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

Needham & Company LLC restated their buy rating on shares of Avadel Pharmaceuticals (NASDAQ:AVDL) in a research note published on Tuesday morning, Benzinga reports. The firm currently has a $22.00 target price on the stock.

Several other equities research analysts have also recently weighed in on AVDL. Oppenheimer increased their target price on Avadel Pharmaceuticals from $27.00 to $29.00 and gave the company an outperform rating in a report on Tuesday, March 5th. HC Wainwright increased their target price on Avadel Pharmaceuticals from $21.00 to $25.00 and gave the company a buy rating in a report on Tuesday, March 5th. Craig Hallum increased their target price on Avadel Pharmaceuticals from $20.00 to $22.00 and gave the company a buy rating in a report on Tuesday, March 5th. Piper Sandler increased their target price on Avadel Pharmaceuticals from $18.00 to $23.00 and gave the company an overweight rating in a report on Tuesday, March 5th. Finally, UBS Group began coverage on Avadel Pharmaceuticals in a research report on Tuesday, February 6th. They set a buy rating and a $21.00 price target for the company. Seven investment analysts have rated the stock with a buy rating, According to MarketBeat.com, the company has a consensus rating of Buy and a consensus target price of $22.57.

Avadel Pharmaceuticals Price Performance

Shares of AVDL stock opened at $16.77 on Tuesday. The stock has a market capitalization of $1.52 billion, a PE ratio of -8.22 and a beta of 1.60. Avadel Pharmaceuticals has a 1-year low of $8.49 and a 1-year high of $17.47. The business has a 50-day moving average of $15.22 and a 200 day moving average of $13.40.

Avadel Pharmaceuticals (NASDAQ:AVDL) last issued its earnings results on Monday, March 4th. The company reported ($0.32) earnings per share for the quarter, missing the consensus estimate of ($0.28) by ($0.04). The company had revenue of $19.45 million during the quarter, compared to the consensus estimate of $17.41 million. During the same period in the previous year, the company earned ($0.44) EPS. Analysts anticipate that Avadel Pharmaceuticals will post -0.46 EPS for the current year.

Insider Buying and Selling at Avadel Pharmaceuticals

In other Avadel Pharmaceuticals news, CFO Thomas S. Mchugh purchased 2,000 shares of the stock in a transaction on Tuesday, January 16th. The stock was acquired at an average price of $14.50 per share, with a total value of $29,000.00. Following the transaction, the chief financial officer now directly owns 80,500 shares of the company’s stock, valued at approximately $1,167,250. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 4.00% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in AVDL. Balyasny Asset Management L.P. bought a new position in shares of Avadel Pharmaceuticals in the 4th quarter worth approximately $11,035,000. Samsara BioCapital LLC raised its position in shares of Avadel Pharmaceuticals by 113.7% in the 1st quarter. Samsara BioCapital LLC now owns 1,409,409 shares of the company’s stock worth $12,910,000 after acquiring an additional 750,000 shares in the last quarter. Perceptive Advisors LLC bought a new position in shares of Avadel Pharmaceuticals in the 1st quarter worth approximately $5,404,000. Bank of America Corp DE raised its position in shares of Avadel Pharmaceuticals by 553.2% in the 1st quarter. Bank of America Corp DE now owns 692,226 shares of the company’s stock worth $6,341,000 after acquiring an additional 586,247 shares in the last quarter. Finally, Polar Capital Holdings Plc raised its position in shares of Avadel Pharmaceuticals by 14.5% in the 1st quarter. Polar Capital Holdings Plc now owns 3,199,152 shares of the company’s stock worth $21,850,000 after acquiring an additional 404,479 shares in the last quarter. Institutional investors 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.