Kennedy Capital Management LLC Purchases 468,757 Shares of Avadel Pharmaceuticals plc (NASDAQ:AVDL)

Kennedy Capital Management LLC boosted its holdings in shares of Avadel Pharmaceuticals plc (NASDAQ:AVDL - Free Report) by 79.7% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,056,934 shares of the company's stock after acquiring an additional 468,757 shares during the quarter. Kennedy Capital Management LLC owned 1.10% of Avadel Pharmaceuticals worth $11,108,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in AVDL. The Manufacturers Life Insurance Company grew its stake in shares of Avadel Pharmaceuticals by 34.4% in the 3rd quarter. The Manufacturers Life Insurance Company now owns 56,399 shares of the company's stock worth $740,000 after acquiring an additional 14,420 shares in the last quarter. FMR LLC purchased a new stake in shares of Avadel Pharmaceuticals during the 3rd quarter valued at approximately $31,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC bought a new stake in shares of Avadel Pharmaceuticals during the 3rd quarter valued at $484,000. Verition Fund Management LLC purchased a new stake in Avadel Pharmaceuticals in the 3rd quarter worth approximately $262,000. Finally, State Street Corp raised its stake in Avadel Pharmaceuticals by 42.5% in the third quarter. State Street Corp now owns 1,623,302 shares of the company's stock valued at $21,290,000 after purchasing an additional 483,787 shares in the last quarter. 69.19% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

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

Avadel Pharmaceuticals Price Performance

NASDAQ:AVDL traded up $0.20 on Wednesday, reaching $8.11. The stock had a trading volume of 258,968 shares, compared to its average volume of 1,223,621. The firm's fifty day moving average is $8.01 and its two-hundred day moving average is $10.04. The company has a market cap of $783.66 million, a price-to-earnings ratio of -10.27 and a beta of 1.52. Avadel Pharmaceuticals plc has a 12-month low of $6.38 and a 12-month high of $19.09.

Insider Buying and Selling at Avadel Pharmaceuticals

In other Avadel Pharmaceuticals news, Director Linda Palczuk bought 5,000 shares of the business's stock in a transaction on Tuesday, January 21st. The shares were purchased at an average price of $7.93 per share, with a total value of $39,650.00. Following the purchase, the director now directly owns 67,900 shares of the company's stock, valued at approximately $538,447. The trade was a 7.95 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through this link. 4.80% of the stock is currently owned by corporate insiders.

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.