Avadel Pharmaceuticals (NASDAQ:AVDL) Given "Buy" Rating at Needham & Company LLC

Avadel Pharmaceuticals (NASDAQ:AVDL - Get Free Report)'s stock had its "buy" rating reiterated by equities researchers at Needham & Company LLC in a note issued to investors on Wednesday,Benzinga reports. They presently have a $19.00 price target on the stock. Needham & Company LLC's target price points to a potential upside of 149.34% from the stock's previous close.

Several other brokerages have also commented on AVDL. UBS Group decreased their price objective on shares of Avadel Pharmaceuticals from $22.00 to $14.00 and set a "buy" rating on the stock in a report on Monday, January 13th. Deutsche Bank Aktiengesellschaft initiated coverage on Avadel Pharmaceuticals in a research note on Tuesday, February 11th. They set a "buy" rating and a $12.00 price target on the stock. HC Wainwright restated a "buy" rating and set a $21.00 target price on shares of Avadel Pharmaceuticals in a report on Tuesday, March 4th. Finally, Piper Sandler cut their price target on shares of Avadel Pharmaceuticals from $24.00 to $13.00 and set an "overweight" rating on the stock in a research note on Friday, January 10th. Eight equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Avadel Pharmaceuticals has an average rating of "Buy" and an average price target of $19.88.

Avadel Pharmaceuticals Price Performance

Shares of NASDAQ:AVDL traded down $0.06 during midday trading on Wednesday, reaching $7.62. 339,484 shares of the company's stock were exchanged, compared to its average volume of 1,231,163. The stock has a market cap of $736.31 million, a price-to-earnings ratio of -9.65 and a beta of 1.52. Avadel Pharmaceuticals has a fifty-two week low of $6.38 and a fifty-two week high of $19.09. The firm's 50 day simple moving average is $8.02 and its two-hundred day simple moving average is $10.09.

Insider Buying and Selling

In other news, Director Linda Palczuk acquired 5,000 shares of Avadel Pharmaceuticals stock in a transaction dated Tuesday, January 21st. The shares were acquired at an average cost of $7.93 per share, for a total transaction of $39,650.00. Following the acquisition, the director now owns 67,900 shares of the company's stock, valued at $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 SEC, which can be accessed through the SEC website. 4.80% of the stock is owned by insiders.

Hedge Funds Weigh In On Avadel Pharmaceuticals

Several large investors have recently bought and sold shares of AVDL. Two Seas Capital LP raised its position in shares of Avadel Pharmaceuticals by 90.6% during the 4th quarter. Two Seas Capital LP now owns 4,296,449 shares of the company's stock worth $45,156,000 after acquiring an additional 2,042,669 shares in the last quarter. Brandes Investment Partners LP raised its holdings in Avadel Pharmaceuticals by 58.1% during the fourth quarter. Brandes Investment Partners LP now owns 2,173,139 shares of the company's stock worth $22,840,000 after purchasing an additional 798,415 shares in the last quarter. Janus Henderson Group PLC raised its holdings in Avadel Pharmaceuticals by 5.7% during the fourth quarter. Janus Henderson Group PLC now owns 14,080,219 shares of the company's stock worth $148,117,000 after purchasing an additional 753,332 shares in the last quarter. Braidwell LP lifted its position in shares of Avadel Pharmaceuticals by 21.2% during the 4th quarter. Braidwell LP now owns 4,105,726 shares of the company's stock worth $43,151,000 after buying an additional 716,787 shares during the last quarter. Finally, State Street Corp boosted its holdings in shares of Avadel Pharmaceuticals by 42.5% in the 3rd quarter. State Street Corp now owns 1,623,302 shares of the company's stock valued at $21,290,000 after buying an additional 483,787 shares in the last quarter. 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.