Avadel Pharmaceuticals (NASDAQ:AVDL) Shares Gap Up - Time to Buy?

Avadel Pharmaceuticals plc (NASDAQ:AVDL - Get Free Report) shares gapped up prior to trading on Tuesday . The stock had previously closed at $7.55, but opened at $7.71. Avadel Pharmaceuticals shares last traded at $7.75, with a volume of 142,238 shares trading hands.

Wall Street Analyst Weigh In

AVDL has been the subject of a number of research reports. Needham & Company LLC reissued a "buy" rating and issued a $19.00 price target on shares of Avadel Pharmaceuticals in a research report on Monday, March 3rd. UBS Group reduced their price target on shares of Avadel Pharmaceuticals from $22.00 to $14.00 and set a "buy" rating for the company in a research report on Monday, January 13th. HC Wainwright restated a "buy" rating and issued a $21.00 price objective on shares of Avadel Pharmaceuticals in a research note on Tuesday. Piper Sandler dropped their price objective 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. Finally, Deutsche Bank Aktiengesellschaft assumed coverage on shares of Avadel Pharmaceuticals in a research note on Tuesday, February 11th. They issued a "buy" rating and a $12.00 price objective on the stock. Eight investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, Avadel Pharmaceuticals presently has an average rating of "Buy" and an average target price of $19.88.

Avadel Pharmaceuticals Price Performance

The business's 50 day moving average price is $8.57 and its 200-day moving average price is $11.37. The firm has a market capitalization of $762.22 million, a price-to-earnings ratio of -10.01 and a beta of 1.57.

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Insider Transactions at Avadel Pharmaceuticals

In other news, Director Geoffrey Michael Glass purchased 20,279 shares of the company's stock in a transaction dated Tuesday, December 10th. The shares were acquired at an average cost of $9.84 per share, for a total transaction of $199,545.36. Following the completion of the purchase, the director now directly owns 75,904 shares in the company, valued at $746,895.36. The trade was a 36.46 % increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Thomas S. Mchugh purchased 5,000 shares of the company's stock in a transaction dated Wednesday, December 11th. The shares were purchased at an average price of $10.49 per share, for a total transaction of $52,450.00. Following the completion of the purchase, the chief financial officer now owns 85,500 shares of the company's stock, valued at approximately $896,895. This trade represents a 6.21 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have bought a total of 42,981 shares of company stock worth $400,005 over the last ninety days. 4.80% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in AVDL. FMR LLC acquired a new position in Avadel Pharmaceuticals during the third quarter worth about $31,000. Advisors Asset Management Inc. grew its position in Avadel Pharmaceuticals by 56.1% during the third quarter. Advisors Asset Management Inc. now owns 7,921 shares of the company's stock worth $104,000 after buying an additional 2,846 shares during the period. Hsbc Holdings PLC acquired a new position in Avadel Pharmaceuticals during the fourth quarter worth about $113,000. Kazazian Asset Management LLC acquired a new position in Avadel Pharmaceuticals during the fourth quarter worth about $126,000. Finally, Sanctuary Advisors LLC acquired a new position in Avadel Pharmaceuticals during the fourth quarter worth about $140,000. 69.19% of the stock is currently owned by institutional investors and hedge funds.

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.