Avadel Pharmaceuticals (NASDAQ:AVDL) Given Buy Rating at HC Wainwright

HC Wainwright reissued their buy rating on shares of Avadel Pharmaceuticals (NASDAQ:AVDL) in a research note published on Friday morning,Benzinga reports. They currently have a $21.00 price objective on the stock, down from their previous price objective of $25.00.

Several other equities analysts also recently issued reports on the company. Needham & Company LLC reduced their price objective on Avadel Pharmaceuticals from $22.00 to $19.00 and set a “buy” rating for the company in a research report on Thursday. Oppenheimer increased their price target on Avadel Pharmaceuticals from $29.00 to $30.00 and gave the stock an “outperform” rating in a research note on Thursday, October 31st. Seven equities research analysts have rated the stock with a buy rating, According to MarketBeat, Avadel Pharmaceuticals currently has an average rating of “Buy” and an average price target of $22.00.

Avadel Pharmaceuticals Price Performance

Shares of NASDAQ AVDL opened at $7.90 on Friday. Avadel Pharmaceuticals has a 1-year low of $7.39 and a 1-year high of $19.09. The firm has a market capitalization of $761.26 million, a PE ratio of -10.00 and a beta of 1.31. The business’s fifty day moving average price is $11.41 and its two-hundred day moving average price is $13.54.

Avadel Pharmaceuticals (NASDAQ:AVDL) last released its quarterly earnings data 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 business had revenue of $50.00 million for the quarter, compared to analysts’ expectations 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 for the quarter was up 624.6% compared to the same quarter last year. During the same quarter last year, the company earned ($0.41) EPS. Equities research analysts expect that Avadel Pharmaceuticals will post -0.48 earnings per share for the current fiscal year.

Insider Buying and Selling at Avadel Pharmaceuticals

In other Avadel Pharmaceuticals news, CFO Thomas S. Mchugh bought 5,000 shares of Avadel Pharmaceuticals stock in a transaction that occurred on Wednesday, December 11th. The stock was purchased at an average cost of $10.49 per share, for a total transaction of $52,450.00. Following the completion of the acquisition, the chief financial officer now owns 85,500 shares of the company’s stock, valued at approximately $896,895. This represents a 6.21 % increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Gregory J. Divis purchased 9,598 shares of the firm’s stock in a transaction on Friday, December 6th. The stock was acquired at an average price of $9.98 per share, for a total transaction of $95,788.04. Following the transaction, the chief executive officer now owns 9,598 shares of the company’s stock, valued at $95,788.04. The trade was a ∞ increase in their position. The disclosure for this purchase can be found here. In the last ninety days, insiders bought 40,579 shares of company stock valued at $406,313. 4.80% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Avadel Pharmaceuticals

Several large investors have recently modified their holdings of the stock. Bank of New York Mellon Corp purchased a new stake in shares of Avadel Pharmaceuticals during the second quarter valued at $4,575,000. XTX Topco Ltd acquired a new stake in Avadel Pharmaceuticals during the 3rd quarter worth about $642,000. State Street Corp lifted its stake in Avadel Pharmaceuticals by 42.5% during the third quarter. State Street Corp now owns 1,623,302 shares of the company’s stock valued at $21,290,000 after buying an additional 483,787 shares in the last quarter. Barclays PLC boosted its holdings in shares of Avadel Pharmaceuticals by 45.8% in the third quarter. Barclays PLC now owns 392,691 shares of the company’s stock worth $5,150,000 after buying an additional 123,430 shares during the period. Finally, Lord Abbett & CO. LLC increased its position in shares of Avadel Pharmaceuticals by 23.9% in the third quarter. Lord Abbett & CO. LLC now owns 489,073 shares of the company’s stock worth $6,414,000 after acquiring an additional 94,239 shares in the last quarter. 69.19% of the stock is owned by institutional investors.

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.