Avadel Pharmaceuticals plc (NASDAQ:AVDL) Shares Sold by Altium Capital Management LLC

Altium Capital Management LLC trimmed its holdings in Avadel Pharmaceuticals plc (NASDAQ:AVDL) by 25.8% in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 452,475 shares of the company’s stock after selling 157,525 shares during the quarter. Avadel Pharmaceuticals comprises approximately 1.3% of Altium Capital Management LLC’s portfolio, making the stock its 29th biggest position. Altium Capital Management LLC owned approximately 0.47% of Avadel Pharmaceuticals worth $4,756,000 as of its most recent SEC filing.

Several other hedge funds also recently added to or reduced their stakes in AVDL. Kennedy Capital Management LLC boosted its holdings in shares of Avadel Pharmaceuticals by 79.7% in the 4th quarter. Kennedy Capital Management LLC now owns 1,056,934 shares of the company’s stock valued at $11,108,000 after buying an additional 468,757 shares in the last quarter. Renaissance Technologies LLC lifted its position in Avadel Pharmaceuticals by 1,703.7% in the fourth quarter. Renaissance Technologies LLC now owns 387,800 shares of the company’s stock valued at $4,076,000 after acquiring an additional 366,300 shares during the last quarter. Legal & General Group Plc boosted its stake in Avadel Pharmaceuticals by 9.0% in the fourth quarter. Legal & General Group Plc now owns 84,739 shares of the company’s stock valued at $891,000 after acquiring an additional 7,019 shares in the last quarter. Invesco Ltd. grew its holdings in shares of Avadel Pharmaceuticals by 2.3% during the fourth quarter. Invesco Ltd. now owns 52,142 shares of the company’s stock worth $548,000 after purchasing an additional 1,177 shares during the last quarter. Finally, Russell Investments Group Ltd. increased its position in shares of Avadel Pharmaceuticals by 9.7% during the fourth quarter. Russell Investments Group Ltd. now owns 128,241 shares of the company’s stock worth $1,348,000 after purchasing an additional 11,350 shares in the last quarter. 69.19% of the stock is currently owned by hedge funds and other institutional investors.

Avadel Pharmaceuticals Stock Performance

Avadel Pharmaceuticals stock opened at $8.03 on Friday. Avadel Pharmaceuticals plc has a 1 year low of $6.38 and a 1 year high of $19.09. The firm has a 50 day moving average price of $8.01 and a 200 day moving average price of $10.03. The company has a market cap of $775.93 million, a price-to-earnings ratio of -10.16 and a beta of 1.52.

Insider Transactions at Avadel Pharmaceuticals

In other Avadel Pharmaceuticals news, Director Linda Palczuk purchased 5,000 shares of Avadel Pharmaceuticals stock in a transaction on Tuesday, January 21st. The shares were purchased at an average cost of $7.93 per share, with a total value of $39,650.00. Following the completion of the transaction, the director now directly owns 67,900 shares in the company, valued at approximately $538,447. This represents a 7.95 % increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 4.80% of the company’s stock.

Analyst Ratings Changes

Several research analysts have issued reports on the stock. Deutsche Bank Aktiengesellschaft started coverage on shares of Avadel Pharmaceuticals in a research report on Tuesday, February 11th. They set a “buy” rating and a $12.00 price objective on the stock. HC Wainwright reissued a “buy” rating and set a $21.00 price target on shares of Avadel Pharmaceuticals in a report on Tuesday, March 4th. UBS Group reduced their price objective on Avadel Pharmaceuticals from $22.00 to $14.00 and set a “buy” rating for the company in a research note on Monday, January 13th. Needham & Company LLC reaffirmed a “buy” rating and set a $19.00 price objective on shares of Avadel Pharmaceuticals in a research report on Wednesday, April 9th. Finally, Piper Sandler dropped their target price 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 investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company currently has an average rating of “Buy” and an average price target of $19.88.

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.