Wells Fargo & Company MN Increases Position in Avadel Pharmaceuticals plc (NASDAQ:AVDL)

Wells Fargo & Company MN increased its stake in shares of Avadel Pharmaceuticals plc (NASDAQ:AVDL) by 13.2% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 83,167 shares of the company’s stock after buying an additional 9,719 shares during the quarter. Wells Fargo & Company MN owned about 0.09% of Avadel Pharmaceuticals worth $874,000 as of its most recent SEC filing.

A number of other large investors have also recently made changes to their positions in the stock. Vanguard Group Inc. grew its holdings in shares of 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 buying an additional 90,147 shares during the last quarter. Wealth Effects LLC grew its holdings in shares of Avadel Pharmaceuticals by 4.9% during the fourth 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 during the last quarter. Brandes Investment Partners LP grew its holdings in shares of Avadel Pharmaceuticals by 58.1% during the fourth quarter. Brandes Investment Partners LP now owns 2,173,139 shares of the company’s stock valued at $22,840,000 after buying an additional 798,415 shares during the last quarter. Geode Capital Management LLC boosted its holdings in Avadel Pharmaceuticals by 0.9% in the fourth quarter. Geode Capital Management LLC now owns 1,165,251 shares of the company’s stock valued at $12,247,000 after purchasing an additional 10,886 shares during the last quarter. Finally, Modera Wealth Management LLC boosted its holdings in Avadel Pharmaceuticals by 29.6% in the fourth quarter. Modera Wealth Management LLC now owns 782,567 shares of the company’s stock valued at $8,225,000 after purchasing an additional 178,601 shares during the last quarter. 69.19% of the stock is owned by hedge funds and other institutional investors.

Avadel Pharmaceuticals Stock Performance

Shares of Avadel Pharmaceuticals stock opened at $8.89 on Thursday. The firm has a 50-day simple moving average of $7.95 and a two-hundred day simple moving average of $9.71. The company has a market cap of $859.03 million, a P/E ratio of -11.25 and a beta of 1.52. Avadel Pharmaceuticals plc has a fifty-two week low of $6.38 and a fifty-two week high of $19.09.

Analysts Set New Price Targets

Several equities research analysts have commented on AVDL shares. UBS Group lowered 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. Needham & Company LLC reaffirmed a “buy” rating and issued a $19.00 price target on shares of Avadel Pharmaceuticals in a report on Wednesday, April 9th. Deutsche Bank Aktiengesellschaft started 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. Piper Sandler lowered their price target on shares of Avadel Pharmaceuticals from $24.00 to $13.00 and set an “overweight” rating on the stock in a report on Friday, January 10th. Finally, 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. Eight investment analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock currently has an average rating of “Buy” and an average target price of $19.88.

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.