Avadel Pharmaceuticals (NASDAQ:AVDL) Reaches New 12-Month Low – Here’s What Happened

Avadel Pharmaceuticals plc (NASDAQ:AVDL)’s share price reached a new 52-week low during trading on Monday . The stock traded as low as $10.44 and last traded at $10.76, with a volume of 267832 shares trading hands. The stock had previously closed at $10.91.

Analysts Set New Price Targets

Several brokerages have issued reports on AVDL. Oppenheimer upped their price target on shares of Avadel Pharmaceuticals from $29.00 to $30.00 and gave the company an “outperform” rating in a research report on Thursday, October 31st. Needham & Company LLC reissued a “buy” rating and set a $22.00 target price on shares of Avadel Pharmaceuticals in a research note on Tuesday, November 12th. Finally, HC Wainwright decreased their price objective on Avadel Pharmaceuticals from $27.00 to $25.00 and set a “buy” rating for the company in a report on Wednesday, November 13th. Seven research analysts have rated the stock with a buy rating, According to data from MarketBeat, Avadel Pharmaceuticals has an average rating of “Buy” and a consensus price target of $24.43.

Avadel Pharmaceuticals Stock Performance

The firm has a market capitalization of $1.03 billion, a P/E ratio of -13.81 and a beta of 1.47. The firm has a 50 day simple moving average of $13.49 and a two-hundred day simple moving average of $14.98.

Avadel Pharmaceuticals (NASDAQ:AVDL) last posted its quarterly earnings data on Tuesday, November 12th. The company reported ($0.03) earnings per share for the quarter, beating the consensus estimate of ($0.06) by $0.03. The firm had revenue of $50.00 million for the quarter, compared to analysts’ expectations of $48.43 million. Avadel Pharmaceuticals had a negative net margin of 52.53% and a negative return on equity of 93.34%. The business’s quarterly revenue was up 624.6% on a year-over-year basis. During the same quarter last year, the company posted ($0.41) EPS. Sell-side analysts anticipate that Avadel Pharmaceuticals plc will post -0.48 earnings per share for the current year.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the stock. Janus Henderson Group PLC raised its position in shares of Avadel Pharmaceuticals by 16.1% in the 1st quarter. Janus Henderson Group PLC now owns 12,915,160 shares of the company’s stock worth $218,182,000 after acquiring an additional 1,789,830 shares in the last quarter. Gendell Jeffrey L increased its holdings in shares of Avadel Pharmaceuticals by 1.7% in the 1st quarter. Gendell Jeffrey L now owns 5,708,118 shares of the company’s stock worth $96,410,000 after purchasing an additional 92,768 shares in the last quarter. Braidwell LP increased its holdings in Avadel Pharmaceuticals by 16.9% in the 3rd quarter. Braidwell LP now owns 3,388,939 shares of the company’s stock worth $44,446,000 after buying an additional 490,300 shares in the last quarter. State Street Corp lifted its position in Avadel Pharmaceuticals by 42.5% during the third quarter. State Street Corp now owns 1,623,302 shares of the company’s stock valued at $21,290,000 after purchasing an additional 483,787 shares during the period. Finally, Brandes Investment Partners LP grew its holdings in shares of Avadel Pharmaceuticals by 1.5% in the second quarter. Brandes Investment Partners LP now owns 1,483,439 shares of the company’s stock worth $20,894,000 after acquiring an additional 21,214 shares during the period. 69.19% of the stock is currently owned by institutional investors.

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.