Avadel Pharmaceuticals’ (AVDL) “Buy” Rating Reiterated at Needham & Company LLC

Needham & Company LLC restated their buy rating on shares of Avadel Pharmaceuticals (NASDAQ:AVDL) in a research report report published on Monday,Benzinga reports. The brokerage currently has a $19.00 price objective on the stock.

A number of other equities analysts have also recently commented on AVDL. UBS Group cut their price target on shares of Avadel Pharmaceuticals from $22.00 to $14.00 and set a “buy” rating for the company in a research note on Monday, January 13th. Piper Sandler cut their price target on shares of Avadel Pharmaceuticals from $24.00 to $13.00 and set an “overweight” rating for the company in a research note on Friday, January 10th. Deutsche Bank Aktiengesellschaft assumed coverage on shares of Avadel Pharmaceuticals in a research note on Tuesday, February 11th. They issued a “buy” rating and a $12.00 price target for the company. Finally, HC Wainwright reissued a “buy” rating and issued a $21.00 price target (down previously from $25.00) on shares of Avadel Pharmaceuticals in a research note on Friday, January 10th. Eight equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus target price of $19.88.

Avadel Pharmaceuticals Trading Up 3.0 %

Avadel Pharmaceuticals stock opened at $7.87 on Monday. 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 $758.37 million, a PE ratio of -9.96 and a beta of 1.28. The firm’s 50 day simple moving average is $8.72 and its 200 day simple moving average is $11.48.

Insider Activity

In related news, Director Linda Palczuk bought 3,000 shares of the business’s stock in a transaction dated Friday, December 6th. The shares were purchased at an average price of $10.19 per share, with a total value of $30,570.00. Following the purchase, the director now owns 66,400 shares of the company’s stock, valued at approximately $676,616. This trade represents a 4.73 % increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Thomas S. Mchugh purchased 5,000 shares of the stock in a transaction that occurred on Wednesday, December 11th. The shares were acquired at an average cost of $10.49 per share, with a total value of $52,450.00. Following the completion of the transaction, the chief financial officer now owns 85,500 shares in the company, valued at $896,895. This trade represents a 6.21 % increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last 90 days, insiders acquired 55,579 shares of company stock valued at $526,363. Corporate insiders own 4.80% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the company. PVG Asset Management Corp purchased a new position in Avadel Pharmaceuticals in the fourth quarter worth about $358,000. Two Seas Capital LP raised its holdings in Avadel Pharmaceuticals by 90.6% in the fourth quarter. Two Seas Capital LP now owns 4,296,449 shares of the company’s stock worth $45,156,000 after buying an additional 2,042,669 shares during the last quarter. Zimmer Partners LP purchased a new position in Avadel Pharmaceuticals in the fourth quarter worth about $420,000. Tang Capital Management LLC raised its holdings in Avadel Pharmaceuticals by 21.7% in the fourth quarter. Tang Capital Management LLC now owns 1,497,500 shares of the company’s stock worth $15,739,000 after buying an additional 267,500 shares during the last quarter. Finally, ProShare Advisors LLC raised its holdings in Avadel Pharmaceuticals by 32.1% in the fourth quarter. ProShare Advisors LLC now owns 30,592 shares of the company’s stock worth $322,000 after buying an additional 7,433 shares during the last quarter. 69.19% of the stock is owned by hedge funds and other 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.