Avadel Pharmaceuticals (NASDAQ:AVDL) Share Price Passes Above 200-Day Moving Average of $14.01

Avadel Pharmaceuticals plc (NASDAQ:AVDL)’s share price passed above its two hundred day moving average during trading on Monday . The stock has a two hundred day moving average of $14.01 and traded as high as $18.26. Avadel Pharmaceuticals shares last traded at $17.97, with a volume of 553,917 shares traded.

Analyst Upgrades and Downgrades

Several research analysts have issued reports on AVDL shares. Craig Hallum boosted their target price on Avadel Pharmaceuticals from $20.00 to $22.00 and gave the company a “buy” rating in a research report on Tuesday, March 5th. Piper Sandler increased their target price on Avadel Pharmaceuticals from $18.00 to $23.00 and gave the stock an “overweight” rating in a research note on Tuesday, March 5th. HC Wainwright boosted their target price on shares of Avadel Pharmaceuticals from $21.00 to $25.00 and gave the company a “buy” rating in a research note on Tuesday, March 5th. UBS Group started coverage on shares of Avadel Pharmaceuticals in a research note on Tuesday, February 6th. They issued a “buy” rating and a $21.00 price target on the stock. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $22.00 price target on shares of Avadel Pharmaceuticals in a research note on Tuesday, April 9th. Six equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Avadel Pharmaceuticals currently has an average rating of “Buy” and an average target price of $22.57.

Avadel Pharmaceuticals Price Performance

The business has a 50-day moving average of $15.97 and a two-hundred day moving average of $14.01. The company has a market cap of $1.63 billion, a P/E ratio of -8.81 and a beta of 1.60.

Avadel Pharmaceuticals (NASDAQ:AVDL) last released its quarterly earnings results on Monday, March 4th. The company reported ($0.32) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.28) by ($0.04). The firm had revenue of $19.45 million for the quarter, compared to analyst estimates of $17.41 million. During the same quarter in the prior year, the company earned ($0.44) EPS. Equities analysts anticipate that Avadel Pharmaceuticals plc will post -0.46 EPS for the current fiscal year.

Institutional Trading of Avadel Pharmaceuticals

A number of institutional investors have recently made changes to their positions in AVDL. Quantbot Technologies LP purchased a new stake in Avadel Pharmaceuticals in the third quarter valued at about $78,000. Quarry LP purchased a new position in shares of Avadel Pharmaceuticals in the 4th quarter valued at approximately $120,000. Claro Advisors LLC acquired a new stake in Avadel Pharmaceuticals in the 1st quarter worth approximately $172,000. China Universal Asset Management Co. Ltd. grew its position in Avadel Pharmaceuticals by 349.4% during the 4th quarter. China Universal Asset Management Co. Ltd. now owns 10,327 shares of the company’s stock worth $146,000 after purchasing an additional 8,029 shares during the last quarter. Finally, Exencial Wealth Advisors LLC acquired a new position in Avadel Pharmaceuticals during the 3rd quarter valued at approximately $124,000. 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.