Avadel Pharmaceuticals (NASDAQ:AVDL) Price Target Lowered to $19.00 at Needham & Company LLC

Avadel Pharmaceuticals (NASDAQ:AVDL) had its price target lowered by Needham & Company LLC from $22.00 to $19.00 in a research note issued to investors on Thursday,Benzinga reports. The brokerage currently has a buy rating on the stock.

Other equities analysts have also issued research reports about the company. HC Wainwright decreased their price target on Avadel Pharmaceuticals from $27.00 to $25.00 and set a “buy” rating on the stock in a research note on Wednesday, November 13th. Oppenheimer lifted their target price on Avadel Pharmaceuticals from $29.00 to $30.00 and gave the company an “outperform” rating in a research report on Thursday, October 31st. Seven analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average price target of $24.00.

Avadel Pharmaceuticals Stock Down 1.6 %

AVDL opened at $10.69 on Thursday. The stock has a market capitalization of $1.03 billion, a price-to-earnings ratio of -13.53 and a beta of 1.31. Avadel Pharmaceuticals has a twelve month low of $9.41 and a twelve month high of $19.09. The company has a 50-day simple moving average of $11.51 and a 200 day simple moving average of $13.56.

Avadel Pharmaceuticals (NASDAQ:AVDL) last issued its quarterly earnings results on Tuesday, November 12th. The company reported ($0.03) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.06) by $0.03. The company had revenue of $50.00 million during the quarter, compared to the consensus estimate of $48.43 million. Avadel Pharmaceuticals had a negative net margin of 52.53% and a negative return on equity of 93.34%. The firm’s quarterly revenue was up 624.6% on a year-over-year basis. During the same quarter in the prior year, the firm posted ($0.41) EPS. Sell-side analysts anticipate that Avadel Pharmaceuticals will post -0.48 EPS for the current fiscal year.

Insider Buying and Selling at Avadel Pharmaceuticals

In other Avadel Pharmaceuticals news, CFO Thomas S. Mchugh purchased 5,000 shares of the business’s stock in a transaction dated Wednesday, December 11th. The shares were bought at an average price of $10.49 per share, for a total transaction of $52,450.00. Following the completion of the acquisition, the chief financial officer now owns 85,500 shares in the company, valued at approximately $896,895. This trade represents a 6.21 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Geoffrey Michael Glass acquired 20,279 shares of the firm’s stock in a transaction that occurred on Tuesday, December 10th. The stock was bought at an average price of $9.84 per share, with a total value of $199,545.36. Following the completion of the acquisition, 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. Over the last three months, insiders bought 40,579 shares of company stock worth $406,313. 4.80% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Avadel Pharmaceuticals

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Braidwell LP raised its holdings in Avadel Pharmaceuticals by 16.9% during the 3rd quarter. Braidwell LP now owns 3,388,939 shares of the company’s stock worth $44,446,000 after purchasing an additional 490,300 shares during the last quarter. State Street Corp raised its stake in Avadel Pharmaceuticals by 42.5% during the third quarter. State Street Corp now owns 1,623,302 shares of the company’s stock worth $21,290,000 after buying an additional 483,787 shares during the last quarter. Nantahala Capital Management LLC acquired a new position in Avadel Pharmaceuticals in the second quarter valued at $4,921,000. Bank of New York Mellon Corp bought a new stake in Avadel Pharmaceuticals during the second quarter valued at $4,575,000. Finally, Troluce Capital Advisors LLC acquired a new stake in Avadel Pharmaceuticals during the 2nd quarter worth about $2,109,000. 69.19% of the stock is 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.