Piper Sandler Has Lowered Expectations for Avadel Pharmaceuticals (NASDAQ:AVDL) Stock Price

Avadel Pharmaceuticals (NASDAQ:AVDL) had its price objective dropped by equities research analysts at Piper Sandler from $24.00 to $13.00 in a note issued to investors on Friday,Benzinga reports. The brokerage currently has an “overweight” rating on the stock. Piper Sandler’s price objective would suggest a potential upside of 64.56% from the stock’s current price.

AVDL has been the topic of a number of other research reports. HC Wainwright reaffirmed a “buy” rating and issued a $21.00 price target (down previously from $25.00) on shares of Avadel Pharmaceuticals in a report on Friday. 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. Finally, Oppenheimer lifted their price objective on Avadel Pharmaceuticals from $29.00 to $30.00 and gave the stock an “outperform” rating in a report on Thursday, October 31st. Seven analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Avadel Pharmaceuticals presently has an average rating of “Buy” and a consensus price target of $22.00.

Avadel Pharmaceuticals Price Performance

NASDAQ AVDL opened at $7.90 on Friday. The company has a fifty day moving average price of $11.27 and a 200-day moving average price of $13.49. The firm has a market cap of $761.26 million, a price-to-earnings ratio of -10.00 and a beta of 1.31. Avadel Pharmaceuticals has a 1 year low of $7.39 and a 1 year high of $19.09.

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

Insider Activity at Avadel Pharmaceuticals

In other news, CFO Thomas S. Mchugh purchased 5,000 shares of Avadel Pharmaceuticals stock in a transaction dated 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 transaction, the chief financial officer now directly owns 85,500 shares of the company’s stock, valued at approximately $896,895. This trade represents a 6.21 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Geoffrey Michael Glass purchased 20,279 shares of the firm’s stock in a transaction dated Tuesday, December 10th. The stock was purchased at an average cost of $9.84 per share, for a total transaction of $199,545.36. Following 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 position. The disclosure for this purchase can be found here. In the last three months, insiders have purchased 40,579 shares of company stock worth $406,313. 4.80% of the stock is owned by company insiders.

Hedge Funds Weigh In On Avadel Pharmaceuticals

Several hedge funds and other institutional investors have recently added to or reduced their stakes in AVDL. Braidwell LP raised its holdings in shares of Avadel Pharmaceuticals by 16.9% in the 3rd quarter. Braidwell LP now owns 3,388,939 shares of the company’s stock valued at $44,446,000 after acquiring an additional 490,300 shares in the last quarter. State Street Corp grew its holdings in shares of Avadel Pharmaceuticals by 42.5% during the third quarter. State Street Corp now owns 1,623,302 shares of the company’s stock worth $21,290,000 after purchasing an additional 483,787 shares in the last quarter. Nantahala Capital Management LLC bought a new position in shares of Avadel Pharmaceuticals in the second quarter worth approximately $4,921,000. Bank of New York Mellon Corp purchased a new stake in Avadel Pharmaceuticals in the second quarter valued at approximately $4,575,000. Finally, Troluce Capital Advisors LLC bought a new stake in Avadel Pharmaceuticals during the second quarter valued at approximately $2,109,000. 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.