Avadel Pharmaceuticals’ (AVDL) Buy Rating Reiterated at HC Wainwright

HC Wainwright reissued their buy rating on shares of Avadel Pharmaceuticals (NASDAQ:AVDL) in a research note published on Friday,Benzinga reports. They currently have a $21.00 price target on the stock, down from their previous price target of $25.00.

A number of other equities research analysts have also weighed in on the company. 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. Needham & Company LLC decreased their price objective on Avadel Pharmaceuticals from $22.00 to $19.00 and set a “buy” rating for the company in a report on Thursday. Seven equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company currently has an average rating of “Buy” and an average price target of $22.00.

Avadel Pharmaceuticals Trading Down 26.1 %

NASDAQ:AVDL opened at $7.90 on Friday. The stock has a fifty day simple moving average of $11.27 and a 200-day simple moving average of $13.49. The company has a market cap of $761.26 million, a price-to-earnings ratio of -10.00 and a beta of 1.31. Avadel Pharmaceuticals has a twelve month low of $7.39 and a twelve month high of $19.09.

Avadel Pharmaceuticals (NASDAQ:AVDL) last released its quarterly earnings data on Tuesday, November 12th. The company reported ($0.03) earnings per share (EPS) for the quarter, beating 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 93.34%. The company had revenue of $50.00 million during the quarter, compared to analysts’ expectations of $48.43 million. During the same period in the previous year, the company earned ($0.41) EPS. The firm’s quarterly revenue was up 624.6% on a year-over-year basis. As a group, equities research analysts predict that Avadel Pharmaceuticals will post -0.48 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, CFO Thomas S. Mchugh bought 5,000 shares of the stock in a transaction that occurred on Wednesday, December 11th. The stock was bought at an average cost of $10.49 per share, for a total transaction of $52,450.00. Following the purchase, the chief financial officer now directly owns 85,500 shares of the company’s stock, valued at approximately $896,895. This trade represents a 6.21 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Geoffrey Michael Glass bought 20,279 shares of the company’s stock in a transaction on Tuesday, December 10th. The shares were bought at an average cost of $9.84 per share, for a total transaction of $199,545.36. Following the transaction, the director now owns 75,904 shares in the company, valued at $746,895.36. The trade was a 36.46 % increase in their position. The disclosure for this purchase can be found here. Over the last ninety days, insiders bought 40,579 shares of company stock worth $406,313. 4.80% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Avadel Pharmaceuticals

A number of large investors have recently made changes to their positions in AVDL. Lord Abbett & CO. LLC raised its stake in Avadel Pharmaceuticals by 23.9% in the 3rd 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 last quarter. Barclays PLC increased its holdings in shares of 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 purchasing an additional 123,430 shares during the period. MML Investors Services LLC raised its stake in shares of 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 purchasing an additional 16,500 shares during the last quarter. Dorsey Wright & Associates lifted its holdings in shares of 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 purchasing an additional 16,215 shares during the period. Finally, XTX Topco Ltd purchased a new stake in Avadel Pharmaceuticals in the third quarter valued at approximately $642,000. 69.19% of the stock is owned by hedge funds and other institutional investors.

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.