Invesco Ltd. Grows Stock Holdings in Avadel Pharmaceuticals plc (NASDAQ:AVDL)

Invesco Ltd. raised its holdings in shares of Avadel Pharmaceuticals plc (NASDAQ:AVDL) by 2.3% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 52,142 shares of the company’s stock after purchasing an additional 1,177 shares during the quarter. Invesco Ltd. owned 0.05% of Avadel Pharmaceuticals worth $548,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also made changes to their positions in AVDL. Brandes Investment Partners LP lifted its holdings in shares of Avadel Pharmaceuticals by 58.1% in the 4th quarter. Brandes Investment Partners LP now owns 2,173,139 shares of the company’s stock valued at $22,840,000 after acquiring an additional 798,415 shares during the last quarter. Knott David M Jr purchased a new position in shares of Avadel Pharmaceuticals in the 4th quarter worth approximately $3,646,000. National Bank of Canada FI bought a new position in shares of Avadel Pharmaceuticals during the 4th quarter valued at approximately $2,102,000. Modera Wealth Management LLC raised its holdings in Avadel Pharmaceuticals by 29.6% during the 4th quarter. Modera Wealth Management LLC now owns 782,567 shares of the company’s stock valued at $8,225,000 after buying an additional 178,601 shares during the period. Finally, Barclays PLC lifted its position in Avadel Pharmaceuticals by 45.8% in the third quarter. Barclays PLC now owns 392,691 shares of the company’s stock worth $5,150,000 after buying an additional 123,430 shares during the last quarter. 69.19% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

AVDL has been the topic of several recent analyst reports. UBS Group reduced their target price on shares of Avadel Pharmaceuticals from $22.00 to $14.00 and set a “buy” rating on the stock in a research note on Monday, January 13th. Deutsche Bank Aktiengesellschaft initiated coverage on shares of Avadel Pharmaceuticals in a research report on Tuesday, February 11th. They issued a “buy” rating and a $12.00 price objective on the stock. HC Wainwright restated a “buy” rating and set a $21.00 target price on shares of Avadel Pharmaceuticals in a research report on Tuesday, March 4th. Needham & Company LLC reiterated a “buy” rating and issued a $19.00 price target on shares of Avadel Pharmaceuticals in a report on Wednesday, April 9th. Finally, Piper Sandler decreased their price target on Avadel Pharmaceuticals from $24.00 to $13.00 and set an “overweight” rating for the company in a research note on Friday, January 10th. Eight analysts have rated the stock with a buy rating, According to MarketBeat, the company presently has an average rating of “Buy” and an average price target of $19.88.

Avadel Pharmaceuticals Stock Performance

Shares of NASDAQ AVDL opened at $8.69 on Friday. Avadel Pharmaceuticals plc has a 52-week low of $6.38 and a 52-week high of $19.07. The firm has a market capitalization of $839.71 million, a price-to-earnings ratio of -11.00 and a beta of 1.52. The stock has a 50 day moving average price of $7.97 and a 200 day moving average price of $9.63.

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.