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

Avadel Pharmaceuticals plc (NASDAQ:AVDL)’s stock price was down 3.9% during trading 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. Approximately 140,610 shares changed hands during trading, a decline of 88% from the average daily volume of 1,162,083 shares. The stock had previously closed at $13.15.

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

Institutional Investors Weigh In On Avadel Pharmaceuticals

Hedge funds have recently added to or reduced their stakes in the company. Janus Henderson Group PLC raised its holdings in shares of Avadel Pharmaceuticals by 16.1% during the 1st quarter. Janus Henderson Group PLC now owns 12,915,160 shares of the company’s stock valued at $218,182,000 after buying an additional 1,789,830 shares in the last quarter. Braidwell LP raised its stake in shares of Avadel Pharmaceuticals by 16.9% during the third quarter. Braidwell LP now owns 3,388,939 shares of the company’s stock worth $44,446,000 after acquiring an additional 490,300 shares in the last quarter. Nantahala Capital Management LLC bought a new stake in shares of Avadel Pharmaceuticals in the 2nd quarter worth approximately $4,921,000. Bank of New York Mellon Corp purchased a new stake in shares of Avadel Pharmaceuticals in the 2nd quarter valued at $4,575,000. Finally, StemPoint Capital LP bought a new position in shares of Avadel Pharmaceuticals during the 1st quarter valued at $3,778,000. Institutional investors own 69.19% of the company’s stock.

Avadel Pharmaceuticals Stock Performance

The company has a market cap of $1.12 billion, a PE ratio of -14.67 and a beta of 1.47. The business’s 50-day moving average is $13.62 and its 200 day moving average is $15.09.

Avadel Pharmaceuticals (NASDAQ:AVDL) last released its quarterly earnings data 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 return on equity of 92.12% and a negative net margin of 52.53%. The company’s quarterly revenue was up 624.6% on a year-over-year basis. During the same quarter in the previous year, the business earned ($0.41) earnings per share. Equities research analysts anticipate that Avadel Pharmaceuticals plc will post -0.5 EPS for the current fiscal year.

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.