Avadel Pharmaceuticals (NASDAQ:AVDL) Price Target Lowered to $13.00 at Piper Sandler

Avadel Pharmaceuticals (NASDAQ:AVDL - Free Report) had its price objective cut by Piper Sandler from $24.00 to $13.00 in a research report report published on Friday,Benzinga reports. They currently have an overweight rating on the stock.

A number of other research firms also recently weighed in on AVDL. Oppenheimer upped their target price 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 reaffirmed a "buy" rating and set a $21.00 price objective (down previously from $25.00) on shares of Avadel Pharmaceuticals in a research report on Friday. Finally, Needham & Company LLC cut their target price on Avadel Pharmaceuticals from $22.00 to $19.00 and set a "buy" rating for the company in a research note on Thursday. Seven equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, Avadel Pharmaceuticals has a consensus rating of "Buy" and an average target price of $22.00.

Avadel Pharmaceuticals Trading Down 26.1 %

Shares of NASDAQ:AVDL traded down $2.79 on Friday, hitting $7.90. The company had a trading volume of 7,852,608 shares, compared to its average volume of 2,465,084. Avadel Pharmaceuticals has a 1-year low of $7.39 and a 1-year high of $19.09. The stock has a market cap of $761.26 million, a price-to-earnings ratio of -10.00 and a beta of 1.31. The stock has a 50 day moving average price of $11.41 and a 200 day moving average price of $13.54.

Avadel Pharmaceuticals (NASDAQ:AVDL - Get Free Report) last released its quarterly earnings results on Tuesday, November 12th. The company reported ($0.03) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.06) by $0.03. Avadel Pharmaceuticals had a negative return on equity of 93.34% and a negative net margin of 52.53%. The business had revenue of $50.00 million during the quarter, compared to the consensus estimate of $48.43 million. During the same period in the previous year, the company posted ($0.41) EPS. The firm's quarterly revenue was up 624.6% on a year-over-year basis. Sell-side analysts anticipate that Avadel Pharmaceuticals will post -0.48 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, CFO Thomas S. Mchugh purchased 5,000 shares of the stock in a transaction on Wednesday, December 11th. The stock was purchased at an average price of $10.49 per share, for a total transaction of $52,450.00. Following the acquisition, the chief financial officer now owns 85,500 shares in the company, valued at $896,895. This trade represents a 6.21 % increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Linda Palczuk acquired 3,000 shares of Avadel Pharmaceuticals stock in a transaction dated Friday, December 6th. The stock was purchased at an average cost of $10.19 per share, for a total transaction of $30,570.00. Following the completion of the purchase, the director now owns 66,400 shares in the company, valued at approximately $676,616. The trade was a 4.73 % increase in their position. The disclosure for this purchase can be found here. Insiders have acquired 40,579 shares of company stock valued at $406,313 in the last ninety days. 4.80% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Avadel Pharmaceuticals

A number of hedge funds have recently added to or reduced their stakes in AVDL. FMR LLC bought a new position in shares of Avadel Pharmaceuticals during the 3rd quarter worth approximately $31,000. Amalgamated Bank bought a new stake in Avadel Pharmaceuticals in the second quarter valued at $45,000. Quarry LP acquired a new position in shares of Avadel Pharmaceuticals during the second quarter valued at about $63,000. Advisors Asset Management Inc. raised its holdings in shares of Avadel Pharmaceuticals by 56.1% during the third 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 shares of Avadel Pharmaceuticals during the 2nd quarter worth about $146,000. 69.19% of the stock is currently owned by institutional investors.

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.