Avadel Pharmaceuticals (NASDAQ:AVDL) Hits New 52-Week Low - Here's Why

Avadel Pharmaceuticals plc (NASDAQ:AVDL - Get Free Report)'s share price reached a new 52-week low during trading on Tuesday . The company traded as low as $6.39 and last traded at $6.69, with a volume of 1169587 shares traded. The stock had previously closed at $6.80.

Analyst Upgrades and Downgrades

Several research firms have issued reports on AVDL. HC Wainwright reiterated a "buy" rating and set a $21.00 price objective on shares of Avadel Pharmaceuticals in a research note on Tuesday, March 4th. Needham & Company LLC restated a "buy" rating and set a $19.00 price objective on shares of Avadel Pharmaceuticals in a report on Wednesday. UBS Group reduced their target price on Avadel Pharmaceuticals from $22.00 to $14.00 and set a "buy" rating for the company in a research note on Monday, January 13th. Deutsche Bank Aktiengesellschaft initiated coverage on shares of Avadel Pharmaceuticals in a report on Tuesday, February 11th. They issued a "buy" rating and a $12.00 price target on the stock. Finally, Piper Sandler dropped their target price on shares of Avadel Pharmaceuticals from $24.00 to $13.00 and set an "overweight" rating for the company in a research report on Friday, January 10th. Eight analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock has a consensus rating of "Buy" and an average price target of $19.88.

Avadel Pharmaceuticals Stock Performance

The company's fifty day moving average price is $8.02 and its 200 day moving average price is $10.11. The firm has a market capitalization of $742.11 million, a price-to-earnings ratio of -9.72 and a beta of 1.52.

Insider Buying and Selling at Avadel Pharmaceuticals

In related news, Director Linda Palczuk purchased 5,000 shares of the business's stock in a transaction that occurred on Tuesday, January 21st. The shares were acquired at an average price of $7.93 per share, with a total value of $39,650.00. Following the acquisition, the director now owns 67,900 shares in the company, valued at approximately $538,447. This trade represents a 7.95 % increase in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Peter J. Thornton acquired 10,000 shares of Avadel Pharmaceuticals stock in a transaction that occurred on Monday, January 13th. The shares were bought at an average price of $8.04 per share, with a total value of $80,400.00. Following the transaction, the director now directly owns 104,055 shares in the company, valued at approximately $836,602.20. This trade represents a 10.63 % increase in their ownership of the stock. The disclosure for this purchase can be found here. 4.80% of the stock is currently owned by insiders.

Institutional Trading of Avadel Pharmaceuticals

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