Vanguard Group Inc. Acquires 42,023 Shares of Avadel Pharmaceuticals PLC. $AVDL

Vanguard Group Inc. boosted its stake in shares of Avadel Pharmaceuticals PLC. (NASDAQ:AVDL) by 0.8% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 5,606,282 shares of the company’s stock after purchasing an additional 42,023 shares during the quarter. Vanguard Group Inc. owned 0.06% of Avadel Pharmaceuticals worth $85,608,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in the business. Two Seas Capital LP boosted its holdings in Avadel Pharmaceuticals by 24.4% during the second quarter. Two Seas Capital LP now owns 6,155,074 shares of the company’s stock valued at $54,472,000 after purchasing an additional 1,208,625 shares in the last quarter. Geode Capital Management LLC grew its holdings in Avadel Pharmaceuticals by 82.3% during the 2nd quarter. Geode Capital Management LLC now owns 2,169,018 shares of the company’s stock worth $19,198,000 after acquiring an additional 979,422 shares during the last quarter. Brandes Investment Partners LP increased its position in Avadel Pharmaceuticals by 14.5% in the 2nd quarter. Brandes Investment Partners LP now owns 6,487,642 shares of the company’s stock valued at $57,416,000 after acquiring an additional 820,467 shares in the last quarter. Invesco Ltd. raised its stake in shares of Avadel Pharmaceuticals by 1,407.6% in the second quarter. Invesco Ltd. now owns 748,875 shares of the company’s stock worth $6,628,000 after acquiring an additional 699,201 shares during the last quarter. Finally, JPMorgan Chase & Co. lifted its position in shares of Avadel Pharmaceuticals by 405.4% during the third quarter. JPMorgan Chase & Co. now owns 565,471 shares of the company’s stock worth $8,635,000 after purchasing an additional 453,582 shares in the last quarter. Institutional investors and hedge funds own 69.19% of the company’s stock.

Avadel Pharmaceuticals Stock Down 1.1%

NASDAQ:AVDL opened at $21.39 on Friday. Avadel Pharmaceuticals PLC. has a 52-week low of $6.38 and a 52-week high of $23.57. The stock’s 50-day simple moving average is $21.49 and its 200 day simple moving average is $19.17.

Wall Street Analyst Weigh In

AVDL has been the subject of a number of research reports. Zacks Research raised shares of Avadel Pharmaceuticals from a “strong sell” rating to a “hold” rating in a report on Tuesday, January 6th. Wells Fargo & Company lifted their target price on Avadel Pharmaceuticals from $20.00 to $22.50 and gave the company an “equal weight” rating in a research note on Thursday, November 20th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Avadel Pharmaceuticals in a research note on Monday, December 29th. One investment analyst has rated the stock with a Buy rating, ten have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $20.00.

About Avadel Pharmaceuticals

Avadel Pharmaceuticals plc is a global specialty biopharmaceutical company focused on developing and delivering treatments for rare diseases and central nervous system disorders. Headquartered in Dublin, Ireland, with operations in the United States, Avadel’s portfolio centers on sleep disorder therapeutics, including its flagship low-sodium oxybate product, XYWAV, which is approved in the U.S. for the treatment of cataplexy or excessive daytime sleepiness in patients with narcolepsy. The company is also advancing FT218, a once-nightly formulation of sodium oxybate, currently under regulatory review for narcolepsy management.

Formed through a rebranding of Flamel Technologies in 2016 and a strategic shift toward rare disease drug development, Avadel has built its R&D capabilities around improving patient compliance and reducing daily sodium exposure compared to traditional therapies.