Avadel Pharmaceuticals (NASDAQ:AVDL) Shares Gap Down to $15.80

Avadel Pharmaceuticals plc (NASDAQ:AVDL)’s share price gapped down before the market opened on Wednesday . The stock had previously closed at $15.80, but opened at $15.25. Avadel Pharmaceuticals shares last traded at $14.81, with a volume of 948,218 shares.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on the stock. Craig Hallum raised their price objective on shares of Avadel Pharmaceuticals from $22.00 to $23.00 and gave the stock a “buy” rating in a research report on Thursday, May 9th. Rodman & Renshaw began coverage on shares of Avadel Pharmaceuticals in a research note on Wednesday, June 12th. They issued a “buy” rating and a $27.00 price target on the stock. Needham & Company LLC restated a “buy” rating and issued a $22.00 price objective on shares of Avadel Pharmaceuticals in a report on Friday, August 9th. Finally, HC Wainwright upped their price objective on shares of Avadel Pharmaceuticals from $25.00 to $27.00 and gave the company a “buy” rating in a research note on Thursday, May 9th. Seven investment 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 $24.57.

Avadel Pharmaceuticals Stock Down 6.5 %

The stock has a market capitalization of $1.42 billion, a P/E ratio of -7.67 and a beta of 1.53. The company has a fifty day moving average price of $15.76 and a 200-day moving average price of $15.87.

Avadel Pharmaceuticals (NASDAQ:AVDL) last released its quarterly earnings data on Thursday, August 8th. The company reported ($0.14) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.17) by $0.03. Avadel Pharmaceuticals had a negative net margin of 284.42% and a negative return on equity of 139.72%. The company had revenue of $41.50 million during the quarter, compared to analyst estimates of $37.47 million. During the same period in the prior year, the firm earned ($0.70) earnings per share. The firm’s revenue for the quarter was up 2666.7% compared to the same quarter last year. As a group, research analysts expect that Avadel Pharmaceuticals plc will post -0.58 earnings per share for the current fiscal year.

Institutional Trading of Avadel Pharmaceuticals

Several hedge funds have recently made changes to their positions in the company. Avantax Advisory Services Inc. raised its holdings in shares of Avadel Pharmaceuticals by 3.8% in the 4th quarter. Avantax Advisory Services Inc. now owns 24,900 shares of the company’s stock valued at $352,000 after buying an additional 900 shares during the period. Brandes Investment Partners LP grew its holdings in shares of Avadel Pharmaceuticals by 5.9% in the fourth quarter. Brandes Investment Partners LP now owns 1,533,614 shares of the company’s stock valued at $21,655,000 after purchasing an additional 84,842 shares in the last quarter. Quarry LP purchased a new stake in Avadel Pharmaceuticals during the 4th quarter worth approximately $120,000. Claro Advisors LLC acquired a new stake in Avadel Pharmaceuticals during the 1st quarter worth approximately $172,000. Finally, Diversify Advisory Services LLC purchased a new position in Avadel Pharmaceuticals in the 1st quarter valued at approximately $539,000. Hedge funds and other 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.