Avadel Pharmaceuticals (NASDAQ:AVDL) Receives Buy Rating from Needham & Company LLC

Needham & Company LLC restated their buy rating on shares of Avadel Pharmaceuticals (NASDAQ:AVDL) in a research report sent to investors on Monday morning,Benzinga reports. They currently have a $19.00 price target on the stock.

Several other research analysts have also issued reports on AVDL. HC Wainwright restated a “buy” rating and issued a $21.00 price target (down from $25.00) on shares of Avadel Pharmaceuticals in a research report on Friday, January 10th. UBS Group lowered their price objective on shares of Avadel Pharmaceuticals from $22.00 to $14.00 and set a “buy” rating for the company in a research report on Monday, January 13th. Piper Sandler dropped their target price on Avadel Pharmaceuticals from $24.00 to $13.00 and set an “overweight” rating on the stock in a research report on Friday, January 10th. Finally, Deutsche Bank Aktiengesellschaft assumed coverage on shares of Avadel Pharmaceuticals in a research report on Tuesday, February 11th. They set a “buy” rating and a $12.00 price target on the stock. Eight equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock has a consensus rating of “Buy” and an average target price of $19.88.

Avadel Pharmaceuticals Stock Down 4.6 %

Avadel Pharmaceuticals stock opened at $7.55 on Monday. The stock has a market cap of $727.53 million, a price-to-earnings ratio of -9.56 and a beta of 1.28. Avadel Pharmaceuticals has a 12-month low of $7.39 and a 12-month high of $19.09. The business’s 50-day simple moving average is $8.83 and its 200 day simple moving average is $11.59.

Insider Buying and Selling

In other Avadel Pharmaceuticals news, Director Geoffrey Michael Glass acquired 20,279 shares of the business’s stock in a transaction on Tuesday, December 10th. The stock was purchased at an average price of $9.84 per share, with a total value of $199,545.36. Following the acquisition, the director now directly 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Thomas S. Mchugh purchased 5,000 shares of Avadel Pharmaceuticals stock in a transaction that occurred on Wednesday, December 11th. The shares were bought 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 $896,895. This represents a 6.21 % increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last three months, insiders have acquired 55,579 shares of company stock valued at $526,363. 4.80% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Wealth Effects LLC boosted its position in shares of Avadel Pharmaceuticals by 4.9% during the 4th quarter. Wealth Effects LLC now owns 2,344,130 shares of the company’s stock worth $24,637,000 after acquiring an additional 110,359 shares in the last quarter. XTX Topco Ltd acquired a new stake in shares of Avadel Pharmaceuticals in the 3rd quarter valued at $642,000. State Street Corp increased its stake in shares of Avadel Pharmaceuticals by 42.5% in 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 last quarter. SG Americas Securities LLC raised its holdings in shares of Avadel Pharmaceuticals by 274.6% during the 4th quarter. SG Americas Securities LLC now owns 46,767 shares of the company’s stock worth $492,000 after buying an additional 34,281 shares in the last quarter. Finally, Barclays PLC lifted its position 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 buying an additional 123,430 shares during the last quarter. 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.