Avadel Pharmaceuticals (NASDAQ:AVDL) Given New $14.00 Price Target at UBS Group

Avadel Pharmaceuticals (NASDAQ:AVDL) had its target price reduced by equities researchers at UBS Group from $22.00 to $14.00 in a research report issued on Monday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. UBS Group’s target price would suggest a potential upside of 78.80% from the stock’s current price.

Other equities research analysts have also issued research reports about the company. Oppenheimer lifted their price objective on Avadel Pharmaceuticals from $29.00 to $30.00 and gave the company an “outperform” rating in a report on Thursday, October 31st. HC Wainwright reaffirmed a “buy” rating and issued a $21.00 price target (down previously from $25.00) on shares of Avadel Pharmaceuticals in a report on Friday. Needham & Company LLC reduced their target price on Avadel Pharmaceuticals from $22.00 to $19.00 and set a “buy” rating on the stock in a research note on Thursday. Finally, Piper Sandler dropped their price target on Avadel Pharmaceuticals from $24.00 to $13.00 and set an “overweight” rating for the company in a research report on Friday. Seven research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company presently has an average rating of “Buy” and a consensus target price of $21.00.

Avadel Pharmaceuticals Price Performance

Shares of AVDL traded down $0.07 during midday trading on Monday, reaching $7.83. 2,006,488 shares of the stock were exchanged, compared to its average volume of 2,388,961. The company has a market capitalization of $754.51 million, a price-to-earnings ratio of -9.91 and a beta of 1.31. Avadel Pharmaceuticals has a twelve month low of $7.39 and a twelve month high of $19.09. The business’s 50-day moving average price is $11.27 and its 200 day moving average price is $13.49.

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

Insiders Place Their Bets

In related news, CFO Thomas S. Mchugh purchased 5,000 shares of the company’s stock in a transaction on Wednesday, December 11th. The shares were bought at an average price of $10.49 per share, with a total value of $52,450.00. Following the completion of the acquisition, the chief financial officer now owns 85,500 shares of the company’s stock, valued at approximately $896,895. This represents a 6.21 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CEO Gregory J. Divis acquired 9,598 shares of Avadel Pharmaceuticals stock in a transaction dated Friday, December 6th. The shares were bought at an average cost of $9.98 per share, with a total value of $95,788.04. Following the completion of the purchase, the chief executive officer now owns 9,598 shares in the company, valued at approximately $95,788.04. This represents a ∞ increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last quarter, insiders acquired 40,579 shares of company stock worth $406,313. 4.80% of the stock is owned by company insiders.

Institutional Trading of Avadel Pharmaceuticals

Several institutional investors and hedge funds have recently bought and sold shares of AVDL. XTX Topco Ltd purchased a new position in shares of Avadel Pharmaceuticals in the third quarter worth approximately $642,000. State Street Corp raised its stake in Avadel Pharmaceuticals by 42.5% during the 3rd 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. Barclays PLC lifted its holdings in shares of Avadel Pharmaceuticals by 45.8% in the third quarter. Barclays PLC now owns 392,691 shares of the company’s stock valued at $5,150,000 after purchasing an additional 123,430 shares in the last quarter. Lord Abbett & CO. LLC boosted its position in shares of Avadel Pharmaceuticals by 23.9% in the third quarter. Lord Abbett & CO. LLC now owns 489,073 shares of the company’s stock worth $6,414,000 after buying an additional 94,239 shares during the period. Finally, Troluce Capital Advisors LLC purchased a new position in shares of Avadel Pharmaceuticals during the second quarter valued at $2,109,000. Institutional investors and hedge funds 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.