King Wealth Management Group Buys Shares of 35,000 Avadel Pharmaceuticals plc (NASDAQ:AVDL)

King Wealth Management Group bought a new stake in Avadel Pharmaceuticals plc (NASDAQ:AVDL) during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm bought 35,000 shares of the company’s stock, valued at approximately $368,000.

Several other institutional investors also recently modified their holdings of the business. MAI Capital Management boosted its holdings in Avadel Pharmaceuticals by 1.0% during the third quarter. MAI Capital Management now owns 107,533 shares of the company’s stock worth $1,410,000 after buying an additional 1,031 shares during the last quarter. Iridian Asset Management LLC CT grew its holdings in Avadel Pharmaceuticals by 1.1% during the fourth quarter. Iridian Asset Management LLC CT now owns 169,586 shares of the company’s stock valued at $1,782,000 after purchasing an additional 1,886 shares during the period. China Universal Asset Management Co. Ltd. increased its stake in Avadel Pharmaceuticals by 10.3% in the fourth quarter. China Universal Asset Management Co. Ltd. now owns 20,432 shares of the company’s stock valued at $215,000 after purchasing an additional 1,916 shares in the last quarter. FMR LLC bought a new stake in Avadel Pharmaceuticals in the third quarter valued at approximately $31,000. Finally, Charles Schwab Investment Management Inc. raised its holdings in Avadel Pharmaceuticals by 1.1% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 222,798 shares of the company’s stock worth $2,342,000 after purchasing an additional 2,434 shares during the period. Institutional investors and hedge funds own 69.19% of the company’s stock.

Avadel Pharmaceuticals Stock Performance

Shares of Avadel Pharmaceuticals stock opened at $8.39 on Friday. The firm has a market cap of $810.72 million, a PE ratio of -10.62 and a beta of 1.57. The business’s 50 day simple moving average is $8.41 and its 200 day simple moving average is $11.16. Avadel Pharmaceuticals plc has a 52-week low of $7.39 and a 52-week high of $19.09.

Analyst Ratings Changes

A number of analysts recently commented on AVDL shares. Deutsche Bank Aktiengesellschaft initiated coverage on shares of Avadel Pharmaceuticals in a research report on Tuesday, February 11th. They issued a “buy” rating and a $12.00 price objective for the company. UBS Group lowered their price target on 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 reaffirmed a “buy” rating and set a $21.00 price target on shares of Avadel Pharmaceuticals in a research report on Tuesday, March 4th. Piper Sandler decreased their price objective on Avadel Pharmaceuticals from $24.00 to $13.00 and set an “overweight” rating for the company in a research report on Friday, January 10th. Finally, Needham & Company LLC restated a “buy” rating and set a $19.00 target price on shares of Avadel Pharmaceuticals in a report on Monday, March 3rd. Eight analysts have rated the stock with a buy rating, According to MarketBeat, the stock has a consensus rating of “Buy” and an average target price of $19.88.

Insider Activity

In other Avadel Pharmaceuticals news, Director Peter J. Thornton purchased 10,000 shares of the stock in a transaction on Monday, January 13th. The shares were purchased at an average cost of $8.04 per share, for a total transaction of $80,400.00. Following the purchase, the director now owns 104,055 shares of the company’s stock, valued at approximately $836,602.20. This represents a 10.63 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Linda Palczuk purchased 5,000 shares of the business’s stock in a transaction on Tuesday, January 21st. The shares were acquired at an average cost of $7.93 per share, for a total transaction of $39,650.00. Following the completion of the transaction, the director now directly owns 67,900 shares in the company, valued at approximately $538,447. This represents a 7.95 % increase in their ownership of the stock. The disclosure for this purchase can be found here. 4.80% of the stock is owned by corporate insiders.

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.