valued at $41,549,000 after buying an additional 90,147 shares in the last quarter. Wealth Effects LLC grew its position in shares of Avadel Pharmaceuticals by 4.9% during the 4th quarter. Wealth Effects LLC now owns 2,344,130 shares of the company’s stock valued at $24,637,000 after acquiring an additional 110,359 shares during the period. Brandes Investment Partners LP increased its stake in shares of Avadel Pharmaceuticals by 58.1% in the 4th quarter. Brandes Investment Partners LP now owns 2,173,139 shares of the company’s stock valued at $22,840,000 after purchasing an additional 798,415 shares in the last quarter. State Street Corp raised its holdings in 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 purchasing an additional 483,787 shares during the period. Finally, Geode Capital Management LLC raised its holdings in Avadel Pharmaceuticals by 0.9% in the 4th quarter. Geode Capital Management LLC now owns 1,165,251 shares of the company’s stock worth $12,247,000 after purchasing an additional 10,886 shares during the period. 69.19% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research firms recently weighed in on AVDL. Needham & Company LLC reaffirmed a “buy” rating and set a $19.00 price objective on shares of Avadel Pharmaceuticals in a research note on Monday, March 3rd. Piper Sandler decreased their target price on shares of Avadel Pharmaceuticals from $24.00 to $13.00 and set an “overweight” rating on the stock in a report on Friday, January 10th. UBS Group cut their price target 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. HC Wainwright reiterated a “buy” rating and issued a $21.00 price objective on shares of Avadel Pharmaceuticals in a report on Tuesday, March 4th. Finally, Deutsche Bank Aktiengesellschaft assumed 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. Eight analysts have rated the stock with a buy rating, According to MarketBeat, the stock has an average rating of “Buy” and an average price target of $19.88.

Avadel Pharmaceuticals Stock Performance

NASDAQ:AVDL opened at $7.83 on Tuesday. The stock has a 50-day simple moving average of $8.18 and a 200-day simple moving average of $10.54. Avadel Pharmaceuticals plc has a 1 year low of $7.39 and a 1 year high of $19.09. The stock has a market cap of $756.61 million, a P/E ratio of -9.91 and a beta of 1.57.

Insider Buying and Selling

In related news, Director Peter J. Thornton purchased 10,000 shares of the business’s stock in a transaction dated Monday, January 13th. The stock was acquired at an average price of $8.04 per share, for a total transaction of $80,400.00. Following the completion of the purchase, the director now directly owns 104,055 shares of the company’s stock, valued at $836,602.20. This trade 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 accessible through this hyperlink. Also, Director Linda Palczuk purchased 5,000 shares of the firm’s 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 completion of the acquisition, 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 ownership of the stock. The disclosure for this purchase can be found here. 4.80% of the stock is currently owned by company insiders.

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.