Avadel Pharmaceuticals plc (NASDAQ:AVDL) Shares Bought by Tri Locum Partners LP

Tri Locum Partners LP increased its position in Avadel Pharmaceuticals plc (NASDAQ:AVDL - Free Report) by 16.7% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,937,984 shares of the company's stock after buying an additional 277,029 shares during the period. Avadel Pharmaceuticals comprises 4.2% of Tri Locum Partners LP's portfolio, making the stock its 9th largest holding. Tri Locum Partners LP owned approximately 2.01% of Avadel Pharmaceuticals worth $20,368,000 at the end of the most recent quarter.

A number of other institutional investors have also modified their holdings of the company. Hsbc Holdings PLC acquired a new position in Avadel Pharmaceuticals in the 4th quarter valued at $113,000. Kazazian Asset Management LLC acquired a new position in Avadel Pharmaceuticals in the fourth quarter valued at $126,000. Sanctuary Advisors LLC purchased a new position in Avadel Pharmaceuticals during the fourth quarter worth about $140,000. Nations Financial Group Inc. IA ADV acquired a new stake in Avadel Pharmaceuticals in the 4th quarter worth about $163,000. Finally, China Universal Asset Management Co. Ltd. grew its holdings in 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 valued at $215,000 after buying an additional 1,916 shares during the period. Institutional investors and hedge funds own 69.19% of the company's stock.

Avadel Pharmaceuticals Stock Performance

Shares of AVDL traded up $0.14 during mid-day trading on Friday, reaching $8.75. 386,831 shares of the company's stock traded hands, compared to its average volume of 1,218,826. The business's 50-day moving average price is $7.96 and its 200-day moving average price is $9.68. The stock has a market capitalization of $845.02 million, a P/E ratio of -11.08 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.

Analysts Set New Price Targets

Several research analysts recently weighed in on the company. Piper Sandler cut their target price 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. UBS Group cut 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. Needham & Company LLC reiterated 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 research report on Tuesday, February 11th. They set a "buy" rating and a $12.00 price target on the stock. Finally, HC Wainwright reaffirmed a "buy" rating and issued a $21.00 price objective on shares of Avadel Pharmaceuticals in a report on Tuesday, March 4th. Eight analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company presently has a consensus rating of "Buy" and a consensus target price 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.