Avadel Pharmaceuticals (NASDAQ:AVDL) Shares Gap Down – Here’s Why

Avadel Pharmaceuticals plc (NASDAQ:AVDL) shares gapped down prior to trading on Tuesday . The stock had previously closed at $16.30, but opened at $15.11. Avadel Pharmaceuticals shares last traded at $14.59, with a volume of 329,883 shares.

Analyst Ratings Changes

Several equities analysts have recently issued reports on the company. HC Wainwright lowered their price target on Avadel Pharmaceuticals from $27.00 to $25.00 and set a “buy” rating on the stock in a research report on Wednesday. Oppenheimer lifted their target price on Avadel Pharmaceuticals from $29.00 to $30.00 and gave the stock an “outperform” rating in a report on Thursday, October 31st. Finally, Needham & Company LLC reissued a “buy” rating and issued a $22.00 price target on shares of Avadel Pharmaceuticals in a report on Tuesday. Seven equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock currently has a consensus rating of “Buy” and a consensus price target of $24.43.

Avadel Pharmaceuticals Trading Down 8.6 %

The stock has a 50-day moving average of $13.62 and a two-hundred day moving average of $15.09. The firm has a market cap of $1.16 billion, a price-to-earnings ratio of -15.21 and a beta of 1.47.

Avadel Pharmaceuticals (NASDAQ:AVDL) last announced its earnings results on Tuesday, November 12th. The company reported ($0.03) EPS for the quarter, topping the consensus estimate of ($0.06) by $0.03. Avadel Pharmaceuticals had a negative net margin of 52.53% and a negative return on equity of 92.12%. The company had revenue of $50.00 million during the quarter, compared to analysts’ expectations of $48.43 million. During the same period last year, the company posted ($0.41) earnings per share. The business’s revenue for the quarter was up 624.6% on a year-over-year basis. Sell-side analysts expect that Avadel Pharmaceuticals plc will post -0.5 EPS for the current fiscal year.

Institutional Trading of Avadel Pharmaceuticals

Several institutional investors have recently made changes to their positions in the stock. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC purchased a new position in Avadel Pharmaceuticals in the third quarter valued at about $484,000. Zurcher Kantonalbank Zurich Cantonalbank bought a new stake in shares of Avadel Pharmaceuticals in the 3rd quarter valued at approximately $262,000. MetLife Investment Management LLC increased its holdings in Avadel Pharmaceuticals by 129.1% in the third quarter. MetLife Investment Management LLC now owns 53,797 shares of the company’s stock worth $706,000 after buying an additional 30,313 shares during the last quarter. Townsquare Capital LLC raised its position in Avadel Pharmaceuticals by 18.0% during the third quarter. Townsquare Capital LLC now owns 30,388 shares of the company’s stock valued at $399,000 after acquiring an additional 4,629 shares in the last quarter. Finally, FMR LLC acquired a new stake in Avadel Pharmaceuticals in the third quarter valued at approximately $31,000. 69.19% of the stock is currently owned by institutional investors and hedge funds.

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.