AdvisorShares Investments LLC cut its stake in shares of Avadel Pharmaceuticals plc (NASDAQ:AVDL – Free Report) by 2.3% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 31,021 shares of the company’s stock after selling 744 shares during the quarter. AdvisorShares Investments LLC’s holdings in Avadel Pharmaceuticals were worth $438,000 as of its most recent SEC filing.
A number of other institutional investors have also recently made changes to their positions in the stock. Chilton Capital Management LLC bought a new stake in Avadel Pharmaceuticals during the first quarter valued at $51,000. BNP Paribas Financial Markets boosted its position in shares of Avadel Pharmaceuticals by 60.5% during the 1st quarter. BNP Paribas Financial Markets now owns 4,469 shares of the company’s stock worth $75,000 after purchasing an additional 1,685 shares in the last quarter. Quarry LP bought a new position in shares of Avadel Pharmaceuticals during the 4th quarter worth about $120,000. Claro Advisors LLC bought a new stake in Avadel Pharmaceuticals in the 1st quarter valued at about $172,000. Finally, Principal Financial Group Inc. acquired a new position in Avadel Pharmaceuticals during the 2nd quarter worth approximately $176,000. Institutional investors own 69.19% of the company’s stock.
Avadel Pharmaceuticals Stock Down 5.1 %
Shares of NASDAQ:AVDL opened at $13.65 on Thursday. The business’s 50 day moving average is $15.80 and its 200 day moving average is $15.94. Avadel Pharmaceuticals plc has a 12-month low of $9.50 and a 12-month high of $19.09. The stock has a market cap of $1.31 billion, a price-to-earnings ratio of -7.34 and a beta of 1.53.
Analyst Upgrades and Downgrades
AVDL has been the subject of a number of research reports. Rodman & Renshaw assumed coverage on Avadel Pharmaceuticals in a research note on Wednesday, June 12th. They issued a “buy” rating and a $27.00 price objective for the company. HC Wainwright reissued a “buy” rating and issued a $27.00 price target on shares of Avadel Pharmaceuticals in a research report on Wednesday, August 28th. Finally, Needham & Company LLC restated a “buy” rating and set a $22.00 price objective on shares of Avadel Pharmaceuticals in a report on Wednesday, September 4th. Seven research analysts have rated the stock with a buy rating, According to MarketBeat, the stock currently has a consensus rating of “Buy” and an average target price of $24.57.
Get Our Latest Stock Analysis on AVDL
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.
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