Avadel Pharmaceuticals (NASDAQ:AVDL) Shares Pass Above 200 Day Moving Average – Here’s What Happened

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 $15.57 and traded as high as $21.58. Avadel Pharmaceuticals shares last traded at $21.55, with a volume of 558,750 shares changing hands.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on AVDL. Weiss Ratings reiterated a “sell (d-)” rating on shares of Avadel Pharmaceuticals in a report on Monday, December 22nd. Jefferies Financial Group cut shares of Avadel Pharmaceuticals from a “buy” rating to a “hold” rating and decreased their price target for the stock from $22.00 to $20.00 in a research note on Wednesday, October 22nd. Zacks Research downgraded shares of Avadel Pharmaceuticals from a “hold” rating to a “strong sell” rating in a report on Wednesday, November 5th. HC Wainwright cut shares of Avadel Pharmaceuticals from a “buy” rating to a “neutral” rating and set a $20.00 target price for the company. in a report on Thursday, October 23rd. Finally, Lifesci Capital downgraded shares of Avadel Pharmaceuticals from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, October 22nd. One equities research analyst has rated the stock with a Buy rating, ten have assigned a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Reduce” and an average price target of $18.13.

Avadel Pharmaceuticals Stock Down 0.2%

The firm has a fifty day moving average price of $20.73 and a 200 day moving average price of $15.57.

Avadel Pharmaceuticals (NASDAQ:AVDL) last issued its earnings results on Tuesday, November 4th. The company reported $0.00 earnings per share for the quarter, missing analysts’ consensus estimates of $0.04 by ($0.04). The firm had revenue of $77.47 million for the quarter, compared to analyst estimates of $78.05 million. Avadel Pharmaceuticals had a negative return on equity of 0.33% and a negative net margin of 0.11%.Avadel Pharmaceuticals’s quarterly revenue was up 55.0% on a year-over-year basis. During the same quarter in the previous year, the firm posted ($0.03) earnings per share. Analysts forecast that Avadel Pharmaceuticals PLC. will post -0.51 earnings per share for the current year.

Institutional Investors Weigh In On Avadel Pharmaceuticals

Hedge funds have recently bought and sold shares of the company. Nisa Investment Advisors LLC grew its holdings in Avadel Pharmaceuticals by 164.5% during the second quarter. Nisa Investment Advisors LLC now owns 3,304 shares of the company’s stock worth $29,000 after purchasing an additional 2,055 shares during the period. Federated Hermes Inc. lifted its position in shares of Avadel Pharmaceuticals by 195.4% in the third quarter. Federated Hermes Inc. now owns 3,471 shares of the company’s stock valued at $53,000 after buying an additional 2,296 shares during the last quarter. Raymond James Financial Inc. bought a new position in shares of Avadel Pharmaceuticals during the 2nd quarter worth approximately $65,000. Tower Research Capital LLC TRC increased its holdings in shares of Avadel Pharmaceuticals by 217.5% during the 2nd quarter. Tower Research Capital LLC TRC now owns 8,795 shares of the company’s stock worth $78,000 after acquiring an additional 6,025 shares during the last quarter. Finally, State of Alaska Department of Revenue acquired a new position in shares of Avadel Pharmaceuticals during the 3rd quarter worth approximately $83,000. 69.19% of the stock is currently owned by institutional investors and hedge funds.

Avadel Pharmaceuticals Company Profile

Avadel Pharmaceuticals plc is a global specialty biopharmaceutical company focused on developing and delivering treatments for rare diseases and central nervous system disorders. Headquartered in Dublin, Ireland, with operations in the United States, Avadel’s portfolio centers on sleep disorder therapeutics, including its flagship low-sodium oxybate product, XYWAV, which is approved in the U.S. for the treatment of cataplexy or excessive daytime sleepiness in patients with narcolepsy. The company is also advancing FT218, a once-nightly formulation of sodium oxybate, currently under regulatory review for narcolepsy management.

Formed through a rebranding of Flamel Technologies in 2016 and a strategic shift toward rare disease drug development, Avadel has built its R&D capabilities around improving patient compliance and reducing daily sodium exposure compared to traditional therapies.