Avadel Pharmaceuticals (NASDAQ:AVDL) Hits New 52-Week Low on Analyst Downgrade

Avadel Pharmaceuticals plc (NASDAQ:AVDL) reached a new 52-week low during trading on Friday after Needham & Company LLC lowered their price target on the stock from $22.00 to $19.00. Needham & Company LLC currently has a buy rating on the stock. Avadel Pharmaceuticals traded as low as $7.52 and last traded at $8.10, with a volume of 1707262 shares. The stock had previously closed at $10.69.

AVDL has been the subject of several other reports. Oppenheimer raised their target price on shares of Avadel Pharmaceuticals from $29.00 to $30.00 and gave the company an “outperform” rating in a research note on Thursday, October 31st. HC Wainwright reduced their target price on shares of Avadel Pharmaceuticals from $27.00 to $25.00 and set a “buy” rating on the stock in a research report on Wednesday, November 13th. Seven equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company has an average rating of “Buy” and an average target price of $23.43.

Insider Activity at Avadel Pharmaceuticals

In other Avadel Pharmaceuticals news, CFO Thomas S. Mchugh bought 5,000 shares of Avadel Pharmaceuticals stock in a transaction that occurred on Wednesday, December 11th. The stock was purchased at an average price of $10.49 per share, with a total value of $52,450.00. Following the completion of the acquisition, the chief financial officer now directly owns 85,500 shares in the company, valued at approximately $896,895. This trade represents a 6.21 % increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Geoffrey Michael Glass bought 20,279 shares of the firm’s stock in a transaction that occurred on Tuesday, December 10th. The shares were acquired at an average price of $9.84 per share, with a total value of $199,545.36. Following the completion of the transaction, the director now directly owns 75,904 shares of the company’s stock, valued at $746,895.36. This trade represents a 36.46 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have bought a total of 40,579 shares of company stock valued at $406,313 in the last ninety days. Company insiders own 4.80% of the company’s stock.

Institutional Trading of Avadel Pharmaceuticals

Hedge funds have recently modified their holdings of the stock. Lord Abbett & CO. LLC raised its position in shares of 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 acquiring an additional 94,239 shares during the period. Barclays PLC lifted its holdings in Avadel Pharmaceuticals by 45.8% in the third quarter. Barclays PLC now owns 392,691 shares of the company’s stock valued at $5,150,000 after acquiring an additional 123,430 shares during the last quarter. MML Investors Services LLC grew its position in Avadel Pharmaceuticals by 13.8% in the third quarter. MML Investors Services LLC now owns 136,356 shares of the company’s stock worth $1,788,000 after acquiring an additional 16,500 shares during the period. Dorsey Wright & Associates increased its stake in Avadel Pharmaceuticals by 12.9% during the third quarter. Dorsey Wright & Associates now owns 142,120 shares of the company’s stock worth $1,864,000 after acquiring an additional 16,215 shares during the last quarter. Finally, XTX Topco Ltd purchased a new stake in Avadel Pharmaceuticals in the third quarter valued at $642,000. Hedge funds and other institutional investors own 69.19% of the company’s stock.

Avadel Pharmaceuticals Stock Performance

The firm has a market cap of $768.97 million, a price-to-earnings ratio of -10.10 and a beta of 1.31. The company has a 50 day moving average price of $11.41 and a 200 day moving average price of $13.54.

Avadel Pharmaceuticals (NASDAQ:AVDL) last announced its quarterly earnings results on Tuesday, November 12th. The company reported ($0.03) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.06) by $0.03. Avadel Pharmaceuticals had a negative net margin of 52.53% and a negative return on equity of 93.34%. The business had revenue of $50.00 million during the quarter, compared to analysts’ expectations of $48.43 million. During the same period last year, the business earned ($0.41) earnings per share. The business’s revenue for the quarter was up 624.6% on a year-over-year basis. On average, research analysts forecast that Avadel Pharmaceuticals plc will post -0.48 earnings per share for the current year.

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.