Avadel Pharmaceuticals (NASDAQ:AVDL) Shares Down 3.8%

Avadel Pharmaceuticals plc (NASDAQ:AVDL)’s share price was down 3.8% during trading on Friday . The stock traded as low as $13.69 and last traded at $13.76. Approximately 1,074,811 shares were traded during mid-day trading, a decline of 8% from the average daily volume of 1,173,370 shares. The stock had previously closed at $14.31.

Analysts Set New Price Targets

Several equities analysts have recently commented on AVDL shares. Craig Hallum upped their price target on Avadel Pharmaceuticals from $22.00 to $23.00 and gave the company a “buy” rating in a research note on Thursday, May 9th. Oppenheimer boosted their price objective on Avadel Pharmaceuticals from $27.00 to $29.00 and gave the company an “outperform” rating in a report on Tuesday, March 5th. Piper Sandler boosted their price objective on Avadel Pharmaceuticals from $18.00 to $23.00 and gave the company an “overweight” rating in a report on Tuesday, March 5th. HC Wainwright boosted their price objective on Avadel Pharmaceuticals from $25.00 to $27.00 and gave the company a “buy” rating in a report on Thursday, May 9th. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $22.00 price objective on shares of Avadel Pharmaceuticals in a report on Wednesday, May 8th. Seven research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company has a consensus rating of “Buy” and a consensus target price of $24.57.

Avadel Pharmaceuticals Trading Down 1.7 %

The company has a fifty day simple moving average of $16.12 and a two-hundred day simple moving average of $15.42.

Avadel Pharmaceuticals (NASDAQ:AVDL) last issued its quarterly earnings results on Wednesday, May 8th. The company reported ($0.30) earnings per share for the quarter, missing the consensus estimate of ($0.25) by ($0.05). Avadel Pharmaceuticals had a negative return on equity of 139.72% and a negative net margin of 284.42%. The company had revenue of $27.18 million for the quarter, compared to analysts’ expectations of $25.89 million. During the same quarter last year, the company earned ($0.48) EPS. Avadel Pharmaceuticals’s revenue for the quarter was up 2617.8% compared to the same quarter last year. As a group, equities analysts expect that Avadel Pharmaceuticals plc will post -0.58 earnings per share for the current year.

Institutional Investors Weigh In On Avadel Pharmaceuticals

Large investors have recently bought and sold shares of the stock. Brandes Investment Partners LP increased its holdings in Avadel Pharmaceuticals by 5.9% during the 4th quarter. Brandes Investment Partners LP now owns 1,533,614 shares of the company’s stock worth $21,655,000 after purchasing an additional 84,842 shares during the period. RTW Investments LP increased its holdings in shares of Avadel Pharmaceuticals by 4.8% in the 3rd quarter. RTW Investments LP now owns 7,136,415 shares of the company’s stock valued at $73,505,000 after acquiring an additional 325,774 shares during the last quarter. Investors Asset Management of Georgia Inc. GA ADV purchased a new position in shares of Avadel Pharmaceuticals in the 4th quarter valued at about $1,503,000. China Universal Asset Management Co. Ltd. increased its holdings in shares of Avadel Pharmaceuticals by 349.4% in the 4th quarter. China Universal Asset Management Co. Ltd. now owns 10,327 shares of the company’s stock valued at $146,000 after acquiring an additional 8,029 shares during the last quarter. Finally, Quarry LP purchased a new position in shares of Avadel Pharmaceuticals in the 4th quarter valued at about $120,000. Hedge funds and other institutional investors own 69.19% of the company’s stock.

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.