Avadel Pharmaceuticals plc (NASDAQ:AVDL) is Two Seas Capital LP's 8th Largest Position

Two Seas Capital LP raised its position in Avadel Pharmaceuticals plc (NASDAQ:AVDL - Free Report) by 90.6% in the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 4,296,449 shares of the company's stock after buying an additional 2,042,669 shares during the period. Avadel Pharmaceuticals comprises 3.9% of Two Seas Capital LP's investment portfolio, making the stock its 8th biggest position. Two Seas Capital LP owned approximately 4.46% of Avadel Pharmaceuticals worth $45,156,000 at the end of the most recent quarter.

A number of other large investors have also modified their holdings of the company. FMR LLC purchased a new stake in Avadel Pharmaceuticals in the 3rd quarter worth $31,000. Hsbc Holdings PLC acquired a new position in shares of Avadel Pharmaceuticals during the 4th quarter worth about $113,000. Kazazian Asset Management LLC purchased a new position in Avadel Pharmaceuticals in the 4th quarter valued at about $126,000. Sanctuary Advisors LLC acquired a new stake in Avadel Pharmaceuticals in the 4th quarter worth about $140,000. Finally, Nations Financial Group Inc. IA ADV purchased a new stake in Avadel Pharmaceuticals during the 4th quarter worth approximately $163,000. Institutional investors and hedge funds own 69.19% of the company's stock.

Avadel Pharmaceuticals Stock Performance

Shares of AVDL traded up $0.12 during midday trading on Wednesday, hitting $8.73. The company had a trading volume of 169,516 shares, compared to its average volume of 1,313,925. The company's 50-day simple moving average is $7.94 and its 200-day simple moving average is $9.72. Avadel Pharmaceuticals plc has a 1 year low of $6.38 and a 1 year high of $19.09. The firm has a market capitalization of $843.57 million, a P/E ratio of -11.05 and a beta of 1.52.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on AVDL. Needham & Company LLC reaffirmed a "buy" rating and issued a $19.00 price target on shares of Avadel Pharmaceuticals in a research note on Wednesday, April 9th. UBS Group dropped their target price on shares of Avadel Pharmaceuticals from $22.00 to $14.00 and set a "buy" rating for the company in a report on Monday, January 13th. HC Wainwright reissued a "buy" rating and issued a $21.00 price target on shares of Avadel Pharmaceuticals in a research note on Tuesday, March 4th. Piper Sandler cut their price objective on shares of Avadel Pharmaceuticals from $24.00 to $13.00 and set an "overweight" rating for the company in a report on Friday, January 10th. Finally, Deutsche Bank Aktiengesellschaft began coverage on Avadel Pharmaceuticals in a report on Tuesday, February 11th. They set a "buy" rating and a $12.00 target price on the stock. Eight investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company currently has a consensus rating of "Buy" and a consensus 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.