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

Avadel Pharmaceuticals (NASDAQ:AVDL) had its target price decreased by stock analysts at Piper Sandler from $24.00 to $13.00 in a note issued to investors on Friday,Benzinga reports. The brokerage presently has an “overweight” rating on the stock. Piper Sandler’s target price would suggest a potential upside of 71.05% from the company’s previous close.

A number of other research analysts also recently commented on AVDL. Needham & Company LLC dropped 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. HC Wainwright reaffirmed a “buy” rating and issued a $21.00 price target (down from $25.00) on shares of Avadel Pharmaceuticals in a report on Friday. Finally, Oppenheimer raised their price objective 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. Seven investment analysts have rated the stock with a buy rating, According to MarketBeat, the stock presently has an average rating of “Buy” and an average price target of $22.00.

Avadel Pharmaceuticals Trading Down 28.9 %

NASDAQ:AVDL traded down $3.09 during mid-day trading on Friday, hitting $7.60. The stock had a trading volume of 4,430,928 shares, compared to its average volume of 1,856,676. Avadel Pharmaceuticals has a twelve month low of $7.39 and a twelve month high of $19.09. The stock has a 50-day simple moving average of $11.41 and a two-hundred day simple moving average of $13.54. The company has a market capitalization of $732.35 million, a PE ratio of -9.62 and a beta of 1.31.

Avadel Pharmaceuticals (NASDAQ:AVDL) last announced 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. The business had revenue of $50.00 million for 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 revenue was up 624.6% on a year-over-year basis. During the same period last year, the business earned ($0.41) EPS. Sell-side analysts predict that Avadel Pharmaceuticals will post -0.48 EPS for the current fiscal year.

Insider Activity

In related news, Director Linda Palczuk acquired 3,000 shares of Avadel Pharmaceuticals stock in a transaction on Friday, December 6th. The stock was purchased at an average cost of $10.19 per share, with a total value of $30,570.00. Following the purchase, the director now directly owns 66,400 shares in the company, valued at approximately $676,616. The trade was a 4.73 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Geoffrey Michael Glass bought 20,279 shares of the stock in a transaction on Tuesday, December 10th. The stock was bought at an average price of $9.84 per share, for a total transaction of $199,545.36. Following the completion of the purchase, the director now directly owns 75,904 shares in the company, 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. Over the last ninety days, insiders bought 40,579 shares of company stock valued at $406,313. 4.80% of the stock is currently owned by company insiders.

Institutional Trading of Avadel Pharmaceuticals

Several hedge funds have recently made changes to their positions in AVDL. FMR LLC purchased a new position in Avadel Pharmaceuticals during the third quarter worth about $31,000. Amalgamated Bank purchased a new stake in shares of Avadel Pharmaceuticals in the second quarter valued at approximately $45,000. Quarry LP acquired a new position in Avadel Pharmaceuticals during the second quarter worth $63,000. Advisors Asset Management Inc. raised its position in Avadel Pharmaceuticals by 56.1% in the third quarter. Advisors Asset Management Inc. now owns 7,921 shares of the company’s stock worth $104,000 after acquiring an additional 2,846 shares in the last quarter. Finally, Beverly Hills Private Wealth LLC acquired a new stake in Avadel Pharmaceuticals in the second quarter valued at $146,000. Institutional investors and hedge funds own 69.19% of the company’s stock.

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.