Avadel Pharmaceuticals (NASDAQ:AVDL) Earns Buy Rating from HC Wainwright

Avadel Pharmaceuticals (NASDAQ:AVDL)‘s stock had its “buy” rating reissued by stock analysts at HC Wainwright in a research note issued to investors on Friday,Benzinga reports. They currently have a $21.00 price objective on the stock, down from their prior price objective of $25.00. HC Wainwright’s price objective points to a potential upside of 165.82% from the company’s previous close.

AVDL has been the subject of several other research reports. Oppenheimer upped their target price 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 dropped their price objective on Avadel Pharmaceuticals from $22.00 to $19.00 and set a “buy” rating on the stock in a research note on Thursday. Seven equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, the company has a consensus rating of “Buy” and an average price target of $22.00.

Avadel Pharmaceuticals Stock Down 26.1 %

NASDAQ:AVDL opened at $7.90 on Friday. Avadel Pharmaceuticals has a 12-month low of $7.39 and a 12-month high of $19.09. The stock’s fifty day simple moving average is $11.27 and its 200-day simple moving average is $13.49. The firm has a market capitalization of $761.26 million, a P/E ratio of -10.00 and a beta of 1.31.

Avadel Pharmaceuticals (NASDAQ:AVDL) last issued its earnings results 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 firm had revenue of $50.00 million for the quarter, compared to analysts’ expectations of $48.43 million. Avadel Pharmaceuticals had a negative return on equity of 93.34% and a negative net margin of 52.53%. The company’s revenue was up 624.6% compared to the same quarter last year. During the same quarter last year, the business earned ($0.41) earnings per share. As a group, equities research analysts expect that Avadel Pharmaceuticals will post -0.48 earnings per share for the current year.

Insider Buying and Selling

In other Avadel Pharmaceuticals news, Director Linda Palczuk purchased 3,000 shares of the stock in a transaction on Friday, December 6th. The shares were purchased at an average cost of $10.19 per share, for a total transaction of $30,570.00. Following the purchase, the director now owns 66,400 shares of the company’s stock, valued at approximately $676,616. This represents a 4.73 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Geoffrey Michael Glass purchased 20,279 shares of the business’s stock in a transaction on Tuesday, December 10th. The shares were acquired 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 directly owns 75,904 shares in the company, valued at approximately $746,895.36. This represents a 36.46 % increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last ninety days, insiders purchased 40,579 shares of company stock valued at $406,313. Company insiders own 4.80% of the company’s stock.

Institutional Trading of Avadel Pharmaceuticals

A number of hedge funds and other institutional investors have recently modified their holdings of AVDL. Lord Abbett & CO. LLC boosted its position in Avadel Pharmaceuticals by 23.9% during the third quarter. Lord Abbett & CO. LLC now owns 489,073 shares of the company’s stock valued at $6,414,000 after purchasing an additional 94,239 shares during the last quarter. Barclays PLC raised its stake in shares of Avadel Pharmaceuticals by 45.8% during the 3rd quarter. Barclays PLC now owns 392,691 shares of the company’s stock worth $5,150,000 after purchasing an additional 123,430 shares in the last quarter. MML Investors Services LLC raised its stake in shares of Avadel Pharmaceuticals by 13.8% during the 3rd quarter. MML Investors Services LLC now owns 136,356 shares of the company’s stock worth $1,788,000 after purchasing an additional 16,500 shares in the last quarter. Dorsey Wright & Associates boosted its holdings in shares of Avadel Pharmaceuticals by 12.9% in the 3rd quarter. Dorsey Wright & Associates now owns 142,120 shares of the company’s stock valued at $1,864,000 after buying an additional 16,215 shares during the last quarter. Finally, XTX Topco Ltd bought a new position in shares of Avadel Pharmaceuticals in the third quarter valued at $642,000. Institutional investors and hedge funds 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.