Avadel Pharmaceuticals (NASDAQ:AVDL) Shares Down 3.9% After Analyst Downgrade

Avadel Pharmaceuticals plc (NASDAQ:AVDL) dropped 3.9% on Wednesday after HC Wainwright lowered their price target on the stock from $27.00 to $25.00. HC Wainwright currently has a buy rating on the stock. Avadel Pharmaceuticals traded as low as $12.60 and last traded at $12.64. Approximately 140,610 shares traded hands during trading, a decline of 88% from the average daily volume of 1,162,083 shares. The stock had previously closed at $13.15.

Several other research analysts have also weighed in on AVDL. Needham & Company LLC reissued a “buy” rating and issued a $22.00 price objective on shares of Avadel Pharmaceuticals in a research report on Tuesday. Oppenheimer raised their target price on Avadel Pharmaceuticals from $29.00 to $30.00 and gave the company an “outperform” rating in a research note on Thursday, October 31st. Seven investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock has a consensus rating of “Buy” and a consensus target price of $24.43.

Institutional Investors Weigh In On Avadel Pharmaceuticals

Hedge funds and other institutional investors have recently bought and sold shares of the business. FMR LLC bought a new stake in Avadel Pharmaceuticals during the 3rd quarter valued at $31,000. Amalgamated Bank purchased a new position in Avadel Pharmaceuticals in the second quarter worth $45,000. Quarry LP purchased a new position in Avadel Pharmaceuticals in the second quarter worth $63,000. BNP Paribas Financial Markets grew its position in Avadel Pharmaceuticals by 60.5% in the first quarter. BNP Paribas Financial Markets now owns 4,469 shares of the company’s stock worth $75,000 after acquiring an additional 1,685 shares in the last quarter. Finally, Advisors Asset Management Inc. grew its position in Avadel Pharmaceuticals by 56.1% in the third quarter. Advisors Asset Management Inc. now owns 7,921 shares of the company’s stock worth $104,000 after acquiring an additional 2,846 shares in the last quarter. Institutional investors own 69.19% of the company’s stock.

Avadel Pharmaceuticals Stock Down 8.6 %

The firm’s 50-day moving average is $13.62 and its 200-day moving average is $15.09. The company has a market capitalization of $1.16 billion, a PE ratio of -15.21 and a beta of 1.47.

Avadel Pharmaceuticals (NASDAQ:AVDL) last posted its quarterly earnings results 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 92.12%. The business had revenue of $50.00 million during the quarter, compared to analyst estimates of $48.43 million. During the same period in the prior year, the business posted ($0.41) earnings per share. The company’s revenue was up 624.6% on a year-over-year basis. As a group, equities research analysts predict that Avadel Pharmaceuticals plc will post -0.5 EPS for the current year.

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.