Avadel Pharmaceuticals (NASDAQ:AVDL) Shares Up 7.2% – Still a Buy?

Avadel Pharmaceuticals plc (NASDAQ:AVDLGet Free Report) shares shot up 7.2% during trading on Monday . The company traded as high as $8.62 and last traded at $8.70. 411,037 shares were traded during trading, a decline of 75% from the average session volume of 1,638,962 shares. The stock had previously closed at $8.11.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on AVDL shares. Needham & Company LLC cut their target price on Avadel Pharmaceuticals from $22.00 to $19.00 and set a “buy” rating on the stock in a research note on Thursday, January 9th. Deutsche Bank Aktiengesellschaft initiated coverage on shares of Avadel Pharmaceuticals in a research report on Tuesday. They issued a “buy” rating and a $12.00 price objective on the stock. Oppenheimer upped their target price on shares of Avadel Pharmaceuticals from $29.00 to $30.00 and gave the stock an “outperform” rating in a research report on Thursday, October 31st. HC Wainwright reaffirmed a “buy” rating and set a $21.00 price target (down previously from $25.00) on shares of Avadel Pharmaceuticals in a report on Friday, January 10th. Finally, UBS Group reduced their price objective on Avadel Pharmaceuticals from $22.00 to $14.00 and set a “buy” rating for the company in a research report on Monday, January 13th. Eight investment analysts have rated the stock with a buy rating, According to MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus price target of $19.88.

Read Our Latest Research Report on AVDL

Avadel Pharmaceuticals Trading Down 1.0 %

The business’s 50-day simple moving average is $9.32 and its 200 day simple moving average is $12.30. The company has a market capitalization of $858.57 million, a P/E ratio of -11.28 and a beta of 1.28.

Avadel Pharmaceuticals (NASDAQ:AVDLGet Free Report) 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. The firm had revenue of $50.00 million for the quarter, compared to analysts’ expectations of $48.43 million. Avadel Pharmaceuticals had a negative return on equity of 93.34% and a negative net margin of 52.53%. The firm’s quarterly revenue was up 624.6% compared to the same quarter last year. During the same quarter in the previous year, the company earned ($0.41) earnings per share. As a group, sell-side analysts predict that Avadel Pharmaceuticals plc will post -0.51 EPS for the current fiscal year.

Insider Activity

In other Avadel Pharmaceuticals news, CEO Gregory J. Divis acquired 9,598 shares of the stock in a transaction dated Friday, December 6th. The shares were bought at an average price of $9.98 per share, with a total value of $95,788.04. Following the purchase, the chief executive officer now directly owns 9,598 shares of the company’s stock, valued at approximately $95,788.04. This trade represents a ∞ increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Geoffrey Michael Glass bought 20,279 shares of the company’s stock in a transaction that occurred on Tuesday, December 10th. The stock was acquired at an average price of $9.84 per share, for a total transaction of $199,545.36. Following the completion of the acquisition, the director now directly owns 75,904 shares in the company, valued at approximately $746,895.36. This represents a 36.46 % increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last ninety days, insiders have bought 55,579 shares of company stock worth $526,363. 4.80% of the stock is owned by company insiders.

Institutional Investors Weigh In On Avadel Pharmaceuticals

Large investors have recently modified their holdings of the stock. The Manufacturers Life Insurance Company purchased a new stake in shares of Avadel Pharmaceuticals during the second quarter valued at $590,000. SG Americas Securities LLC acquired a new stake in Avadel Pharmaceuticals during the 3rd quarter worth about $164,000. Creative Planning lifted its stake in Avadel Pharmaceuticals by 8.2% during the third quarter. Creative Planning now owns 12,381 shares of the company’s stock valued at $162,000 after buying an additional 938 shares in the last quarter. Edge Wealth Management LLC acquired a new position in shares of Avadel Pharmaceuticals in the third quarter worth about $262,000. Finally, Claro Advisors LLC increased its position in shares of Avadel Pharmaceuticals by 379.2% in the third quarter. Claro Advisors LLC now owns 49,080 shares of the company’s stock worth $644,000 after acquiring an additional 38,837 shares in the last quarter. 69.19% of the stock is owned by institutional investors.

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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