Avadel Pharmaceuticals (NASDAQ:AVDL) Given New $14.00 Price Target at UBS Group

Avadel Pharmaceuticals (NASDAQ:AVDL) had its price objective lowered by UBS Group from $22.00 to $14.00 in a report released on Monday morning,Benzinga reports. The brokerage currently has a buy rating on the stock.

Several other research analysts also recently weighed in on the company. Needham & Company LLC lowered their target price on Avadel Pharmaceuticals from $22.00 to $19.00 and set a “buy” rating on the stock in a research note on Thursday, January 9th. Piper Sandler lowered their price objective on shares of Avadel Pharmaceuticals from $24.00 to $13.00 and set an “overweight” rating on the stock in a research report on Friday. Oppenheimer upped 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. 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 note on Friday. Seven research analysts have rated the stock with a buy rating, According to MarketBeat, the company currently has an average rating of “Buy” and a consensus target price of $21.00.

Avadel Pharmaceuticals Price Performance

Shares of Avadel Pharmaceuticals stock opened at $7.82 on Monday. The stock has a market capitalization of $753.55 million, a price-to-earnings ratio of -9.90 and a beta of 1.31. The firm’s fifty day simple moving average is $11.27 and its 200-day simple moving average is $13.49. Avadel Pharmaceuticals has a 12 month low of $7.39 and a 12 month high of $19.09.

Avadel Pharmaceuticals (NASDAQ:AVDL) last announced its earnings results on Tuesday, November 12th. The company reported ($0.03) EPS for the quarter, beating 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 business had revenue of $50.00 million during the quarter, compared to analysts’ expectations of $48.43 million. During the same period in the prior year, the company earned ($0.41) earnings per share. The business’s revenue was up 624.6% compared to the same quarter last year. Analysts anticipate that Avadel Pharmaceuticals will post -0.48 earnings per share for the current year.

Insider Transactions at Avadel Pharmaceuticals

In other news, 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 completion of the transaction, the director now owns 75,904 shares in the company, valued at $746,895.36. This trade represents a 36.46 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Thomas S. Mchugh bought 5,000 shares of the stock in a transaction on Wednesday, December 11th. The stock was purchased at an average cost of $10.49 per share, for a total transaction of $52,450.00. Following the acquisition, the chief financial officer now directly owns 85,500 shares of the company’s stock, valued at $896,895. The trade was a 6.21 % increase in their position. The disclosure for this purchase can be found here. Insiders have purchased a total of 40,579 shares of company stock valued at $406,313 in the last ninety days. 4.80% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Avadel Pharmaceuticals

Institutional investors and hedge funds have recently made changes to their positions in the business. FMR LLC purchased a new position in Avadel Pharmaceuticals during the 3rd quarter valued at about $31,000. Amalgamated Bank purchased a new position in shares of Avadel Pharmaceuticals during the 2nd quarter worth approximately $45,000. Quarry LP acquired a new position in shares of Avadel Pharmaceuticals during the 2nd quarter worth approximately $63,000. Advisors Asset Management Inc. lifted its stake in Avadel Pharmaceuticals by 56.1% in the 3rd quarter. Advisors Asset Management Inc. now owns 7,921 shares of the company’s stock valued at $104,000 after buying an additional 2,846 shares in the last quarter. Finally, Aigen Investment Management LP acquired a new stake in Avadel Pharmaceuticals during the 3rd quarter valued at $160,000. 69.19% of the stock is currently owned by hedge funds and other institutional investors.

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.