Avadel Pharmaceuticals (NASDAQ:AVDL) Receives “Buy” Rating from Needham & Company LLC

Avadel Pharmaceuticals (NASDAQ:AVDL)‘s stock had its “buy” rating reaffirmed by stock analysts at Needham & Company LLC in a research report issued on Tuesday,Benzinga reports. They currently have a $22.00 target price on the stock. Needham & Company LLC’s price target suggests a potential upside of 34.97% from the stock’s previous close.

AVDL has been the subject of several other research reports. Oppenheimer raised their price target on shares of Avadel Pharmaceuticals from $29.00 to $30.00 and gave the stock an “outperform” rating in a report on Thursday, October 31st. HC Wainwright reissued a “buy” rating and set a $27.00 target price on shares of Avadel Pharmaceuticals in a research note on Thursday, October 31st. Seven investment analysts have rated the stock with a buy rating, According to data from MarketBeat, Avadel Pharmaceuticals presently has an average rating of “Buy” and a consensus price target of $24.71.

Avadel Pharmaceuticals Price Performance

Shares of AVDL opened at $16.30 on Tuesday. The business has a 50-day moving average of $13.71 and a 200-day moving average of $15.15. The company has a market capitalization of $1.57 billion, a price-to-earnings ratio of -13.93 and a beta of 1.47. Avadel Pharmaceuticals has a 1 year low of $10.25 and a 1 year high of $19.09.

Institutional Trading of Avadel Pharmaceuticals

Large investors have recently made changes to their positions in the company. Janus Henderson Group PLC grew its position in Avadel Pharmaceuticals by 16.1% in the 1st quarter. Janus Henderson Group PLC now owns 12,915,160 shares of the company’s stock valued at $218,182,000 after purchasing an additional 1,789,830 shares during the period. Nantahala Capital Management LLC bought a new position in shares of Avadel Pharmaceuticals in the second quarter valued at $4,921,000. Bank of New York Mellon Corp acquired a new position in shares of Avadel Pharmaceuticals during the second quarter valued at about $4,575,000. StemPoint Capital LP bought a new stake in shares of Avadel Pharmaceuticals during the first quarter worth about $3,778,000. Finally, Lord Abbett & CO. LLC acquired a new stake in shares of Avadel Pharmaceuticals in the 1st quarter worth about $3,264,000. 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.