Avadel Pharmaceuticals (NASDAQ:AVDL) Shares Down 3.9% on Analyst Downgrade

Avadel Pharmaceuticals plc (NASDAQ:AVDL)’s share price fell 3.9% on Wednesday after HC Wainwright lowered their price target on the stock from $27.00 to $25.00. HC Wainwright currently has a buy rating on the stock. Avadel Pharmaceuticals traded as low as $12.60 and last traded at $12.64. 140,610 shares traded hands during mid-day trading, a decline of 88% from the average session volume of 1,162,083 shares. The stock had previously closed at $13.15.

Several other brokerages have also issued reports on AVDL. Needham & Company LLC reiterated a “buy” rating and issued a $22.00 target price on shares of Avadel Pharmaceuticals in a research report on Tuesday. Oppenheimer upped their target price on shares of Avadel Pharmaceuticals from $29.00 to $30.00 and gave the stock an “outperform” rating in a research report on Thursday, October 31st. Seven research analysts have rated the stock with a buy rating, According to data from MarketBeat, the company presently has a consensus rating of “Buy” and an average price target of $24.43.

Institutional Trading of Avadel Pharmaceuticals

Institutional investors have recently added to or reduced their stakes in the business. Amalgamated Bank purchased a new stake in Avadel Pharmaceuticals during the second quarter valued at about $45,000. BNP Paribas Financial Markets boosted its holdings in shares of Avadel Pharmaceuticals by 60.5% during the first quarter. BNP Paribas Financial Markets now owns 4,469 shares of the company’s stock worth $75,000 after purchasing an additional 1,685 shares during the period. Quarry LP purchased a new stake in shares of Avadel Pharmaceuticals during the second quarter worth about $63,000. Advisors Asset Management Inc. boosted its holdings in shares of Avadel Pharmaceuticals by 56.1% during the third quarter. Advisors Asset Management Inc. now owns 7,921 shares of the company’s stock worth $104,000 after purchasing an additional 2,846 shares during the period. Finally, Beverly Hills Private Wealth LLC purchased a new stake in shares of Avadel Pharmaceuticals during the second quarter worth about $146,000. 69.19% of the stock is currently owned by hedge funds and other institutional investors.

Avadel Pharmaceuticals Stock Down 4.1 %

The stock’s fifty day moving average price is $13.67 and its two-hundred day moving average price is $15.12. The company has a market capitalization of $1.21 billion, a PE ratio of -10.78 and a beta of 1.47.

Avadel Pharmaceuticals (NASDAQ:AVDL) last announced its earnings results on Tuesday, November 12th. The company reported ($0.03) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.06) by $0.03. Avadel Pharmaceuticals had a negative net margin of 111.64% and a negative return on equity of 122.64%. The business had revenue of $50.00 million during the quarter, compared to the consensus estimate of $48.43 million. During the same quarter last year, the firm earned ($0.41) earnings per share. The business’s revenue for the quarter was up 624.6% on a year-over-year basis. On average, equities research analysts forecast that Avadel Pharmaceuticals plc will post -0.5 EPS for the current year.

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.