Avadel Pharmaceuticals (NASDAQ:AVDL) Stock Price Down 3.9% After Analyst Downgrade

Avadel Pharmaceuticals plc (NASDAQ:AVDL - Get Free Report) fell 3.9% during mid-day trading on Wednesday after HC Wainwright lowered their price target on the stock from $27.00 to $25.00. HC Wainwright currently has a buy rating on the stock. Avadel Pharmaceuticals traded as low as $12.60 and last traded at $12.64. 140,610 shares were traded during trading, a decline of 88% from the average session volume of 1,162,083 shares. The stock had previously closed at $13.15.

A number of other brokerages have also issued reports on AVDL. Needham & Company LLC reiterated a "buy" rating and set a $22.00 price target on shares of Avadel Pharmaceuticals in a research report on Tuesday. Oppenheimer increased their target price on shares of Avadel Pharmaceuticals from $29.00 to $30.00 and gave the company an "outperform" rating in a research report on Thursday, October 31st. Seven analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company has a consensus rating of "Buy" and an average price target of $24.43.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the company. Lord Abbett & CO. LLC bought a new position in shares of Avadel Pharmaceuticals during the 1st quarter valued at about $3,264,000. Cetera Investment Advisers bought a new position in shares of Avadel Pharmaceuticals in the first quarter valued at $1,925,000. Bank of New York Mellon Corp bought a new position in shares of Avadel Pharmaceuticals in the second quarter valued at $4,575,000. Russell Investments Group Ltd. acquired a new stake in shares of Avadel Pharmaceuticals during the 1st quarter valued at $1,943,000. Finally, Troluce Capital Advisors LLC bought a new stake in shares of Avadel Pharmaceuticals during the 2nd quarter worth $2,109,000. 69.19% of the stock is owned by institutional investors and hedge funds.

Avadel Pharmaceuticals Stock Down 8.6 %

The stock has a fifty day moving average of $13.67 and a 200-day moving average of $15.12.

Avadel Pharmaceuticals (NASDAQ:AVDL - Get Free Report) last released its quarterly earnings results on Tuesday, November 12th. The company reported ($0.03) earnings per share for the quarter, beating analysts' consensus estimates of ($0.06) by $0.03. The business had revenue of $50.00 million during the quarter, compared to analyst estimates of $48.43 million. Avadel Pharmaceuticals had a negative return on equity of 92.12% and a negative net margin of 52.53%. Avadel Pharmaceuticals's revenue for the quarter was up 624.6% on a year-over-year basis. During the same quarter last year, the company posted ($0.41) EPS. Analysts anticipate that Avadel Pharmaceuticals plc will post -0.5 earnings per share for the current fiscal year.

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.