Avadel Pharmaceuticals plc (NASDAQ:AVDL) Given Consensus Rating of “Buy” by Analysts

Avadel Pharmaceuticals plc (NASDAQ:AVDL) has been given a consensus recommendation of “Buy” by the eight research firms that are currently covering the company, MarketBeat.com reports. Eight equities research analysts have rated the stock with a buy recommendation. The average 1 year target price among brokerages that have issued a report on the stock in the last year is $19.88.

A number of equities research analysts recently commented on the company. Needham & Company LLC restated a “buy” rating and set a $19.00 price target on shares of Avadel Pharmaceuticals in a research report on Monday, March 3rd. Piper Sandler dropped their price objective on Avadel Pharmaceuticals from $24.00 to $13.00 and set an “overweight” rating for the company in a report on Friday, January 10th. HC Wainwright reissued a “buy” rating and issued a $21.00 price target on shares of Avadel Pharmaceuticals in a report on Tuesday, March 4th. UBS Group lowered their price objective on shares of Avadel Pharmaceuticals from $22.00 to $14.00 and set a “buy” rating for the company in a research report on Monday, January 13th. Finally, Deutsche Bank Aktiengesellschaft assumed coverage on shares of Avadel Pharmaceuticals in a research note on Tuesday, February 11th. They set a “buy” rating and a $12.00 price objective for the company.

Insider Buying and Selling

In related news, Director Peter J. Thornton bought 10,000 shares of Avadel Pharmaceuticals stock in a transaction on Monday, January 13th. The stock was acquired at an average price of $8.04 per share, with a total value of $80,400.00. Following the acquisition, the director now directly owns 104,055 shares of the company’s stock, valued at $836,602.20. This represents a 10.63 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Linda Palczuk bought 5,000 shares of the firm’s stock in a transaction on Tuesday, January 21st. The stock was acquired at an average price of $7.93 per share, for a total transaction of $39,650.00. Following the completion of the purchase, the director now directly owns 67,900 shares in the company, valued at approximately $538,447. The trade was a 7.95 % increase in their ownership of the stock. The disclosure for this purchase can be found here. 4.80% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Avadel Pharmaceuticals

Several institutional investors and hedge funds have recently made changes to their positions in the business. California State Teachers Retirement System increased its position in Avadel Pharmaceuticals by 10.2% during the 4th quarter. California State Teachers Retirement System now owns 81,448 shares of the company’s stock valued at $856,000 after purchasing an additional 7,544 shares during the period. PVG Asset Management Corp bought a new position in shares of Avadel Pharmaceuticals in the fourth quarter worth approximately $358,000. Two Seas Capital LP raised its holdings in Avadel Pharmaceuticals by 90.6% in the 4th quarter. Two Seas Capital LP now owns 4,296,449 shares of the company’s stock worth $45,156,000 after acquiring an additional 2,042,669 shares during the last quarter. Zimmer Partners LP bought a new position in shares of Avadel Pharmaceuticals during the fourth quarter valued at $420,000. Finally, Tang Capital Management LLC boosted its holdings in shares of Avadel Pharmaceuticals by 21.7% during the 4th quarter. Tang Capital Management LLC now owns 1,497,500 shares of the company’s stock valued at $15,739,000 after acquiring an additional 267,500 shares during the last quarter. Institutional investors own 69.19% of the company’s stock.

Avadel Pharmaceuticals Price Performance

Shares of AVDL stock opened at $6.80 on Friday. Avadel Pharmaceuticals has a one year low of $6.60 and a one year high of $19.09. The stock has a market cap of $657.08 million, a P/E ratio of -8.61 and a beta of 1.57. The stock has a fifty day moving average price of $8.13 and a 200 day moving average price of $10.38.

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.