Avadel Pharmaceuticals plc (NASDAQ:AVDL) Receives Average Recommendation of "Buy" from Brokerages

Shares of Avadel Pharmaceuticals plc (NASDAQ:AVDL - Get Free Report) have been assigned an average recommendation of "Buy" from the seven analysts that are presently covering the company, MarketBeat.com reports. Seven investment analysts have rated the stock with a buy recommendation. The average 1 year price target among brokerages that have issued ratings on the stock in the last year is $21.00.

AVDL has been the topic of several analyst reports. UBS Group dropped their price objective on Avadel Pharmaceuticals from $22.00 to $14.00 and set a "buy" rating on the stock in a report on Monday, January 13th. Needham & Company LLC dropped their price target on shares of Avadel Pharmaceuticals from $22.00 to $19.00 and set a "buy" rating for the company in a research note on Thursday, January 9th. Oppenheimer increased their price objective on shares of Avadel Pharmaceuticals from $29.00 to $30.00 and gave the company an "outperform" rating in a research note on Thursday, October 31st. Piper Sandler dropped 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. Finally, HC Wainwright restated a "buy" rating and issued a $21.00 target price (down previously from $25.00) on shares of Avadel Pharmaceuticals in a research note on Friday, January 10th.

Insider Transactions at Avadel Pharmaceuticals

In related news, CFO Thomas S. Mchugh acquired 5,000 shares of Avadel Pharmaceuticals 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 transaction, the chief financial officer now directly owns 85,500 shares of the company's stock, valued at $896,895. This trade represents a 6.21 % increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Peter J. Thornton bought 10,000 shares of the company's stock in a transaction on 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 completion of the transaction, the director now directly owns 104,055 shares of the company's stock, valued at $836,602.20. This trade represents a 10.63 % increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last three months, insiders have acquired 50,579 shares of company stock worth $486,713. 4.80% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Avadel Pharmaceuticals

Several hedge funds and other institutional investors have recently modified their holdings of AVDL. Creative Planning lifted its position in Avadel Pharmaceuticals by 8.2% in the 3rd quarter. Creative Planning now owns 12,381 shares of the company's stock valued at $162,000 after purchasing an additional 938 shares during the last quarter. MAI Capital Management increased its stake in shares of Avadel Pharmaceuticals by 1.0% in the third quarter. MAI Capital Management now owns 107,533 shares of the company's stock valued at $1,410,000 after purchasing an additional 1,031 shares during the period. FMR LLC bought a new stake in shares of Avadel Pharmaceuticals during the third quarter valued at approximately $31,000. Diversify Wealth Management LLC raised its holdings in shares of Avadel Pharmaceuticals by 8.3% during the third quarter. Diversify Wealth Management LLC now owns 31,637 shares of the company's stock valued at $418,000 after buying an additional 2,432 shares during the last quarter. Finally, Oppenheimer & Co. Inc. boosted its position in shares of Avadel Pharmaceuticals by 9.2% during the third quarter. Oppenheimer & Co. Inc. now owns 33,105 shares of the company's stock worth $434,000 after buying an additional 2,780 shares during the period. Institutional investors and hedge funds own 69.19% of the company's stock.

Avadel Pharmaceuticals Stock Performance

Shares of AVDL stock traded up $0.17 on Tuesday, hitting $7.92. The stock had a trading volume of 1,354,670 shares, compared to its average volume of 2,089,898. The stock's 50 day moving average is $10.36 and its 200-day moving average is $13.22. The firm has a market capitalization of $762.69 million, a price-to-earnings ratio of -10.02 and a beta of 1.31. Avadel Pharmaceuticals has a 52-week low of $7.39 and a 52-week high of $19.09.

Avadel Pharmaceuticals (NASDAQ:AVDL - Get Free Report) last posted its quarterly earnings data 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. Avadel Pharmaceuticals had a negative net margin of 52.53% and a negative return on equity of 93.34%. The company had revenue of $50.00 million during the quarter, compared to analysts' expectations of $48.43 million. During the same period in the prior year, the company posted ($0.41) EPS. The firm's revenue for the quarter was up 624.6% on a year-over-year basis. Equities analysts expect that Avadel Pharmaceuticals will post -0.51 earnings per share for the current year.

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.