Adage Capital Partners GP L.L.C. Has $17.77 Million Position in Avadel Pharmaceuticals plc (NASDAQ:AVDL)

Adage Capital Partners GP L.L.C. trimmed its position in Avadel Pharmaceuticals plc (NASDAQ:AVDLFree Report) by 35.6% during the third quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 1,725,000 shares of the company’s stock after selling 955,000 shares during the quarter. Adage Capital Partners GP L.L.C.’s holdings in Avadel Pharmaceuticals were worth $17,768,000 as of its most recent SEC filing.

A number of other hedge funds also recently made changes to their positions in the business. Ameriprise Financial Inc. grew its stake in Avadel Pharmaceuticals by 8.9% in the 3rd quarter. Ameriprise Financial Inc. now owns 285,013 shares of the company’s stock valued at $2,936,000 after buying an additional 23,334 shares during the last quarter. MPM Bioimpact LLC boosted its position in shares of Avadel Pharmaceuticals by 72.5% in the third quarter. MPM Bioimpact LLC now owns 664,224 shares of the company’s stock valued at $6,842,000 after acquiring an additional 279,234 shares during the period. Tower Research Capital LLC TRC grew its position in shares of Avadel Pharmaceuticals by 201.8% during the 3rd quarter. Tower Research Capital LLC TRC now owns 14,517 shares of the company’s stock worth $150,000 after purchasing an additional 9,707 shares in the last quarter. Qube Research & Technologies Ltd bought a new position in shares of Avadel Pharmaceuticals during the third quarter worth approximately $551,000. Finally, Gendell Jeffrey L raised its position in shares of Avadel Pharmaceuticals by 4.1% in the third quarter. Gendell Jeffrey L now owns 5,615,350 shares of the company’s stock valued at $57,838,000 after buying an additional 219,290 shares in the last quarter. 71.23% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several brokerages have weighed in on AVDL. Needham & Company LLC lifted their price objective on Avadel Pharmaceuticals from $20.00 to $22.00 and gave the company a “buy” rating in a report on Tuesday. Oppenheimer upped their price objective on shares of Avadel Pharmaceuticals from $27.00 to $29.00 and gave the stock an “outperform” rating in a research report on Tuesday. Piper Sandler raised their target price on shares of Avadel Pharmaceuticals from $18.00 to $23.00 and gave the company an “overweight” rating in a report on Tuesday. Craig Hallum upped their price target on shares of Avadel Pharmaceuticals from $20.00 to $22.00 and gave the stock a “buy” rating in a report on Tuesday. Finally, UBS Group initiated coverage on Avadel Pharmaceuticals in a research note on Tuesday, February 6th. They set a “buy” rating and a $21.00 target price for the company. Seven analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus price target of $22.57.

Read Our Latest Research Report on Avadel Pharmaceuticals

Insider Activity at Avadel Pharmaceuticals

In other Avadel Pharmaceuticals news, CFO Thomas S. Mchugh bought 2,000 shares of the business’s stock in a transaction dated Tuesday, January 16th. The shares were purchased at an average price of $14.50 per share, for a total transaction of $29,000.00. Following the purchase, the chief financial officer now directly owns 80,500 shares of the company’s stock, valued at $1,167,250. The acquisition was disclosed in a legal filing with the SEC, which is available through this link. In related news, CFO Thomas S. Mchugh acquired 2,000 shares of the firm’s stock in a transaction that occurred on Tuesday, January 16th. The stock was acquired at an average price of $14.50 per share, for a total transaction of $29,000.00. Following the completion of the acquisition, the chief financial officer now owns 80,500 shares of the company’s stock, valued at approximately $1,167,250. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Mark Anthony Mccamish sold 75,000 shares of the company’s stock in a transaction that occurred on Thursday, December 28th. The shares were sold at an average price of $14.53, for a total value of $1,089,750.00. Following the completion of the transaction, the director now owns 67,025 shares in the company, valued at approximately $973,873.25. The disclosure for this sale can be found here. 4.00% of the stock is owned by insiders.

Avadel Pharmaceuticals Price Performance

Shares of Avadel Pharmaceuticals stock opened at $16.04 on Friday. Avadel Pharmaceuticals plc has a 52 week low of $8.00 and a 52 week high of $17.24. The business has a 50 day moving average price of $14.39 and a 200-day moving average price of $12.82.

Avadel Pharmaceuticals (NASDAQ:AVDLGet Free Report) last released its quarterly earnings results on Monday, March 4th. The company reported ($0.32) EPS for the quarter, missing analysts’ consensus estimates of ($0.28) by ($0.04). The company had revenue of $19.45 million during the quarter, compared to analyst estimates of $17.41 million. During the same period in the prior year, the firm earned ($0.44) earnings per share. As a group, equities research analysts expect that Avadel Pharmaceuticals plc will post -0.46 EPS for the current year.

Avadel Pharmaceuticals Profile

(Free Report)

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.

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Institutional Ownership by Quarter for Avadel Pharmaceuticals (NASDAQ:AVDL)

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