Avadel Pharmaceuticals (NASDAQ:AVDL) Hits New 1-Year Low After Analyst Downgrade

Avadel Pharmaceuticals plc (NASDAQ:AVDL) reached a new 52-week low during trading on Friday after Piper Sandler lowered their price target on the stock from $24.00 to $13.00. Piper Sandler currently has an overweight rating on the stock. Avadel Pharmaceuticals traded as low as $7.52 and last traded at $8.10, with a volume of 1707262 shares. The stock had previously closed at $10.69.

Several other analysts have also recently weighed in on the stock. Oppenheimer increased their price target on shares of Avadel Pharmaceuticals from $29.00 to $30.00 and gave the company an “outperform” rating in a research note on Thursday, October 31st. Needham & Company LLC cut their target price on Avadel Pharmaceuticals from $22.00 to $19.00 and set a “buy” rating for the company in a research note on Thursday. Finally, HC Wainwright restated a “buy” rating and issued a $21.00 target price (down previously from $25.00) on shares of Avadel Pharmaceuticals in a research report on Friday. Seven investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average price target of $22.00.

Insider Transactions at Avadel Pharmaceuticals

In related news, CFO Thomas S. Mchugh purchased 5,000 shares of the business’s stock in a transaction dated Wednesday, December 11th. The stock was acquired at an average price of $10.49 per share, for a total transaction of $52,450.00. Following the completion of the purchase, the chief financial officer now directly owns 85,500 shares of the company’s stock, valued at $896,895. This trade represents a 6.21 % increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Geoffrey Michael Glass purchased 20,279 shares of the firm’s stock in a transaction that occurred on Tuesday, December 10th. The shares were bought at an average cost of $9.84 per share, with a total value of $199,545.36. Following the completion of the acquisition, the director now owns 75,904 shares of the company’s stock, valued at approximately $746,895.36. This trade represents a 36.46 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last ninety days, insiders have acquired 40,579 shares of company stock worth $406,313. Insiders own 4.80% of the company’s stock.

Hedge Funds Weigh In On Avadel Pharmaceuticals

A number of large investors have recently bought and sold shares of the company. Braidwell LP raised its holdings in Avadel Pharmaceuticals by 16.9% during the third quarter. Braidwell LP now owns 3,388,939 shares of the company’s stock worth $44,446,000 after purchasing an additional 490,300 shares in the last quarter. State Street Corp lifted its holdings in shares of Avadel Pharmaceuticals by 42.5% in the 3rd quarter. State Street Corp now owns 1,623,302 shares of the company’s stock valued at $21,290,000 after buying an additional 483,787 shares during the period. Brandes Investment Partners LP boosted its stake in shares of Avadel Pharmaceuticals by 1.5% in the second quarter. Brandes Investment Partners LP now owns 1,483,439 shares of the company’s stock valued at $20,894,000 after buying an additional 21,214 shares in the last quarter. Lord Abbett & CO. LLC grew its holdings in Avadel Pharmaceuticals by 23.9% during the third quarter. Lord Abbett & CO. LLC now owns 489,073 shares of the company’s stock worth $6,414,000 after acquiring an additional 94,239 shares during the period. Finally, Barclays PLC raised its position in Avadel Pharmaceuticals by 45.8% in the third quarter. Barclays PLC now owns 392,691 shares of the company’s stock worth $5,150,000 after acquiring an additional 123,430 shares in the last quarter. Hedge funds and other institutional investors own 69.19% of the company’s stock.

Avadel Pharmaceuticals Stock Down 26.1 %

The company has a market cap of $761.26 million, a price-to-earnings ratio of -10.00 and a beta of 1.31. The business has a fifty day simple moving average of $11.41 and a 200 day simple moving average of $13.54.

Avadel Pharmaceuticals (NASDAQ:AVDL) last released its quarterly earnings data on Tuesday, November 12th. The company reported ($0.03) EPS for the quarter, topping analysts’ consensus estimates of ($0.06) by $0.03. Avadel Pharmaceuticals had a negative net margin of 52.53% and a negative return on equity of 93.34%. The firm had revenue of $50.00 million for the quarter, compared to the consensus estimate of $48.43 million. During the same quarter in the previous year, the firm earned ($0.41) earnings per share. The firm’s revenue was up 624.6% on a year-over-year basis. Equities analysts anticipate that Avadel Pharmaceuticals plc will post -0.48 EPS for the current fiscal year.

About Avadel Pharmaceuticals

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.