Avadel Pharmaceuticals (NASDAQ:AVDL) Shares Down 3.9% on Analyst Downgrade

Avadel Pharmaceuticals plc (NASDAQ:AVDL)’s stock price traded down 3.9% during trading on Wednesday after HC Wainwright lowered their price target on the stock from $27.00 to $25.00. HC Wainwright currently has a buy rating on the stock. Avadel Pharmaceuticals traded as low as $12.60 and last traded at $12.64. 140,610 shares were traded during trading, a decline of 88% from the average session volume of 1,162,083 shares. The stock had previously closed at $13.15.

Other equities research analysts have also recently issued research reports about the stock. Oppenheimer increased their price target on shares of Avadel Pharmaceuticals from $29.00 to $30.00 and gave the company an “outperform” rating in a report on Thursday, October 31st. Needham & Company LLC restated a “buy” rating and issued a $22.00 target price on shares of Avadel Pharmaceuticals in a report on Tuesday. Seven equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company currently has a consensus rating of “Buy” and an average target price of $24.43.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. Amalgamated Bank purchased a new position in shares of Avadel Pharmaceuticals during the 2nd quarter worth $45,000. BNP Paribas Financial Markets boosted its stake in shares of Avadel Pharmaceuticals by 60.5% during the 1st quarter. BNP Paribas Financial Markets now owns 4,469 shares of the company’s stock worth $75,000 after acquiring an additional 1,685 shares during the last quarter. Quarry LP purchased a new position in shares of Avadel Pharmaceuticals during the 2nd quarter worth $63,000. Advisors Asset Management Inc. boosted its stake in shares of Avadel Pharmaceuticals by 56.1% during the 3rd 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 during the last quarter. Finally, Beverly Hills Private Wealth LLC purchased a new position in shares of Avadel Pharmaceuticals during the 2nd quarter worth $146,000. Hedge funds and other institutional investors own 69.19% of the company’s stock.

Avadel Pharmaceuticals Trading Down 4.1 %

The company’s 50 day moving average price is $13.67 and its two-hundred day moving average price is $15.12. The firm has a market cap of $1.21 billion, a PE ratio of -10.78 and a beta of 1.47.

Avadel Pharmaceuticals (NASDAQ:AVDL) last issued its quarterly earnings results on Tuesday, November 12th. The company reported ($0.03) earnings per share for the quarter, topping the consensus estimate 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 111.64% and a negative return on equity of 122.64%. The company’s revenue was up 624.6% compared to the same quarter last year. During the same quarter last year, the company posted ($0.41) EPS. Equities research analysts expect that Avadel Pharmaceuticals plc will post -0.5 earnings per share for the current fiscal year.

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.