Avadel Pharmaceuticals plc (NASDAQ:AVDL) Receives Average Rating of “Buy” from Analysts

Shares of Avadel Pharmaceuticals plc (NASDAQ:AVDL) have earned an average recommendation of “Buy” from the six brokerages that are presently covering the firm, MarketBeat Ratings reports. Six investment analysts have rated the stock with a buy recommendation. The average 12 month target price among brokerages that have covered the stock in the last year is $18.14.

AVDL has been the subject of a number of research analyst reports. Piper Sandler lifted their target price on shares of Avadel Pharmaceuticals from $13.00 to $18.00 and gave the stock an “overweight” rating in a research report on Thursday, August 10th. Oppenheimer raised their target price on Avadel Pharmaceuticals from $22.00 to $25.00 and gave the stock a “market outperform” rating in a research report on Friday, June 30th. Needham & Company LLC reaffirmed a “buy” rating and set a $18.00 price target on shares of Avadel Pharmaceuticals in a research report on Thursday, August 10th. Craig Hallum upped their price target on shares of Avadel Pharmaceuticals from $16.00 to $18.00 in a research report on Friday, June 30th. Finally, HC Wainwright reaffirmed a “buy” rating and set a $21.00 price target on shares of Avadel Pharmaceuticals in a research report on Thursday, August 10th.

Insider Buying and Selling

In other news, CFO Thomas S. Mchugh bought 2,000 shares of Avadel Pharmaceuticals stock in a transaction that occurred on Monday, August 14th. The stock was bought at an average cost of $14.45 per share, with a total value of $28,900.00. Following the acquisition, the chief financial officer now owns 78,500 shares of the company’s stock, valued at approximately $1,134,325. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In other Avadel Pharmaceuticals news, CFO Thomas S. Mchugh purchased 2,000 shares of the business’s stock in a transaction on Monday, August 14th. The stock was acquired at an average price of $14.45 per share, for a total transaction of $28,900.00. Following the purchase, the chief financial officer now owns 78,500 shares of the company’s stock, valued at approximately $1,134,325. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Geoffrey Michael Glass purchased 14,000 shares of the business’s stock in a transaction on Thursday, August 10th. The stock was acquired at an average price of $13.40 per share, with a total value of $187,600.00. Following the purchase, the director now directly owns 59,000 shares in the company, valued at approximately $790,600. The disclosure for this purchase can be found here. In the last ninety days, insiders bought 26,000 shares of company stock valued at $348,500. 4.00% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Avadel Pharmaceuticals

A number of institutional investors have recently added to or reduced their stakes in the stock. Rockefeller Capital Management L.P. grew its position in shares of Avadel Pharmaceuticals by 658.8% during the fourth quarter. Rockefeller Capital Management L.P. now owns 3,794 shares of the company’s stock valued at $26,000 after purchasing an additional 3,294 shares in the last quarter. Tower Research Capital LLC TRC grew its holdings in shares of Avadel Pharmaceuticals by 24.8% in the second quarter. Tower Research Capital LLC TRC now owns 4,810 shares of the company’s stock valued at $79,000 after purchasing an additional 956 shares in the last quarter. BNP Paribas Arbitrage SNC grew its holdings in shares of Avadel Pharmaceuticals by 1,545.3% in the second quarter. BNP Paribas Arbitrage SNC now owns 8,506 shares of the company’s stock valued at $140,000 after purchasing an additional 7,989 shares in the last quarter. Simplicity Solutions LLC purchased a new position in shares of Avadel Pharmaceuticals in the first quarter valued at $92,000. Finally, UBS Group AG grew its holdings in shares of Avadel Pharmaceuticals by 264.7% in the first quarter. UBS Group AG now owns 10,671 shares of the company’s stock valued at $98,000 after purchasing an additional 7,745 shares in the last quarter. 71.23% of the stock is owned by hedge funds and other institutional investors.

Avadel Pharmaceuticals Price Performance

AVDL stock opened at $12.27 on Friday. Avadel Pharmaceuticals has a 1-year low of $4.61 and a 1-year high of $16.85. The business has a fifty day moving average price of $13.72 and a 200-day moving average price of $12.69. The stock has a market capitalization of $1.10 billion, a P/E ratio of -5.90 and a beta of 1.47.

Avadel Pharmaceuticals (NASDAQ:AVDL) last posted its quarterly earnings results on Wednesday, August 9th. The company reported ($0.70) earnings per share for the quarter, missing the consensus estimate of ($0.39) by ($0.31). The firm had revenue of $1.50 million during the quarter, compared to analysts’ expectations of $1.27 million. As a group, analysts anticipate that Avadel Pharmaceuticals will post -1.78 earnings per share for the current year.

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.