Avadel Pharmaceuticals (NASDAQ:AVDL) Hits New 52-Week Low After Analyst Downgrade

Shares of Avadel Pharmaceuticals plc (NASDAQ:AVDL - Get Free Report) reached a new 52-week low during mid-day trading on Friday after Piper Sandler lowered their price target on the stock from $24.00 to $13.00. Piper Sandler currently has an overweight rating on the stock. Avadel Pharmaceuticals traded as low as $7.52 and last traded at $8.10, with a volume of 1707262 shares. The stock had previously closed at $10.69.

AVDL has been the subject of several other research reports. Needham & Company LLC decreased their price objective on Avadel Pharmaceuticals from $22.00 to $19.00 and set a "buy" rating for the company in a report on Thursday. 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 research note on Thursday, October 31st. Finally, HC Wainwright reiterated a "buy" rating and issued a $21.00 target price (down from $25.00) on shares of Avadel Pharmaceuticals in a research note on Friday. Seven equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Avadel Pharmaceuticals currently has an average rating of "Buy" and an average target price of $22.00.

Insiders Place Their Bets

In other Avadel Pharmaceuticals news, Director Linda Palczuk purchased 3,000 shares of the company's stock in a transaction dated Friday, December 6th. The stock was bought at an average cost of $10.19 per share, for a total transaction of $30,570.00. Following the completion of the transaction, the director now owns 66,400 shares in the company, valued at approximately $676,616. This represents a 4.73 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is available through this link. Also, CEO Gregory J. Divis purchased 9,598 shares of the company's stock in a transaction dated Friday, December 6th. The stock was acquired at an average price of $9.98 per share, with a total value of $95,788.04. Following the completion of the transaction, the chief executive officer now owns 9,598 shares of the company's stock, valued at $95,788.04. This represents a ∞ increase in their position. The disclosure for this purchase can be found here. Insiders purchased 40,579 shares of company stock worth $406,313 over the last three months. Insiders own 4.80% of the company's stock.

Institutional Investors Weigh In On Avadel Pharmaceuticals

A number of hedge funds and other institutional investors have recently made changes to their positions in AVDL. FMR LLC bought a new position in Avadel Pharmaceuticals in the third quarter valued at approximately $31,000. Amalgamated Bank acquired a new position in Avadel Pharmaceuticals in the second quarter valued at $45,000. Quarry LP acquired a new position in Avadel Pharmaceuticals in the second quarter valued at $63,000. Advisors Asset Management Inc. raised its holdings in shares of Avadel Pharmaceuticals by 56.1% during the third quarter. Advisors Asset Management Inc. now owns 7,921 shares of the company's stock valued at $104,000 after purchasing an additional 2,846 shares during the period. Finally, Beverly Hills Private Wealth LLC acquired a new position in shares of Avadel Pharmaceuticals during the second quarter valued at about $146,000. 69.19% of the stock is currently owned by institutional investors and hedge funds.

Avadel Pharmaceuticals Price Performance

The firm's fifty day moving average price is $11.41 and its two-hundred day moving average price is $13.54. The stock has a market cap of $761.26 million, a price-to-earnings ratio of -10.00 and a beta of 1.31.

Avadel Pharmaceuticals (NASDAQ:AVDL - Get Free Report) last announced its quarterly earnings data on Tuesday, November 12th. The company reported ($0.03) earnings per share for the quarter, beating the consensus estimate of ($0.06) by $0.03. The firm had revenue of $50.00 million for the quarter, compared to analyst estimates 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% compared to the same quarter last year. During the same quarter in the prior year, the business earned ($0.41) earnings per share. On average, equities research analysts anticipate that Avadel Pharmaceuticals plc will post -0.48 earnings per share for the current year.

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.