12,000 Shares in Avadel Pharmaceuticals plc (NASDAQ:AVDL) Purchased by Kazazian Asset Management LLC

Kazazian Asset Management LLC acquired a new position in shares of Avadel Pharmaceuticals plc (NASDAQ:AVDL) during the fourth quarter, HoldingsChannel reports. The fund acquired 12,000 shares of the company’s stock, valued at approximately $126,000.

Other institutional investors have also recently added to or reduced their stakes in the company. FMR LLC purchased a new stake in Avadel Pharmaceuticals during the third quarter worth about $31,000. Advisors Asset Management Inc. lifted its holdings in shares of Avadel Pharmaceuticals by 56.1% in the third quarter. Advisors Asset Management Inc. now owns 7,921 shares of the company’s stock valued at $104,000 after purchasing an additional 2,846 shares in the last quarter. Sanctuary Advisors LLC purchased a new stake in shares of Avadel Pharmaceuticals in the fourth quarter valued at about $140,000. Quarry LP lifted its holdings in shares of Avadel Pharmaceuticals by 211.1% in the third quarter. Quarry LP now owns 14,000 shares of the company’s stock valued at $184,000 after purchasing an additional 9,500 shares in the last quarter. Finally, Atom Investors LP purchased a new stake in shares of Avadel Pharmaceuticals in the third quarter valued at about $199,000. Hedge funds and other institutional investors own 69.19% of the company’s stock.

Insider Buying and Selling

In related news, Director Peter J. Thornton purchased 10,000 shares of the company’s stock in a transaction that occurred on Monday, January 13th. The stock was purchased at an average price of $8.04 per share, with a total value of $80,400.00. Following the completion of the transaction, 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 purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Linda Palczuk purchased 5,000 shares of the company’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 transaction, the director now directly owns 67,900 shares of the company’s stock, valued at $538,447. The trade was a 7.95 % increase in their position. The disclosure for this purchase can be found here. 4.80% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on AVDL. UBS Group reduced their price target on shares of Avadel Pharmaceuticals from $22.00 to $14.00 and set a “buy” rating on the stock in a report on Monday, January 13th. Deutsche Bank Aktiengesellschaft began coverage on shares of Avadel Pharmaceuticals in a report on Tuesday, February 11th. They issued a “buy” rating and a $12.00 price target on the stock. HC Wainwright reaffirmed a “buy” rating and issued a $21.00 price target on shares of Avadel Pharmaceuticals in a report on Tuesday, March 4th. Needham & Company LLC reaffirmed a “buy” rating and issued a $19.00 price target on shares of Avadel Pharmaceuticals in a report on Monday, March 3rd. Finally, Piper Sandler reduced 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 note on Friday, January 10th. Eight investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company currently has an average rating of “Buy” and a consensus price target of $19.88.

Avadel Pharmaceuticals Stock Performance

Shares of AVDL stock opened at $8.63 on Wednesday. Avadel Pharmaceuticals plc has a one year low of $7.39 and a one year high of $19.09. The company has a 50 day moving average price of $8.22 and a 200 day moving average price of $10.93. The firm has a market capitalization of $833.91 million, a price-to-earnings ratio of -10.92 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.