Needham & Company LLC Reaffirms 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 report published on Monday,Benzinga reports. They currently have a $19.00 price target on the stock.

A number of other equities analysts also recently weighed in on AVDL. UBS Group decreased their target price on shares of Avadel Pharmaceuticals from $22.00 to $14.00 and set a "buy" rating for the company in a research note on Monday, January 13th. Piper Sandler reduced their price target on Avadel Pharmaceuticals from $24.00 to $13.00 and set an "overweight" rating for the company in a report on Friday, January 10th. Deutsche Bank Aktiengesellschaft assumed coverage on shares of Avadel Pharmaceuticals in a research report on Tuesday, February 11th. They set a "buy" rating and a $12.00 price objective on the stock. Finally, HC Wainwright restated a "buy" rating and set a $21.00 price objective (down from $25.00) on shares of Avadel Pharmaceuticals in a research note on Friday, January 10th. Eight research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Avadel Pharmaceuticals presently has a consensus rating of "Buy" and an average price target of $19.88.

Avadel Pharmaceuticals Stock Up 0.1 %

Shares of AVDL stock traded up $0.01 during mid-day trading on Monday, reaching $7.88. 791,935 shares of the company's stock traded hands, compared to its average volume of 1,191,322. The company's 50-day moving average price is $8.67 and its 200-day moving average price is $11.45. The company has a market cap of $759.33 million, a P/E ratio of -9.97 and a beta of 1.28. Avadel Pharmaceuticals has a 12 month low of $7.39 and a 12 month high of $19.09.

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Insider Transactions at Avadel Pharmaceuticals

In other Avadel Pharmaceuticals news, Director Linda Palczuk purchased 5,000 shares of the stock in a transaction dated Tuesday, January 21st. The stock was purchased at an average price of $7.93 per share, with a total value of $39,650.00. Following the transaction, the director now owns 67,900 shares of the company's stock, valued at approximately $538,447. This trade represents a 7.95 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Geoffrey Michael Glass purchased 20,279 shares of Avadel Pharmaceuticals stock in a transaction dated Tuesday, December 10th. The stock was bought at an average cost of $9.84 per share, with a total value of $199,545.36. Following the completion of the transaction, the director now owns 75,904 shares in the company, valued at approximately $746,895.36. This represents a 36.46 % increase in their position. The disclosure for this purchase can be found here. In the last quarter, insiders bought 55,579 shares of company stock worth $526,363. 4.80% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of AVDL. Creative Planning increased its position in shares of Avadel Pharmaceuticals by 8.2% during the third quarter. Creative Planning now owns 12,381 shares of the company's stock worth $162,000 after purchasing an additional 938 shares in the last quarter. MAI Capital Management increased its position in Avadel Pharmaceuticals by 1.0% during the 3rd quarter. MAI Capital Management now owns 107,533 shares of the company's stock valued at $1,410,000 after buying an additional 1,031 shares in the last quarter. Invesco Ltd. raised its stake in Avadel Pharmaceuticals by 2.3% in the fourth quarter. Invesco Ltd. now owns 52,142 shares of the company's stock valued at $548,000 after buying an additional 1,177 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in Avadel Pharmaceuticals by 3.7% in the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 52,594 shares of the company's stock valued at $553,000 after buying an additional 1,882 shares during the last quarter. Finally, Iridian Asset Management LLC CT boosted its holdings in Avadel Pharmaceuticals by 1.1% in the fourth quarter. Iridian Asset Management LLC CT now owns 169,586 shares of the company's stock worth $1,782,000 after acquiring an additional 1,886 shares in the last quarter. Hedge funds and other institutional investors own 69.19% of the company's stock.

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.