China Universal Asset Management Co. Ltd. Purchases 1,916 Shares of Avadel Pharmaceuticals plc (NASDAQ:AVDL)

China Universal Asset Management Co. Ltd. grew its position in Avadel Pharmaceuticals plc (NASDAQ:AVDL) by 10.3% in the fourth quarter, HoldingsChannel.com reports. The fund owned 20,432 shares of the company’s stock after buying an additional 1,916 shares during the period. China Universal Asset Management Co. Ltd.’s holdings in Avadel Pharmaceuticals were worth $215,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds also recently modified their holdings of the company. Wealth Effects LLC raised its stake in Avadel Pharmaceuticals by 4.9% in the fourth quarter. Wealth Effects LLC now owns 2,344,130 shares of the company’s stock valued at $24,637,000 after buying an additional 110,359 shares during the period. SG Americas Securities LLC boosted its position in Avadel Pharmaceuticals by 274.6% during the fourth quarter. SG Americas Securities LLC now owns 46,767 shares of the company’s stock worth $492,000 after purchasing an additional 34,281 shares during the period. Crossmark Global Holdings Inc. increased its holdings in shares of Avadel Pharmaceuticals by 33.1% in the fourth quarter. Crossmark Global Holdings Inc. now owns 35,481 shares of the company’s stock valued at $373,000 after purchasing an additional 8,815 shares during the last quarter. Krilogy Financial LLC lifted its stake in shares of Avadel Pharmaceuticals by 53.6% during the 4th quarter. Krilogy Financial LLC now owns 26,362 shares of the company’s stock worth $277,000 after buying an additional 9,200 shares during the last quarter. Finally, Lord Abbett & CO. LLC boosted its holdings in shares of Avadel Pharmaceuticals by 23.9% during the 3rd quarter. Lord Abbett & CO. LLC now owns 489,073 shares of the company’s stock worth $6,414,000 after buying an additional 94,239 shares during the period. 69.19% of the stock is owned by institutional investors.

Insider Activity

In related news, CFO Thomas S. Mchugh bought 5,000 shares of the business’s stock in a transaction on Wednesday, December 11th. The shares were purchased at an average price of $10.49 per share, for a total transaction of $52,450.00. Following the completion of the transaction, the chief financial officer now directly owns 85,500 shares of the company’s stock, valued at approximately $896,895. This represents a 6.21 % increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available through this link. Also, Director Geoffrey Michael Glass bought 20,279 shares of the firm’s stock in a transaction on Tuesday, December 10th. The shares were bought at an average cost of $9.84 per share, for a total transaction of $199,545.36. Following the purchase, the director now owns 75,904 shares of the company’s stock, valued at approximately $746,895.36. The trade was a 36.46 % increase in their position. The disclosure for this purchase can be found here. In the last three months, insiders have purchased 55,579 shares of company stock worth $526,363. Corporate insiders own 4.80% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts have issued reports on the stock. Oppenheimer raised their price objective on shares of Avadel Pharmaceuticals from $29.00 to $30.00 and gave the stock an “outperform” rating in a research report on Thursday, October 31st. UBS Group reduced their price target on Avadel Pharmaceuticals from $22.00 to $14.00 and set a “buy” rating for the company in a research note on Monday, January 13th. HC Wainwright reiterated a “buy” rating and set a $21.00 price objective (down previously from $25.00) on shares of Avadel Pharmaceuticals in a research report on Friday, January 10th. Needham & Company LLC reduced their target price on shares of Avadel Pharmaceuticals from $22.00 to $19.00 and set a “buy” rating for the company in a research report on Thursday, January 9th. Finally, Piper Sandler lowered their target price on shares of Avadel Pharmaceuticals from $24.00 to $13.00 and set an “overweight” rating on the stock in a report on Friday, January 10th. Seven investment analysts have rated the stock with a buy rating, According to MarketBeat, Avadel Pharmaceuticals has an average rating of “Buy” and an average target price of $21.00.

Avadel Pharmaceuticals Stock Up 2.7 %

AVDL stock opened at $7.90 on Monday. The firm has a market cap of $761.24 million, a P/E ratio of -10.00 and a beta of 1.31. The company’s 50-day moving average price is $9.70 and its two-hundred day moving average price is $12.69. Avadel Pharmaceuticals plc has a 12 month low of $7.39 and a 12 month high of $19.09.

Avadel Pharmaceuticals (NASDAQ:AVDL) last issued its earnings results on Tuesday, November 12th. The company reported ($0.03) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.06) by $0.03. Avadel Pharmaceuticals had a negative return on equity of 93.34% and a negative net margin of 52.53%. The firm had revenue of $50.00 million for the quarter, compared to the consensus estimate of $48.43 million. The company’s revenue was up 624.6% compared to the same quarter last year. During the same quarter last year, the business posted ($0.41) EPS. Equities analysts predict that Avadel Pharmaceuticals plc will post -0.51 EPS for the current year.

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.