Avadel Pharmaceuticals (NASDAQ:AVDL) Shares Down 3.8%

Shares of Avadel Pharmaceuticals plc (NASDAQ:AVDL) fell 3.8% on Friday . The company traded as low as $13.69 and last traded at $13.76. 1,074,811 shares traded hands during mid-day trading, a decline of 8% from the average session volume of 1,173,370 shares. The stock had previously closed at $14.31.

Analyst Ratings Changes

A number of research firms have weighed in on AVDL. Craig Hallum increased their target price on Avadel Pharmaceuticals from $22.00 to $23.00 and gave the stock a “buy” rating in a research note on Thursday, May 9th. Oppenheimer raised their price target on Avadel Pharmaceuticals from $27.00 to $29.00 and gave the company an “outperform” rating in a research note on Tuesday, March 5th. Rodman & Renshaw began coverage on Avadel Pharmaceuticals in a research note on Wednesday, June 12th. They set a “buy” rating and a $27.00 price target on the stock. Piper Sandler raised their price target on Avadel Pharmaceuticals from $18.00 to $23.00 and gave the company an “overweight” rating in a research note on Tuesday, March 5th. Finally, Needham & Company LLC restated a “buy” rating and set a $22.00 price target on shares of Avadel Pharmaceuticals in a research note on Wednesday, May 8th. Seven investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock has an average rating of “Buy” and a consensus price target of $24.57.

Avadel Pharmaceuticals Stock Performance

The business has a 50-day moving average of $16.12 and a two-hundred day moving average of $15.42.

Avadel Pharmaceuticals (NASDAQ:AVDL) last issued its quarterly earnings data on Wednesday, May 8th. The company reported ($0.30) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.25) by ($0.05). Avadel Pharmaceuticals had a negative net margin of 284.42% and a negative return on equity of 139.72%. The company had revenue of $27.18 million for the quarter, compared to the consensus estimate of $25.89 million. During the same period in the previous year, the business earned ($0.48) EPS. Avadel Pharmaceuticals’s revenue for the quarter was up 2617.8% compared to the same quarter last year. On average, equities analysts expect that Avadel Pharmaceuticals plc will post -0.58 EPS for the current year.

Institutional Investors Weigh In On Avadel Pharmaceuticals

A number of institutional investors have recently added to or reduced their stakes in the stock. Cetera Advisors LLC boosted its position in Avadel Pharmaceuticals by 8.9% during the first quarter. Cetera Advisors LLC now owns 92,017 shares of the company’s stock valued at $1,554,000 after purchasing an additional 7,531 shares in the last quarter. Cetera Investment Advisers acquired a new stake in Avadel Pharmaceuticals in the first quarter worth about $1,925,000. Janus Henderson Group PLC boosted its holdings in Avadel Pharmaceuticals by 16.1% in the first quarter. Janus Henderson Group PLC now owns 12,915,160 shares of the company’s stock worth $218,182,000 after acquiring an additional 1,789,830 shares in the last quarter. Kennedy Capital Management LLC boosted its holdings in Avadel Pharmaceuticals by 1.1% in the first quarter. Kennedy Capital Management LLC now owns 653,147 shares of the company’s stock worth $11,032,000 after acquiring an additional 7,273 shares in the last quarter. Finally, Gendell Jeffrey L boosted its holdings in Avadel Pharmaceuticals by 1.7% in the first quarter. Gendell Jeffrey L now owns 5,708,118 shares of the company’s stock worth $96,410,000 after acquiring an additional 92,768 shares in the last quarter. Institutional investors own 69.19% of the company’s stock.

Avadel Pharmaceuticals Company 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.