Avadel Pharmaceuticals (NASDAQ:AVDL) Downgraded by Zacks Investment Research

Zacks Investment Research downgraded shares of Avadel Pharmaceuticals (NASDAQ:AVDL) from a hold rating to a sell rating in a report released on Wednesday, Zacks.com reports.

According to Zacks, “Avadel Pharmaceuticals plc is a specialty pharmaceutical company. Its product pipeline consists of hospital and paediatrics. Hospital segment provides Bloxiverz(R), Vazculep(R) and Akovaz(TM). Paediatrics segment provides Karbinal (TM) ER, AcipHex(R) Sprinkle and Flexichamber(TM). The company operates primarily in Ireland, USA and France. Avadel Pharmaceuticals plc, formerly known as Flamel Technologies SA, is headquartered in Lyon, France. “

Other analysts have also issued reports about the company. Laidlaw raised their price objective on Avadel Pharmaceuticals from $3.00 to $6.00 and gave the company a buy rating in a research note on Tuesday, September 24th. LADENBURG THALM/SH SH raised Avadel Pharmaceuticals from a neutral rating to a buy rating and set a $6.00 price objective on the stock in a research note on Friday, June 14th. Finally, ValuEngine lowered Avadel Pharmaceuticals from a buy rating to a hold rating in a research note on Wednesday, September 4th.

NASDAQ:AVDL traded up $0.07 during trading hours on Wednesday, hitting $3.89. The company’s stock had a trading volume of 611,605 shares, compared to its average volume of 300,460. The stock has a fifty day simple moving average of $2.87 and a 200-day simple moving average of $2.11. The company has a market capitalization of $142.68 million, a P/E ratio of -1.95 and a beta of 1.64. Avadel Pharmaceuticals has a twelve month low of $1.03 and a twelve month high of $5.37.

Avadel Pharmaceuticals (NASDAQ:AVDL) last released its quarterly earnings data on Friday, August 9th. The company reported ($0.23) earnings per share for the quarter. The business had revenue of $17.55 million during the quarter. Avadel Pharmaceuticals had a negative net margin of 135.48% and a negative return on equity of 608.04%. Equities research analysts forecast that Avadel Pharmaceuticals will post -1.19 EPS for the current fiscal year.

A number of institutional investors have recently bought and sold shares of AVDL. CIBC Private Wealth Group LLC bought a new position in Avadel Pharmaceuticals in the second quarter valued at about $434,000. JPMorgan Chase & Co. raised its position in Avadel Pharmaceuticals by 383.0% in the second quarter. JPMorgan Chase & Co. now owns 22,700 shares of the company’s stock valued at $64,000 after purchasing an additional 18,000 shares during the last quarter. Renaissance Technologies LLC raised its position in Avadel Pharmaceuticals by 21.9% in the second quarter. Renaissance Technologies LLC now owns 802,606 shares of the company’s stock valued at $2,320,000 after purchasing an additional 144,270 shares during the last quarter. Brown Capital Management LLC raised its position in Avadel Pharmaceuticals by 8.9% in the second quarter. Brown Capital Management LLC now owns 1,524,428 shares of the company’s stock valued at $4,406,000 after purchasing an additional 124,421 shares during the last quarter. Finally, Morgan Stanley raised its position in Avadel Pharmaceuticals by 0.7% in the second quarter. Morgan Stanley now owns 717,901 shares of the company’s stock valued at $2,075,000 after purchasing an additional 5,243 shares during the last quarter. Hedge funds and other institutional investors own 51.73% of the company’s stock.

Avadel Pharmaceuticals Company Profile

Avadel Pharmaceuticals plc operates as a specialty pharmaceutical company in the United States, France, and Ireland. The company primarily develops FT218, which is in a Phase 3 clinical trial for the treatment of narcolepsy patients suffering from excessive daytime sleepiness (EDS) and cataplexy. It also markets three sterile injectable drugs used in the hospital setting, including Akovaz that is indicated for the treatment of clinically important hypotension occurring in the setting of anesthesia; Bloxiverz, a cholinesterase inhibitor indicated for the reversal of the effects of non-depolarizing neuromuscular blocking agents after surgery; and Vazculep, a phenylephrine hydrochloride injection indicated for the treatment of clinically important hypotension.

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