Needham & Company LLC Reiterates Buy Rating for Avadel Pharmaceuticals (NASDAQ:AVDL)

Needham & Company LLC reiterated their buy rating on shares of Avadel Pharmaceuticals (NASDAQ:AVDL - Free Report) in a research note published on Tuesday,Benzinga reports. The brokerage currently has a $22.00 price target on the stock.

A number of other research firms have also weighed in on AVDL. Oppenheimer raised their target price on shares of Avadel Pharmaceuticals from $29.00 to $30.00 and gave the company an "outperform" rating in a report on Thursday, October 31st. HC Wainwright reiterated a "buy" rating and set a $27.00 target price on shares of Avadel Pharmaceuticals in a research report on Thursday, October 31st. Seven research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock has an average rating of "Buy" and an average price target of $24.71.

Avadel Pharmaceuticals Price Performance

Shares of NASDAQ:AVDL traded down $3.00 during trading on Tuesday, hitting $13.30. The company's stock had a trading volume of 3,837,949 shares, compared to its average volume of 1,161,370. Avadel Pharmaceuticals has a 12 month low of $10.25 and a 12 month high of $19.09. The firm has a market cap of $1.28 billion, a price-to-earnings ratio of -12.56 and a beta of 1.47. The company has a 50-day moving average of $13.71 and a 200-day moving average of $15.15.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in AVDL. BNP Paribas Financial Markets increased its stake in shares of Avadel Pharmaceuticals by 60.5% in the 1st 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 during the last quarter. Quantbot Technologies LP acquired a new stake in shares of Avadel Pharmaceuticals in the 1st quarter worth $353,000. Russell Investments Group Ltd. acquired a new stake in shares of Avadel Pharmaceuticals in the 1st quarter worth $1,943,000. Avantax Advisory Services Inc. increased its stake in shares of Avadel Pharmaceuticals by 123.9% in the 1st quarter. Avantax Advisory Services Inc. now owns 55,756 shares of the company's stock worth $942,000 after acquiring an additional 30,856 shares during the last quarter. Finally, Lord Abbett & CO. LLC acquired a new stake in shares of Avadel Pharmaceuticals in the 1st quarter worth $3,264,000. 69.19% of the stock is owned by institutional investors and hedge funds.

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.