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

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

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on AVDL. Needham & Company LLC decreased their price objective on Avadel Pharmaceuticals from $22.00 to $19.00 and set a "buy" rating on the stock in a report on Thursday, January 9th. UBS Group lowered their price target on Avadel Pharmaceuticals from $22.00 to $14.00 and set a "buy" rating on the stock in a research report on Monday, January 13th. Oppenheimer lifted their price objective on Avadel Pharmaceuticals from $29.00 to $30.00 and gave the company an "outperform" rating in a report on Thursday, October 31st. Piper Sandler lowered their target price on shares of Avadel Pharmaceuticals from $24.00 to $13.00 and set an "overweight" rating on the stock in a report on Friday, January 10th. Finally, HC Wainwright restated a "buy" rating and issued a $21.00 price target (down from $25.00) on shares of Avadel Pharmaceuticals in a research report on Friday, January 10th. Seven analysts have rated the stock with a buy rating, According to MarketBeat.com, the company presently has an average rating of "Buy" and an average target price of $21.00.

Avadel Pharmaceuticals Price Performance

The firm has a market capitalization of $875.91 million, a P/E ratio of -11.51 and a beta of 1.28. The company's 50 day moving average price is $9.34 and its 200 day moving average price is $12.36.

Avadel Pharmaceuticals (NASDAQ:AVDL - Get Free Report) last released its earnings results on Tuesday, November 12th. The company reported ($0.03) earnings per share for the quarter, topping analysts' consensus estimates of ($0.06) by $0.03. The company had revenue of $50.00 million during the quarter, compared to the consensus estimate of $48.43 million. Avadel Pharmaceuticals had a negative return on equity of 93.34% and a negative net margin of 52.53%. The firm's quarterly revenue was up 624.6% on a year-over-year basis. During the same quarter in the previous year, the company posted ($0.41) earnings per share. On average, research analysts anticipate that Avadel Pharmaceuticals plc will post -0.51 EPS for the current fiscal year.

Insider Buying and Selling

In related news, CFO Thomas S. Mchugh acquired 5,000 shares of the company's stock in a transaction that occurred on Wednesday, December 11th. The stock was acquired at an average price of $10.49 per share, for a total transaction of $52,450.00. Following the completion of the acquisition, the chief financial officer now owns 85,500 shares of the company's stock, valued at $896,895. This trade represents a 6.21 % increase in their position. The purchase was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director Geoffrey Michael Glass bought 20,279 shares of Avadel Pharmaceuticals stock in a transaction on Tuesday, December 10th. The shares were bought at an average price of $9.84 per share, for a total transaction of $199,545.36. Following the acquisition, the director now owns 75,904 shares of the company's stock, valued at approximately $746,895.36. The trade was a 36.46 % increase in their position. The disclosure for this purchase can be found here. Insiders acquired a total of 55,579 shares of company stock valued at $526,363 over the last ninety days. Insiders own 4.80% of the company's stock.

Institutional Investors Weigh In On Avadel Pharmaceuticals

Hedge funds have recently bought and sold shares of the company. Braidwell LP lifted its holdings in shares of Avadel Pharmaceuticals by 16.9% during the 3rd quarter. Braidwell LP now owns 3,388,939 shares of the company's stock valued at $44,446,000 after purchasing an additional 490,300 shares in the last quarter. Wealth Effects LLC lifted its stake in Avadel Pharmaceuticals by 4.9% in the fourth quarter. Wealth Effects LLC now owns 2,344,130 shares of the company's stock valued at $24,637,000 after buying an additional 110,359 shares in the last quarter. Brandes Investment Partners LP boosted its holdings in shares of Avadel Pharmaceuticals by 58.1% in the fourth quarter. Brandes Investment Partners LP now owns 2,173,139 shares of the company's stock valued at $22,840,000 after buying an additional 798,415 shares during the period. State Street Corp raised its holdings in shares of Avadel Pharmaceuticals by 42.5% during the third quarter. State Street Corp now owns 1,623,302 shares of the company's stock worth $21,290,000 after acquiring an additional 483,787 shares during the period. Finally, Modera Wealth Management LLC lifted its position in Avadel Pharmaceuticals by 29.6% in the 4th quarter. Modera Wealth Management LLC now owns 782,567 shares of the company's stock valued at $8,225,000 after acquiring an additional 178,601 shares in the last quarter. 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.

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