Piper Sandler Cuts Avadel Pharmaceuticals (NASDAQ:AVDL) Price Target to $13.00

Avadel Pharmaceuticals (NASDAQ:AVDL) had its target price lowered by Piper Sandler from $24.00 to $13.00 in a note issued to investors on Friday,Benzinga reports. The firm currently has an “overweight” rating on the stock. Piper Sandler’s target price points to a potential upside of 64.56% from the company’s current price.

Other equities analysts have also recently issued research reports about the stock. Oppenheimer lifted 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. Needham & Company LLC decreased their price objective on Avadel Pharmaceuticals from $22.00 to $19.00 and set a “buy” rating on the stock in a report on Thursday. Finally, HC Wainwright restated a “buy” rating and set a $21.00 target price (down from $25.00) on shares of Avadel Pharmaceuticals in a report on Friday. Seven investment analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock has an average rating of “Buy” and an average price target of $22.00.

Avadel Pharmaceuticals Trading Down 26.1 %

Shares of Avadel Pharmaceuticals stock opened at $7.90 on Friday. The firm has a market capitalization of $761.26 million, a PE ratio of -10.00 and a beta of 1.31. Avadel Pharmaceuticals has a 12 month low of $7.39 and a 12 month high of $19.09. The business’s 50-day moving average price is $11.27 and its 200-day moving average price is $13.49.

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

Insiders Place Their Bets

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

Institutional Trading of Avadel Pharmaceuticals

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in AVDL. Braidwell LP grew its position in shares of Avadel Pharmaceuticals by 16.9% during the 3rd quarter. Braidwell LP now owns 3,388,939 shares of the company’s stock valued at $44,446,000 after acquiring an additional 490,300 shares during the period. State Street Corp lifted its position in Avadel Pharmaceuticals by 42.5% during the third quarter. State Street Corp now owns 1,623,302 shares of the company’s stock valued at $21,290,000 after purchasing an additional 483,787 shares in the last quarter. Nantahala Capital Management LLC purchased a new position in Avadel Pharmaceuticals during 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 about $4,575,000. Finally, Troluce Capital Advisors LLC purchased a new stake in Avadel Pharmaceuticals in the second quarter worth about $2,109,000. 69.19% of the stock is owned by hedge funds and other institutional investors.

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.