Avadel Pharmaceuticals (NASDAQ:AVDL) Earns Buy Rating from HC Wainwright

Avadel Pharmaceuticals (NASDAQ:AVDL)‘s stock had its “buy” rating reissued by equities research analysts at HC Wainwright in a research note issued to investors on Friday,Benzinga reports. They currently have a $21.00 target price on the stock, down from their previous target price of $25.00. HC Wainwright’s price objective points to a potential upside of 96.45% from the stock’s current price.

A number of other analysts also recently weighed in on AVDL. Needham & Company LLC reduced their price target on shares of Avadel Pharmaceuticals from $22.00 to $19.00 and set a “buy” rating for the company in a report on Thursday. Oppenheimer upped their price objective 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. Seven equities research analysts have rated the stock with a buy rating, According to MarketBeat, the stock has an average rating of “Buy” and an average price target of $23.43.

Avadel Pharmaceuticals Stock Down 1.6 %

Shares of Avadel Pharmaceuticals stock opened at $10.69 on Friday. Avadel Pharmaceuticals has a 12-month low of $9.41 and a 12-month high of $19.09. The stock has a market capitalization of $1.03 billion, a P/E ratio of -13.53 and a beta of 1.31. The stock has a 50 day moving average price of $11.41 and a two-hundred day moving average price of $13.54.

Avadel Pharmaceuticals (NASDAQ:AVDL) last announced its earnings results on Tuesday, November 12th. The company reported ($0.03) EPS for the quarter, topping the consensus estimate of ($0.06) by $0.03. The firm had revenue of $50.00 million for the quarter, compared to the consensus estimate 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 firm posted ($0.41) EPS. Sell-side analysts anticipate that Avadel Pharmaceuticals will post -0.48 earnings per share for the current year.

Insider Buying and Selling

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

Institutional Trading of Avadel Pharmaceuticals

Several institutional investors and hedge funds have recently added to or reduced their stakes in AVDL. Braidwell LP boosted its stake in shares of Avadel Pharmaceuticals by 16.9% in the 3rd quarter. Braidwell LP now owns 3,388,939 shares of the company’s stock valued at $44,446,000 after purchasing an additional 490,300 shares during the last quarter. State Street Corp lifted its holdings in Avadel Pharmaceuticals by 42.5% in the third quarter. State Street Corp now owns 1,623,302 shares of the company’s stock valued at $21,290,000 after buying an additional 483,787 shares during the period. Brandes Investment Partners LP lifted its holdings in Avadel Pharmaceuticals by 1.5% in the second quarter. Brandes Investment Partners LP now owns 1,483,439 shares of the company’s stock valued at $20,894,000 after buying an additional 21,214 shares during the period. Lord Abbett & CO. LLC boosted its stake in Avadel Pharmaceuticals by 23.9% in the third quarter. Lord Abbett & CO. LLC now owns 489,073 shares of the company’s stock valued at $6,414,000 after acquiring an additional 94,239 shares during the last quarter. Finally, Barclays PLC grew its holdings in Avadel Pharmaceuticals by 45.8% during the 3rd quarter. Barclays PLC now owns 392,691 shares of the company’s stock worth $5,150,000 after acquiring an additional 123,430 shares during the period. 69.19% of the stock is 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.