Avadel Pharmaceuticals (NASDAQ:AVDL) Stock Crosses Above 200 Day Moving Average of $15.82

Shares of Avadel Pharmaceuticals plc (NASDAQ:AVDL) passed above its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of $15.82 and traded as high as $16.24. Avadel Pharmaceuticals shares last traded at $16.10, with a volume of 465,401 shares trading hands.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on the stock. Rodman & Renshaw began coverage on shares of Avadel Pharmaceuticals in a research note on Wednesday, June 12th. They set a “buy” rating and a $27.00 price target on the stock. Needham & Company LLC reissued a “buy” rating and issued a $22.00 price target on shares of Avadel Pharmaceuticals in a report on Friday, August 9th. Craig Hallum lifted their price objective on Avadel Pharmaceuticals from $22.00 to $23.00 and gave the stock a “buy” rating in a report on Thursday, May 9th. Finally, HC Wainwright increased their target price on Avadel Pharmaceuticals from $25.00 to $27.00 and gave the company a “buy” rating in a research note on Thursday, May 9th. Seven equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company has an average rating of “Buy” and a consensus price target of $24.57.

Avadel Pharmaceuticals Trading Down 0.7 %

The company has a market cap of $1.55 billion, a price-to-earnings ratio of -8.69 and a beta of 1.53. The firm has a 50-day moving average price of $15.72 and a 200 day moving average price of $15.83.

Avadel Pharmaceuticals (NASDAQ:AVDL) last issued its earnings results 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 for the quarter, compared to analysts’ expectations of $37.47 million. During the same period in the prior year, the company earned ($0.70) earnings per share. The firm’s revenue was up 2666.7% compared to the same quarter last year. Research analysts anticipate that Avadel Pharmaceuticals plc will post -0.58 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in AVDL. Amalgamated Bank bought a new position in Avadel Pharmaceuticals in the 2nd quarter worth about $45,000. Chilton Capital Management LLC bought a new position in Avadel Pharmaceuticals in the 1st quarter worth approximately $51,000. Quarry LP acquired a new stake in Avadel Pharmaceuticals in the 2nd quarter valued at approximately $63,000. BNP Paribas Financial Markets raised its stake in Avadel Pharmaceuticals by 60.5% during the 1st quarter. BNP Paribas Financial Markets now owns 4,469 shares of the company’s stock valued at $75,000 after acquiring an additional 1,685 shares in the last quarter. Finally, Beverly Hills Private Wealth LLC acquired a new position in Avadel Pharmaceuticals during the 2nd quarter worth $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.