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

Iridian Asset Management LLC CT increased its holdings in Avadel Pharmaceuticals plc (NASDAQ:AVDL) by 1.1% during the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. 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 owned about 0.18% of Avadel Pharmaceuticals worth $1,782,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also made changes to their positions in the business. Braidwell LP raised its position in Avadel Pharmaceuticals by 16.9% during the third quarter. Braidwell LP now owns 3,388,939 shares of the company’s stock worth $44,446,000 after acquiring an additional 490,300 shares during the last quarter. State Street Corp increased its stake in shares of Avadel Pharmaceuticals by 42.5% during 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 in the last quarter. Barclays PLC raised its position in shares of Avadel Pharmaceuticals by 45.8% during the 3rd quarter. Barclays PLC now owns 392,691 shares of the company’s stock worth $5,150,000 after purchasing an additional 123,430 shares during the last quarter. Wealth Effects LLC lifted its stake in Avadel Pharmaceuticals by 4.9% in the 4th quarter. Wealth Effects LLC now owns 2,344,130 shares of the company’s stock valued at $24,637,000 after buying an additional 110,359 shares in the last quarter. Finally, Lord Abbett & CO. LLC grew its holdings in Avadel Pharmaceuticals by 23.9% during the 3rd quarter. Lord Abbett & CO. LLC now owns 489,073 shares of the company’s stock valued at $6,414,000 after buying an additional 94,239 shares during the last quarter. 69.19% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Avadel Pharmaceuticals

In other news, Director Linda Palczuk acquired 5,000 shares of the business’s stock in a transaction dated Tuesday, January 21st. The shares were bought at an average cost of $7.93 per share, for a total transaction of $39,650.00. Following the acquisition, the director now directly owns 67,900 shares in the company, valued at $538,447. This trade represents a 7.95 % increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Geoffrey Michael Glass bought 20,279 shares of the firm’s stock in a transaction dated Tuesday, December 10th. The shares were purchased at an average price of $9.84 per share, with a total value of $199,545.36. Following the acquisition, the director now directly owns 75,904 shares in the company, valued at approximately $746,895.36. This trade represents a 36.46 % increase in their position. The disclosure for this purchase can be found here. Over the last 90 days, insiders have bought 55,579 shares of company stock worth $526,363. 4.80% of the stock is owned by insiders.

Avadel Pharmaceuticals Price Performance

AVDL 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 company’s 50 day simple moving average is $9.45 and its 200 day simple moving average is $12.52.

Avadel Pharmaceuticals (NASDAQ:AVDL) last announced its quarterly earnings results on Tuesday, November 12th. The company reported ($0.03) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.06) by $0.03. The company had revenue of $50.00 million for the quarter, compared to analyst estimates 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 for the quarter was up 624.6% on a year-over-year basis. During the same quarter last year, the business earned ($0.41) EPS. As a group, sell-side analysts anticipate that Avadel Pharmaceuticals plc will post -0.51 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of equities analysts have recently weighed in on the company. Needham & Company LLC cut their price target on Avadel Pharmaceuticals from $22.00 to $19.00 and set a “buy” rating for the company in a report on Thursday, January 9th. UBS Group cut their target price on shares of Avadel Pharmaceuticals from $22.00 to $14.00 and set a “buy” rating for the company in a research note on Monday, January 13th. 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 note on Thursday, October 31st. HC Wainwright reissued a “buy” rating and issued a $21.00 price objective (down previously from $25.00) on shares of Avadel Pharmaceuticals in a research report on Friday, January 10th. 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. Seven analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock has an average rating of “Buy” and an average price target of $21.00.

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.