Avadel Pharmaceuticals plc (NASDAQ:AVDL) Given Average Rating of “Buy” by Analysts

Shares of Avadel Pharmaceuticals plc (NASDAQ:AVDL) have received an average rating of “Buy” from the seven analysts that are currently covering the firm, MarketBeat reports. Seven analysts have rated the stock with a buy recommendation. The average 12-month price target among brokerages that have issued a report on the stock in the last year is $21.00.

A number of analysts recently issued reports on the stock. Oppenheimer increased their target price 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. Needham & Company LLC reduced their target price on shares of Avadel Pharmaceuticals from $22.00 to $19.00 and set a “buy” rating on the stock in a report on Thursday, January 9th. Piper Sandler lowered their price target on Avadel Pharmaceuticals from $24.00 to $13.00 and set an “overweight” rating for the company in a report on Friday, January 10th. UBS Group cut their price objective on Avadel Pharmaceuticals from $22.00 to $14.00 and set a “buy” rating on the stock in a research report on Monday, January 13th. Finally, HC Wainwright reaffirmed 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, January 10th.

Insider Transactions at Avadel Pharmaceuticals

In related news, CFO Thomas S. Mchugh acquired 5,000 shares of the firm’s stock in a transaction on Wednesday, December 11th. The stock was bought at an average cost of $10.49 per share, with a total value of $52,450.00. Following the acquisition, the chief financial officer now directly owns 85,500 shares in the company, valued at approximately $896,895. The trade was a 6.21 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Geoffrey Michael Glass bought 20,279 shares of the business’s stock in a transaction dated Tuesday, December 10th. The stock was bought at an average price of $9.84 per share, for a total transaction of $199,545.36. Following the purchase, the director now owns 75,904 shares in the company, valued at approximately $746,895.36. This represents a 36.46 % increase in their position. The disclosure for this purchase can be found here. Over the last quarter, insiders purchased 50,579 shares of company stock valued at $486,713. 4.80% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Avadel Pharmaceuticals

Several large investors have recently added to or reduced their stakes in AVDL. XTX Topco Ltd bought a new stake in shares of Avadel Pharmaceuticals during the 3rd quarter valued at about $642,000. State Street Corp boosted its position in Avadel Pharmaceuticals by 42.5% during the 3rd quarter. State Street Corp now owns 1,623,302 shares of the company’s stock valued at $21,290,000 after purchasing an additional 483,787 shares during the period. Barclays PLC grew its stake in 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 buying an additional 123,430 shares during the last quarter. Lord Abbett & CO. LLC increased its position in Avadel Pharmaceuticals by 23.9% in the third quarter. Lord Abbett & CO. LLC now owns 489,073 shares of the company’s stock worth $6,414,000 after buying an additional 94,239 shares during the period. Finally, Troluce Capital Advisors LLC bought a new stake in Avadel Pharmaceuticals in the second quarter valued at $2,109,000. 69.19% of the stock is currently owned by institutional investors.

Avadel Pharmaceuticals Stock Performance

Avadel Pharmaceuticals stock opened at $7.75 on Tuesday. Avadel Pharmaceuticals has a 1 year low of $7.39 and a 1 year high of $19.09. The firm has a 50 day moving average price of $10.36 and a 200 day moving average price of $13.22. The company has a market cap of $746.79 million, a price-to-earnings ratio of -9.81 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 for the quarter, topping the consensus estimate of ($0.06) by $0.03. The business had revenue of $50.00 million for the quarter, compared to analyst estimates of $48.43 million. Avadel Pharmaceuticals had a negative return on equity of 93.34% and a negative net margin of 52.53%. The business’s quarterly revenue was up 624.6% on a year-over-year basis. During the same period last year, the company posted ($0.41) EPS. Sell-side analysts predict that Avadel Pharmaceuticals will post -0.49 EPS for the current 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.