Avadel Pharmaceuticals (NASDAQ:AVDL) Given “Buy” Rating at HC Wainwright

HC Wainwright reiterated their buy rating on shares of Avadel Pharmaceuticals (NASDAQ:AVDL) in a report published on Tuesday morning,Benzinga reports. They currently have a $21.00 target price on the stock.

Other equities analysts have also issued reports about the stock. UBS Group decreased their price objective on shares of Avadel Pharmaceuticals from $22.00 to $14.00 and set a “buy” rating for the company in a report on Monday, January 13th. Needham & Company LLC reiterated a “buy” rating and issued a $19.00 price target on shares of Avadel Pharmaceuticals in a research note on Monday. Deutsche Bank Aktiengesellschaft initiated coverage on Avadel Pharmaceuticals in a research note on Tuesday, February 11th. They issued a “buy” rating and a $12.00 price target for the company. Finally, Piper Sandler cut their price objective on Avadel Pharmaceuticals from $24.00 to $13.00 and set an “overweight” rating for the company in a research report on Friday, January 10th. Eight research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company currently has a consensus rating of “Buy” and an average target price of $19.88.

Avadel Pharmaceuticals Stock Performance

Shares of AVDL stock opened at $7.64 on Tuesday. Avadel Pharmaceuticals has a 52-week low of $7.39 and a 52-week high of $19.09. The company has a market capitalization of $736.21 million, a PE ratio of -9.67 and a beta of 1.28. The business’s fifty day moving average is $8.77 and its 200 day moving average is $11.54.

Insiders Place Their Bets

In other news, CEO Gregory J. Divis purchased 9,598 shares of the stock in a transaction dated Friday, December 6th. The stock was acquired at an average cost of $9.98 per share, for a total transaction of $95,788.04. Following the completion of the acquisition, the chief executive officer now directly owns 9,598 shares in the company, valued at $95,788.04. This represents a ∞ increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Linda Palczuk purchased 3,000 shares of the stock in a transaction dated Friday, December 6th. The shares were purchased at an average price of $10.19 per share, with a total value of $30,570.00. Following the completion of the acquisition, 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 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. Insiders own 4.80% of the company’s stock.

Institutional Trading of Avadel Pharmaceuticals

Several institutional investors have recently added to or reduced their stakes in the stock. FMR LLC acquired a new stake in Avadel Pharmaceuticals in the third quarter worth about $31,000. Advisors Asset Management Inc. lifted its holdings in Avadel Pharmaceuticals by 56.1% in the 3rd quarter. Advisors Asset Management Inc. now owns 7,921 shares of the company’s stock valued at $104,000 after acquiring an additional 2,846 shares during the last quarter. Hsbc Holdings PLC acquired a new stake in Avadel Pharmaceuticals in the 4th quarter valued at about $113,000. Kazazian Asset Management LLC acquired a new stake in Avadel Pharmaceuticals in the 4th quarter valued at about $126,000. Finally, Sanctuary Advisors LLC acquired a new position in shares of Avadel Pharmaceuticals in the fourth quarter worth about $140,000. 69.19% of the stock is owned by institutional investors and hedge funds.

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.