Avadel Pharmaceuticals (NASDAQ:AVDL) Trading 7.2% Higher - What's Next?

Avadel Pharmaceuticals plc (NASDAQ:AVDL - Get Free Report)'s share price rose 7.2% during trading on Monday . The company traded as high as $8.62 and last traded at $8.70. Approximately 411,037 shares traded hands during trading, a decline of 75% from the average daily volume of 1,638,962 shares. The stock had previously closed at $8.11.

Analyst Upgrades and Downgrades

AVDL has been the topic of several research reports. Needham & Company LLC cut their price target on shares of Avadel Pharmaceuticals from $22.00 to $19.00 and set a "buy" rating on the stock in a report on Thursday, January 9th. Deutsche Bank Aktiengesellschaft initiated 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. Piper Sandler decreased 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. HC Wainwright reaffirmed a "buy" rating and issued a $21.00 price target (down from $25.00) on shares of Avadel Pharmaceuticals in a report on Friday, January 10th. Finally, UBS Group reduced their price objective 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. Eight research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Avadel Pharmaceuticals presently has a consensus rating of "Buy" and a consensus price target of $19.88.

Avadel Pharmaceuticals Price Performance

The business's fifty day simple moving average is $9.26 and its two-hundred day simple moving average is $12.14. The company has a market cap of $829.66 million, a PE ratio of -10.90 and a beta of 1.28.

Insiders Place Their Bets

In related news, Director Linda Palczuk acquired 5,000 shares of Avadel Pharmaceuticals stock in a transaction 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 completion of the transaction, the director now owns 67,900 shares of the company's stock, valued at approximately $538,447. The trade was a 7.95 % increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Gregory J. Divis bought 9,598 shares of the company's stock in a transaction dated Friday, December 6th. The stock was bought at an average price of $9.98 per share, for a total transaction of $95,788.04. Following the transaction, the chief executive officer now owns 9,598 shares of the company's stock, valued at approximately $95,788.04. This trade represents a ∞ increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last 90 days, insiders have acquired 55,579 shares of company stock worth $526,363. 4.80% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Avadel Pharmaceuticals

Hedge funds have recently made changes to their positions in the company. FMR LLC purchased a new position in Avadel Pharmaceuticals in the 3rd quarter valued at $31,000. Advisors Asset Management Inc. lifted its stake in shares of Avadel Pharmaceuticals by 56.1% in 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 in the last quarter. Hsbc Holdings PLC purchased a new position in shares of Avadel Pharmaceuticals in the fourth quarter worth about $113,000. Kazazian Asset Management LLC purchased a new stake in Avadel Pharmaceuticals during the 4th quarter valued at about $126,000. Finally, Sanctuary Advisors LLC acquired a new stake in Avadel Pharmaceuticals in the 4th quarter valued at about $140,000. 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.