Alliancebernstein L.P. Boosts Stake in Avadel Pharmaceuticals plc (NASDAQ:AVDL)

Alliancebernstein L.P. grew its holdings in shares of Avadel Pharmaceuticals plc (NASDAQ:AVDL) by 48.5% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 96,710 shares of the company’s stock after acquiring an additional 31,588 shares during the quarter. Alliancebernstein L.P. owned about 0.10% of Avadel Pharmaceuticals worth $1,016,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Vanguard Group Inc. lifted its position in Avadel Pharmaceuticals by 2.3% during the fourth quarter. Vanguard Group Inc. now owns 3,953,247 shares of the company’s stock valued at $41,549,000 after purchasing an additional 90,147 shares during the last quarter. LPL Financial LLC lifted its holdings in shares of Avadel Pharmaceuticals by 41.9% during the 4th quarter. LPL Financial LLC now owns 34,125 shares of the company’s stock worth $359,000 after acquiring an additional 10,072 shares during the last quarter. KLP Kapitalforvaltning AS purchased a new position in Avadel Pharmaceuticals in the fourth quarter worth $218,000. Teacher Retirement System of Texas increased its stake in Avadel Pharmaceuticals by 33.4% in the fourth quarter. Teacher Retirement System of Texas now owns 25,738 shares of the company’s stock valued at $271,000 after acquiring an additional 6,451 shares during the last quarter. Finally, Kazazian Asset Management LLC purchased a new stake in Avadel Pharmaceuticals during the fourth quarter valued at about $126,000. Hedge funds and other institutional investors own 69.19% of the company’s stock.

Avadel Pharmaceuticals Price Performance

NASDAQ AVDL opened at $8.03 on Friday. The business’s 50-day moving average is $7.99 and its 200 day moving average is $9.99. The stock has a market capitalization of $775.93 million, a PE ratio of -10.16 and a beta of 1.52. Avadel Pharmaceuticals plc has a 1 year low of $6.38 and a 1 year high of $19.09.

Analysts Set New Price Targets

Several brokerages have recently commented on AVDL. HC Wainwright reiterated a “buy” rating and set a $21.00 price objective on shares of Avadel Pharmaceuticals in a research report on Tuesday, March 4th. Needham & Company LLC reissued a “buy” rating and set a $19.00 price target on shares of Avadel Pharmaceuticals in a research note on Wednesday, April 9th. Deutsche Bank Aktiengesellschaft assumed coverage on shares of Avadel Pharmaceuticals in a report on Tuesday, February 11th. They set a “buy” rating and a $12.00 target price on the stock. UBS Group cut their price target on shares of Avadel Pharmaceuticals from $22.00 to $14.00 and set a “buy” rating for the company in a research report on Monday, January 13th. Finally, Piper Sandler decreased their price objective on Avadel Pharmaceuticals from $24.00 to $13.00 and set an “overweight” rating on the stock in a report on Friday, January 10th. Eight research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock has an average rating of “Buy” and an average target price of $19.88.

Insider Transactions at Avadel Pharmaceuticals

In related news, Director Linda Palczuk purchased 5,000 shares of Avadel Pharmaceuticals stock in a transaction that occurred on Tuesday, January 21st. The shares were bought at an average price of $7.93 per share, for a total transaction of $39,650.00. Following the completion of the transaction, the director now directly owns 67,900 shares of the company’s stock, valued at $538,447. This represents a 7.95 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Corporate insiders own 4.80% of the company’s stock.

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.