Avadel Pharmaceuticals plc (NASDAQ:AVDL) Shares Acquired by MML Investors Services LLC

MML Investors Services LLC raised its position in Avadel Pharmaceuticals plc (NASDAQ:AVDL - Free Report) by 22.7% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 167,306 shares of the company's stock after buying an additional 30,950 shares during the quarter. MML Investors Services LLC owned approximately 0.17% of Avadel Pharmaceuticals worth $1,758,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also modified their holdings of AVDL. Kazazian Asset Management LLC purchased a new position in shares of Avadel Pharmaceuticals in the 4th quarter valued at about $126,000. Sanctuary Advisors LLC acquired a new stake in shares of Avadel Pharmaceuticals during the 4th quarter valued at approximately $140,000. Nations Financial Group Inc. IA ADV purchased a new stake in shares of Avadel Pharmaceuticals during the 4th quarter worth approximately $163,000. China Universal Asset Management Co. Ltd. grew its holdings in shares of Avadel Pharmaceuticals by 10.3% in the 4th quarter. China Universal Asset Management Co. Ltd. now owns 20,432 shares of the company's stock worth $215,000 after acquiring an additional 1,916 shares during the period. Finally, KLP Kapitalforvaltning AS acquired a new stake in shares of Avadel Pharmaceuticals in the 4th quarter worth approximately $218,000. 69.19% of the stock is currently owned by hedge funds and other institutional investors.

Avadel Pharmaceuticals Stock Up 0.9 %

Shares of AVDL stock traded up $0.08 during trading hours on Friday, hitting $8.69. 715,152 shares of the company were exchanged, compared to its average volume of 1,221,525. Avadel Pharmaceuticals plc has a 1 year low of $6.38 and a 1 year high of $19.09. The firm has a fifty day moving average of $7.97 and a 200 day moving average of $9.65. The firm has a market cap of $839.71 million, a PE ratio of -11.00 and a beta of 1.52.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on AVDL. HC Wainwright restated a "buy" rating and issued a $21.00 price target on shares of Avadel Pharmaceuticals in a research report on Tuesday, March 4th. Deutsche Bank Aktiengesellschaft assumed coverage on shares of Avadel Pharmaceuticals in a report on Tuesday, February 11th. They issued a "buy" rating and a $12.00 price target on the stock. Needham & Company LLC restated a "buy" rating and set a $19.00 price objective on shares of Avadel Pharmaceuticals in a research report on Wednesday, April 9th. UBS Group dropped their price target on Avadel Pharmaceuticals from $22.00 to $14.00 and set a "buy" rating for the company in a research report on Monday, January 13th. Finally, Piper Sandler decreased their price objective on Avadel Pharmaceuticals from $24.00 to $13.00 and set an "overweight" rating on the stock in a research note on Friday, January 10th. Eight investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company presently has a consensus rating of "Buy" and an average price target of $19.88.

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.