Avadel Pharmaceuticals plc (NASDAQ:AVDL) Receives Average Rating of “Buy” from Analysts

Shares of Avadel Pharmaceuticals plc (NASDAQ:AVDL) have earned a consensus recommendation of “Buy” from the eight ratings firms that are currently covering the firm, Marketbeat Ratings reports. Eight investment analysts have rated the stock with a buy recommendation. The average 12-month price target among brokerages that have updated their coverage on the stock in the last year is $19.88.

A number of equities research analysts recently issued reports on AVDL shares. Needham & Company LLC reaffirmed a “buy” rating and set a $19.00 price target on shares of Avadel Pharmaceuticals in a research note on Monday, March 3rd. Deutsche Bank Aktiengesellschaft started 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. UBS Group decreased their price target on shares of Avadel Pharmaceuticals from $22.00 to $14.00 and set a “buy” rating on the stock in a research note on Monday, January 13th. HC Wainwright reiterated a “buy” rating and set a $21.00 price objective on shares of Avadel Pharmaceuticals in a research report on Tuesday, March 4th. Finally, Piper Sandler cut 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, January 10th.

Avadel Pharmaceuticals Stock Performance

AVDL stock opened at $8.00 on Wednesday. Avadel Pharmaceuticals has a one year low of $7.39 and a one year high of $19.09. The company’s fifty day moving average price is $8.51 and its 200-day moving average price is $11.24. The company has a market capitalization of $770.90 million, a PE ratio of -10.13 and a beta of 1.57.

Insiders Place Their Bets

In other Avadel Pharmaceuticals news, Director Peter J. Thornton bought 10,000 shares of the company’s stock in a transaction on Monday, January 13th. The shares were bought at an average cost of $8.04 per share, for a total transaction of $80,400.00. Following the acquisition, the director now directly owns 104,055 shares in the company, valued at approximately $836,602.20. The trade was a 10.63 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Linda Palczuk purchased 5,000 shares of the firm’s stock in a transaction on Tuesday, January 21st. The shares were purchased at an average cost of $7.93 per share, with a total value of $39,650.00. Following the completion of the transaction, the director now 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 disclosure for this purchase can be found here. Insiders have acquired a total of 17,300 shares of company stock worth $144,062 in the last three months. Corporate insiders own 4.80% of the company’s stock.

Institutional Trading of Avadel Pharmaceuticals

Hedge funds have recently modified their holdings of the company. FMR LLC purchased a new stake in shares of Avadel Pharmaceuticals during the third quarter valued at about $31,000. Advisors Asset Management Inc. lifted its position in shares of Avadel Pharmaceuticals by 56.1% during the third 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 during the last quarter. Hsbc Holdings PLC purchased a new stake in shares of Avadel Pharmaceuticals during the fourth quarter valued at about $113,000. Kazazian Asset Management LLC purchased a new stake in shares of Avadel Pharmaceuticals during the fourth quarter valued at about $126,000. Finally, Sanctuary Advisors LLC purchased a new stake in shares of Avadel Pharmaceuticals during the fourth quarter valued at about $140,000. 69.19% of the stock is owned by hedge funds and other institutional investors.

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.