Avadel Pharmaceuticals (NASDAQ:AVDL) Trading 4.2% Higher - What's Next?

Avadel Pharmaceuticals plc (NASDAQ:AVDL - Get Free Report)'s share price was up 4.2% during trading on Thursday . The company traded as high as $8.31 and last traded at $8.30. Approximately 431,449 shares were traded during mid-day trading, a decline of 64% from the average daily volume of 1,182,960 shares. The stock had previously closed at $7.96.

Wall Street Analysts Forecast Growth

AVDL has been the subject of a number of research reports. Needham & Company LLC restated a "buy" rating and issued a $19.00 target price on shares of Avadel Pharmaceuticals in a research note on Monday, March 3rd. HC Wainwright reaffirmed a "buy" rating and set a $21.00 price objective on shares of Avadel Pharmaceuticals in a report on Tuesday, March 4th. Deutsche Bank Aktiengesellschaft began coverage on shares of Avadel Pharmaceuticals in a research note on Tuesday, February 11th. They issued a "buy" rating and a $12.00 target price on the stock. Piper Sandler dropped their price objective on Avadel Pharmaceuticals from $24.00 to $13.00 and set an "overweight" rating for the company in a report on Friday, January 10th. Finally, UBS Group reduced their target price on Avadel Pharmaceuticals from $22.00 to $14.00 and set a "buy" rating on the stock in a report on Monday, January 13th. Eight investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Avadel Pharmaceuticals has a consensus rating of "Buy" and an average price target of $19.88.

Avadel Pharmaceuticals Stock Performance

The firm has a market capitalization of $854.20 million, a P/E ratio of -11.19 and a beta of 1.57. The firm's 50-day moving average is $8.30 and its 200 day moving average is $11.02.

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Insider Activity at Avadel Pharmaceuticals

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

Hedge Funds Weigh In On Avadel Pharmaceuticals

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. FMR LLC bought a new stake in Avadel Pharmaceuticals in the third quarter valued at approximately $31,000. Advisors Asset Management Inc. lifted its holdings in Avadel Pharmaceuticals by 56.1% during the 3rd 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 last quarter. Hsbc Holdings PLC bought a new position in Avadel Pharmaceuticals during the fourth quarter worth $113,000. Kazazian Asset Management LLC acquired a new position in shares of Avadel Pharmaceuticals in the fourth quarter valued at $126,000. Finally, Sanctuary Advisors LLC bought a new position in shares of Avadel Pharmaceuticals in the fourth quarter valued at about $140,000. Institutional investors own 69.19% of the company's stock.

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.