Iridian Asset Management LLC CT Increases Stock Position in Avadel Pharmaceuticals plc (NASDAQ:AVDL)

Iridian Asset Management LLC CT increased its position in shares of Avadel Pharmaceuticals plc (NASDAQ:AVDL) by 1.1% during the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 169,586 shares of the company’s stock after buying an additional 1,886 shares during the period. Iridian Asset Management LLC CT’s holdings in Avadel Pharmaceuticals were worth $1,782,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. The Manufacturers Life Insurance Company acquired a new stake in shares of Avadel Pharmaceuticals during the second quarter valued at about $590,000. SG Americas Securities LLC purchased a new position in Avadel Pharmaceuticals in the third quarter valued at about $164,000. Creative Planning grew its stake in Avadel Pharmaceuticals by 8.2% during the 3rd quarter. Creative Planning now owns 12,381 shares of the company’s stock valued at $162,000 after purchasing an additional 938 shares in the last quarter. Edge Wealth Management LLC purchased a new stake in Avadel Pharmaceuticals during the 3rd quarter worth approximately $262,000. Finally, Claro Advisors LLC raised its position in shares of Avadel Pharmaceuticals by 379.2% in the 3rd quarter. Claro Advisors LLC now owns 49,080 shares of the company’s stock valued at $644,000 after purchasing an additional 38,837 shares in the last quarter. Hedge funds and other institutional investors own 69.19% of the company’s stock.

Analysts Set New Price Targets

AVDL has been the subject of a number of recent analyst reports. Oppenheimer raised their price target on shares of Avadel Pharmaceuticals from $29.00 to $30.00 and gave the stock an “outperform” rating in a research report on Thursday, October 31st. UBS Group decreased their price objective 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. Needham & Company LLC cut their target price on shares of Avadel Pharmaceuticals from $22.00 to $19.00 and set a “buy” rating on the stock in a research note on Thursday, January 9th. HC Wainwright reaffirmed a “buy” rating and set a $21.00 price target (down previously from $25.00) on shares of Avadel Pharmaceuticals in a research report on Friday, January 10th. Finally, Piper Sandler lowered their price objective on Avadel Pharmaceuticals from $24.00 to $13.00 and set an “overweight” rating for the company in a report on Friday, January 10th. Seven research analysts have rated the stock with a buy rating, According to MarketBeat, Avadel Pharmaceuticals presently has an average rating of “Buy” and a consensus price target of $21.00.

Avadel Pharmaceuticals Stock Performance

Avadel Pharmaceuticals stock opened at $8.00 on Friday. Avadel Pharmaceuticals plc has a 1 year low of $7.39 and a 1 year high of $19.09. The firm’s 50-day moving average is $9.45 and its 200-day moving average is $12.52.

Avadel Pharmaceuticals (NASDAQ:AVDL) last issued its earnings results on Tuesday, November 12th. The company reported ($0.03) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.06) by $0.03. The firm had revenue of $50.00 million for the quarter, compared to analysts’ expectations of $48.43 million. Avadel Pharmaceuticals had a negative net margin of 52.53% and a negative return on equity of 93.34%. Avadel Pharmaceuticals’s revenue was up 624.6% on a year-over-year basis. During the same quarter last year, the company posted ($0.41) earnings per share. On average, equities research analysts forecast that Avadel Pharmaceuticals plc will post -0.51 earnings per share for the current year.

Insider Activity at Avadel Pharmaceuticals

In related news, Director Linda Palczuk bought 3,000 shares of the company’s stock in a transaction on Friday, December 6th. The shares were purchased at an average cost of $10.19 per share, with a total value of $30,570.00. Following the completion of the transaction, the director now directly owns 66,400 shares of the company’s stock, valued at approximately $676,616. This represents a 4.73 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Peter J. Thornton purchased 10,000 shares of Avadel Pharmaceuticals stock in a transaction dated 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 approximately $836,602.20. This trade represents a 10.63 % increase in their position. The disclosure for this purchase can be found here. Insiders purchased 55,579 shares of company stock worth $526,363 in the last 90 days. 4.80% of the stock is currently owned by company insiders.

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.