Avadel Pharmaceuticals plc (NASDAQ:AVDL) Shares Acquired by Renaissance Technologies LLC

Renaissance Technologies LLC grew its stake in shares of Avadel Pharmaceuticals plc (NASDAQ:AVDL - Free Report) by 1,703.7% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 387,800 shares of the company's stock after acquiring an additional 366,300 shares during the period. Renaissance Technologies LLC owned about 0.40% of Avadel Pharmaceuticals worth $4,076,000 at the end of the most recent quarter.

Several other hedge funds also recently added to or reduced their stakes in AVDL. Brandes Investment Partners LP lifted its stake in Avadel Pharmaceuticals by 58.1% during the fourth quarter. Brandes Investment Partners LP now owns 2,173,139 shares of the company's stock worth $22,840,000 after purchasing an additional 798,415 shares during the last quarter. State Street Corp raised its holdings in shares of Avadel Pharmaceuticals by 42.5% during the third quarter. State Street Corp now owns 1,623,302 shares of the company's stock worth $21,290,000 after purchasing an additional 483,787 shares during the period. Knott David M Jr bought a new position in shares of Avadel Pharmaceuticals in the 4th quarter worth about $3,646,000. National Bank of Canada FI acquired a new position in shares of Avadel Pharmaceuticals in the 4th quarter valued at about $2,102,000. Finally, Modera Wealth Management LLC grew its position in shares of 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 last quarter. 69.19% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of brokerages have commented on AVDL. Piper Sandler decreased their target price 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. Deutsche Bank Aktiengesellschaft started coverage on Avadel Pharmaceuticals in a research note on Tuesday, February 11th. They set a "buy" rating and a $12.00 price objective for the company. Needham & Company LLC reiterated a "buy" rating and issued a $19.00 target price on shares of Avadel Pharmaceuticals in a research note on Wednesday, April 9th. 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. Finally, UBS Group dropped their price objective 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. Eight equities research analysts have rated the stock with a buy rating, According to MarketBeat, Avadel Pharmaceuticals currently has an average rating of "Buy" and a consensus target price of $19.88.

Avadel Pharmaceuticals Stock Up 2.0 %

Avadel Pharmaceuticals stock traded up $0.17 during trading hours on Friday, hitting $8.77. 826,706 shares of the company traded hands, compared to its average volume of 1,219,554. Avadel Pharmaceuticals plc has a 1-year low of $6.38 and a 1-year high of $19.09. The firm has a market cap of $847.44 million, a P/E ratio of -11.10 and a beta of 1.52. The firm's 50-day simple moving average is $7.93 and its two-hundred day simple moving average is $9.80.

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.