Avadel Pharmaceuticals (NASDAQ:AVDL) Price Target Cut to $19.00 by Analysts at Needham & Company LLC

Avadel Pharmaceuticals (NASDAQ:AVDL - Free Report) had its target price decreased by Needham & Company LLC from $22.00 to $19.00 in a research report sent to investors on Thursday morning,Benzinga reports. Needham & Company LLC currently has a buy rating on the stock.

Other equities analysts have also recently issued reports about the company. Oppenheimer lifted their price target on Avadel Pharmaceuticals from $29.00 to $30.00 and gave the company an "outperform" rating in a research report on Thursday, October 31st. HC Wainwright lowered their price target on shares of Avadel Pharmaceuticals from $27.00 to $25.00 and set a "buy" rating on the stock in a report on Wednesday, November 13th. Seven analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company presently has an average rating of "Buy" and an average price target of $24.00.

Avadel Pharmaceuticals Stock Performance

AVDL stock traded down $0.17 during mid-day trading on Thursday, hitting $10.69. The company had a trading volume of 2,224,581 shares, compared to its average volume of 1,354,338. The firm has a market cap of $1.03 billion, a PE ratio of -13.53 and a beta of 1.31. Avadel Pharmaceuticals has a 12 month low of $9.41 and a 12 month high of $19.09. The stock's fifty day moving average price is $11.51 and its two-hundred day moving average price is $13.56.

Avadel Pharmaceuticals (NASDAQ:AVDL - Get Free Report) last issued 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 firm had revenue of $50.00 million during the quarter, compared to analyst estimates of $48.43 million. Avadel Pharmaceuticals had a negative net margin of 52.53% and a negative return on equity of 93.34%. The company's quarterly revenue was up 624.6% on a year-over-year basis. During the same quarter last year, the business earned ($0.41) earnings per share. Equities analysts anticipate that Avadel Pharmaceuticals will post -0.48 earnings per share for the current year.

Insider Buying and Selling at Avadel Pharmaceuticals

In other Avadel Pharmaceuticals news, Director Linda Palczuk purchased 3,000 shares of the firm's stock in a transaction on Friday, December 6th. The shares were purchased at an average cost of $10.19 per share, with a total value of $30,570.00. Following the completion of the purchase, the director now owns 66,400 shares of the company's stock, valued at $676,616. The trade was a 4.73 % increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Gregory J. Divis acquired 9,598 shares of the business's stock in a transaction dated Friday, December 6th. The stock was acquired at an average cost of $9.98 per share, with a total value of $95,788.04. Following the purchase, the chief executive officer now directly owns 9,598 shares in the company, valued at $95,788.04. This represents a ∞ increase in their position. The disclosure for this purchase can be found here. Insiders purchased a total of 40,579 shares of company stock worth $406,313 over the last three months. 4.80% of the stock is owned by insiders.

Institutional Investors Weigh In On Avadel Pharmaceuticals

A number of hedge funds and other institutional investors have recently modified their holdings of AVDL. FMR LLC bought a new stake in Avadel Pharmaceuticals in the 3rd quarter worth $31,000. Amalgamated Bank bought a new stake in shares of Avadel Pharmaceuticals in the second quarter worth about $45,000. Quarry LP purchased a new position in Avadel Pharmaceuticals during the 2nd quarter valued at about $63,000. Advisors Asset Management Inc. increased 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 period. Finally, Beverly Hills Private Wealth LLC bought a new position in Avadel Pharmaceuticals during the 2nd quarter valued at approximately $146,000. Institutional investors 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.