Avadel Pharmaceuticals plc (NASDAQ:AVDL) Given Average Recommendation of “Buy” by Brokerages

Avadel Pharmaceuticals plc (NASDAQ:AVDLGet Free Report) has been assigned an average rating of “Buy” from the seven research firms that are currently covering the company, MarketBeat reports. Seven research analysts have rated the stock with a buy recommendation. The average 1 year price objective among analysts that have updated their coverage on the stock in the last year is $22.57.

Several brokerages have recently weighed in on AVDL. Needham & Company LLC raised their price objective on Avadel Pharmaceuticals from $20.00 to $22.00 and gave the company a “buy” rating in a report on Tuesday, March 5th. Craig Hallum lifted their price target on Avadel Pharmaceuticals from $20.00 to $22.00 and gave the stock a “buy” rating in a report on Tuesday, March 5th. Oppenheimer lifted their price target on Avadel Pharmaceuticals from $27.00 to $29.00 and gave the stock an “outperform” rating in a report on Tuesday, March 5th. HC Wainwright lifted their price target on Avadel Pharmaceuticals from $21.00 to $25.00 and gave the stock a “buy” rating in a report on Tuesday, March 5th. Finally, Piper Sandler lifted their price target on Avadel Pharmaceuticals from $18.00 to $23.00 and gave the stock an “overweight” rating in a report on Tuesday, March 5th.

View Our Latest Stock Analysis on Avadel Pharmaceuticals

Insiders Place Their Bets

In related news, CFO Thomas S. Mchugh acquired 2,000 shares of the business’s stock in a transaction on Tuesday, January 16th. The stock was purchased at an average cost of $14.50 per share, for a total transaction of $29,000.00. Following the completion of the transaction, the chief financial officer now directly owns 80,500 shares of the company’s stock, valued at approximately $1,167,250. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Company insiders own 4.00% of the company’s stock.

Institutional Investors Weigh In On Avadel Pharmaceuticals

A number of hedge funds and other institutional investors have recently made changes to their positions in AVDL. UniSuper Management Pty Ltd acquired a new stake in shares of Avadel Pharmaceuticals in the second quarter valued at approximately $13,524,000. Balyasny Asset Management L.P. acquired a new position in Avadel Pharmaceuticals during the fourth quarter valued at approximately $11,035,000. Samsara BioCapital LLC raised its position in Avadel Pharmaceuticals by 113.7% during the first quarter. Samsara BioCapital LLC now owns 1,409,409 shares of the company’s stock valued at $12,910,000 after purchasing an additional 750,000 shares in the last quarter. Perceptive Advisors LLC acquired a new position in Avadel Pharmaceuticals during the first quarter valued at approximately $5,404,000. Finally, Bank of America Corp DE raised its position in Avadel Pharmaceuticals by 553.2% during the first quarter. Bank of America Corp DE now owns 692,226 shares of the company’s stock valued at $6,341,000 after purchasing an additional 586,247 shares in the last quarter. 69.19% of the stock is currently owned by institutional investors and hedge funds.

Avadel Pharmaceuticals Trading Down 1.5 %

Shares of Avadel Pharmaceuticals stock opened at $16.41 on Wednesday. The company has a market capitalization of $1.49 billion, a PE ratio of -8.04 and a beta of 1.60. Avadel Pharmaceuticals has a 12 month low of $8.20 and a 12 month high of $17.47. The stock’s fifty day simple moving average is $14.96 and its 200 day simple moving average is $13.22.

Avadel Pharmaceuticals (NASDAQ:AVDLGet Free Report) last released its quarterly earnings results on Monday, March 4th. The company reported ($0.32) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.28) by ($0.04). The business had revenue of $19.45 million during the quarter, compared to analysts’ expectations of $17.41 million. During the same quarter last year, the company earned ($0.44) earnings per share. Analysts predict that Avadel Pharmaceuticals will post -0.46 EPS for the current fiscal year.

About Avadel Pharmaceuticals

(Get Free Report

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.

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