Corebridge Financial Inc. Has $483,000 Stock Holdings in Avadel Pharmaceuticals plc (NASDAQ:AVDL)

Corebridge Financial Inc. trimmed its stake in shares of Avadel Pharmaceuticals plc (NASDAQ:AVDL) by 7.0% during the fourth quarter, Holdings Channel reports. The firm owned 45,950 shares of the company’s stock after selling 3,468 shares during the period. Corebridge Financial Inc.’s holdings in Avadel Pharmaceuticals were worth $483,000 at the end of the most recent reporting period.

A number of other large investors have also recently bought and sold shares of the stock. Iridian Asset Management LLC CT boosted its stake in shares of Avadel Pharmaceuticals by 1.1% in the 4th 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 in the last quarter. China Universal Asset Management Co. Ltd. boosted its position 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 buying an additional 1,916 shares in the last quarter. FMR LLC bought a new stake in Avadel Pharmaceuticals during the third quarter worth about $31,000. Charles Schwab Investment Management Inc. increased its holdings in shares of Avadel Pharmaceuticals by 1.1% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 222,798 shares of the company’s stock worth $2,342,000 after buying an additional 2,434 shares in the last quarter. Finally, Rhumbline Advisers raised its stake in shares of Avadel Pharmaceuticals by 2.0% in the fourth quarter. Rhumbline Advisers now owns 124,137 shares of the company’s stock valued at $1,305,000 after acquiring an additional 2,492 shares during the last quarter. 69.19% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

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

Insiders Place Their Bets

In other news, Director Linda Palczuk purchased 5,000 shares of the business’s stock in a transaction that occurred 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 transaction, 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 position. The acquisition was disclosed in a filing with the SEC, which is available at this link. Also, Director Peter J. Thornton acquired 10,000 shares of Avadel Pharmaceuticals stock in a transaction that occurred 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 directly owns 104,055 shares in the company, valued at $836,602.20. The trade was a 10.63 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Company insiders own 4.80% of the company’s stock.

Avadel Pharmaceuticals Stock Down 1.5 %

NASDAQ:AVDL opened at $6.59 on Wednesday. Avadel Pharmaceuticals plc has a 12-month low of $6.39 and a 12-month high of $19.09. The stock’s fifty day simple moving average is $8.07 and its 200-day simple moving average is $10.24. The firm has a market capitalization of $636.79 million, a P/E ratio of -8.34 and a beta of 1.52.

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.