Avadel Pharmaceuticals’ (AVDL) “Buy” Rating Reaffirmed at HC Wainwright

Avadel Pharmaceuticals (NASDAQ:AVDL)‘s stock had its “buy” rating restated by HC Wainwright in a note issued to investors on Friday,Benzinga reports. They presently have a $21.00 target price on the stock, down from their prior target price of $25.00. HC Wainwright’s target price suggests a potential upside of 96.45% from the stock’s current price.

Other equities research analysts have also issued research reports about the company. Needham & Company LLC dropped their price target on Avadel Pharmaceuticals from $22.00 to $19.00 and set a “buy” rating on the stock in a research report on Thursday. Oppenheimer boosted their price objective on shares of Avadel Pharmaceuticals from $29.00 to $30.00 and gave the stock an “outperform” rating in a research report on Thursday, October 31st. Seven equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, the company has an average rating of “Buy” and a consensus target price of $23.43.

Avadel Pharmaceuticals Price Performance

Avadel Pharmaceuticals stock opened at $10.69 on Friday. Avadel Pharmaceuticals has a fifty-two week low of $9.41 and a fifty-two week high of $19.09. The firm has a market capitalization of $1.03 billion, a price-to-earnings ratio of -13.53 and a beta of 1.31. The company’s 50 day simple moving average is $11.41 and its 200 day simple moving average is $13.54.

Avadel Pharmaceuticals (NASDAQ:AVDL) last announced its quarterly earnings results on Tuesday, November 12th. The company reported ($0.03) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.06) by $0.03. The company had revenue of $50.00 million during 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 firm’s revenue was up 624.6% on a year-over-year basis. During the same quarter in the previous year, the business earned ($0.41) EPS. As a group, analysts predict that Avadel Pharmaceuticals will post -0.48 EPS for the current fiscal year.

Insider Transactions at Avadel Pharmaceuticals

In related news, Director Geoffrey Michael Glass purchased 20,279 shares of the firm’s stock in a transaction that occurred on Tuesday, December 10th. The shares were acquired at an average price of $9.84 per share, for a total transaction of $199,545.36. Following the purchase, the director now owns 75,904 shares in the company, valued at approximately $746,895.36. This represents a 36.46 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Linda Palczuk acquired 3,000 shares of the business’s stock in a transaction on Friday, December 6th. The shares were bought at an average price of $10.19 per share, with a total value of $30,570.00. Following the completion of the transaction, the director now directly owns 66,400 shares of the company’s stock, valued at approximately $676,616. The trade was a 4.73 % increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last three months, insiders acquired 40,579 shares of company stock worth $406,313. 4.80% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in AVDL. Braidwell LP boosted its position in shares of Avadel Pharmaceuticals by 16.9% in the third quarter. Braidwell LP now owns 3,388,939 shares of the company’s stock valued at $44,446,000 after acquiring an additional 490,300 shares during the period. State Street Corp grew its position in shares of Avadel Pharmaceuticals by 42.5% during the 3rd quarter. State Street Corp now owns 1,623,302 shares of the company’s stock worth $21,290,000 after purchasing an additional 483,787 shares in the last quarter. Brandes Investment Partners LP increased its holdings in shares of Avadel Pharmaceuticals by 1.5% during the second quarter. Brandes Investment Partners LP now owns 1,483,439 shares of the company’s stock worth $20,894,000 after purchasing an additional 21,214 shares during the period. Lord Abbett & CO. LLC boosted its stake 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 valued at $6,414,000 after buying an additional 94,239 shares during the period. Finally, Barclays PLC grew its position in Avadel Pharmaceuticals by 45.8% during 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 in the last quarter. 69.19% of the stock is owned by institutional investors and hedge funds.

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.