Avadel Pharmaceuticals (NASDAQ:AVDL) Shares Down 3.4%

Avadel Pharmaceuticals plc (NASDAQ:AVDL) was down 3.4% during trading on Wednesday . The company traded as low as $17.40 and last traded at $17.48. Approximately 191,131 shares were traded during trading, a decline of 84% from the average daily volume of 1,223,043 shares. The stock had previously closed at $18.09.

Analysts Set New Price Targets

A number of analysts have issued reports on the company. Piper Sandler raised 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. HC Wainwright raised 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. Needham & Company LLC reaffirmed a “buy” rating and issued a $22.00 target price on shares of Avadel Pharmaceuticals in a report on Tuesday, April 9th. Craig Hallum raised 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. Finally, Oppenheimer raised 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. Seven equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average price target of $22.57.

Avadel Pharmaceuticals Trading Down 3.4 %

The company has a 50-day moving average of $15.49 and a 200 day moving average of $13.64.

Avadel Pharmaceuticals (NASDAQ:AVDL) last posted its earnings results on Monday, March 4th. The company reported ($0.32) EPS 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 analyst estimates of $17.41 million. During the same period in the previous year, the business earned ($0.44) EPS. On average, analysts forecast that Avadel Pharmaceuticals plc will post -0.46 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Avadel Pharmaceuticals

Hedge funds and other institutional investors have recently made changes to their positions in the company. Rockefeller Capital Management L.P. increased its stake in shares of Avadel Pharmaceuticals by 658.8% in the 4th quarter. Rockefeller Capital Management L.P. now owns 3,794 shares of the company’s stock valued at $26,000 after buying an additional 3,294 shares during the period. ADAR1 Capital Management LLC acquired a new stake in shares of Avadel Pharmaceuticals during the fourth quarter worth $28,000. Clear Street Markets LLC acquired a new stake in shares of Avadel Pharmaceuticals during the fourth quarter worth $34,000. BNP Paribas Financial Markets grew its stake in shares of Avadel Pharmaceuticals by 140.2% during the fourth quarter. BNP Paribas Financial Markets now owns 2,784 shares of the company’s stock worth $39,000 after purchasing an additional 1,625 shares during the period. Finally, Creative Planning grew its stake in shares of Avadel Pharmaceuticals by 15.2% during the second quarter. Creative Planning now owns 15,787 shares of the company’s stock worth $39,000 after purchasing an additional 2,083 shares during the period. 69.19% of the stock is owned by institutional investors and hedge funds.

Avadel Pharmaceuticals Company Profile

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.