Avadel Pharmaceuticals plc (NASDAQ:AVDL) Receives $21.00 Consensus Target Price from Brokerages

Shares of Avadel Pharmaceuticals plc (NASDAQ:AVDL) have been assigned a consensus rating of “Buy” from the seven analysts that are presently covering the firm, Marketbeat.com reports. Seven research analysts have rated the stock with a buy recommendation. The average 12-month target price among analysts that have covered the stock in the last year is $21.00.

A number of analysts have commented on the stock. UBS Group cut their price target on shares of Avadel Pharmaceuticals from $22.00 to $14.00 and set a “buy” rating on the stock in a research report on Monday, January 13th. Needham & Company LLC cut 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, January 9th. 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, January 10th. Piper Sandler dropped their price target on Avadel Pharmaceuticals from $24.00 to $13.00 and set an “overweight” rating on the stock in a research report on Friday, January 10th. Finally, 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 note on Thursday, October 31st.

Avadel Pharmaceuticals Price Performance

Shares of AVDL opened at $7.85 on Tuesday. Avadel Pharmaceuticals has a one year low of $7.39 and a one year high of $19.09. The firm has a 50 day simple moving average of $10.04 and a two-hundred day simple moving average of $13.03. The company has a market cap of $756.43 million, a P/E ratio of -9.94 and a beta of 1.31.

Avadel Pharmaceuticals (NASDAQ:AVDL) last announced its quarterly earnings results on Tuesday, November 12th. The company reported ($0.03) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.06) by $0.03. Avadel Pharmaceuticals had a negative net margin of 52.53% and a negative return on equity of 93.34%. The firm had revenue of $50.00 million during the quarter, compared to analysts’ expectations of $48.43 million. During the same period in the prior year, the company posted ($0.41) EPS. The company’s revenue was up 624.6% on a year-over-year basis. On average, analysts expect that Avadel Pharmaceuticals will post -0.51 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, CEO Gregory J. Divis bought 9,598 shares of the business’s stock in a transaction dated Friday, December 6th. The shares were purchased at an average price of $9.98 per share, for a total transaction of $95,788.04. Following the completion of the acquisition, the chief executive officer now owns 9,598 shares of the company’s stock, valued at approximately $95,788.04. This trade represents a ∞ increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director Linda Palczuk purchased 5,000 shares of the stock in a transaction on Tuesday, January 21st. The shares were acquired at an average cost of $7.93 per share, with a total value of $39,650.00. Following the transaction, the director now directly owns 67,900 shares in the company, valued at $538,447. The trade was a 7.95 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders purchased a total of 55,579 shares of company stock valued at $526,363 in the last quarter. Corporate insiders own 4.80% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the stock. Braidwell LP boosted its position in Avadel Pharmaceuticals by 16.9% during the 3rd quarter. Braidwell LP now owns 3,388,939 shares of the company’s stock valued at $44,446,000 after acquiring an additional 490,300 shares in the last quarter. Wealth Effects LLC boosted its holdings in Avadel Pharmaceuticals by 4.9% in the fourth quarter. Wealth Effects LLC now owns 2,344,130 shares of the company’s stock worth $24,637,000 after acquiring an additional 110,359 shares in the last quarter. State Street Corp grew its stake in shares of Avadel Pharmaceuticals by 42.5% in the third quarter. State Street Corp now owns 1,623,302 shares of the company’s stock worth $21,290,000 after acquiring an additional 483,787 shares during the last quarter. Brandes Investment Partners LP increased its holdings in shares of Avadel Pharmaceuticals by 1.5% during the second quarter. Brandes Investment Partners LP now owns 1,483,439 shares of the company’s stock valued at $20,894,000 after acquiring an additional 21,214 shares in the last quarter. Finally, Lord Abbett & CO. LLC raised its position in shares of Avadel Pharmaceuticals by 23.9% in the 3rd quarter. Lord Abbett & CO. LLC now owns 489,073 shares of the company’s stock worth $6,414,000 after purchasing an additional 94,239 shares during the last quarter. 69.19% of the stock is currently owned by institutional investors.

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.