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

Avadel Pharmaceuticals (NASDAQ:AVDL)‘s stock had its “buy” rating restated by HC Wainwright in a research note issued on Friday,Benzinga reports. They presently have a $21.00 target price on the stock, down from their previous target price of $25.00. HC Wainwright’s price objective indicates a potential upside of 165.82% from the stock’s current price.

Several other brokerages also recently commented on AVDL. Oppenheimer lifted their target price on shares of Avadel Pharmaceuticals from $29.00 to $30.00 and gave the stock an “outperform” rating in a report on Thursday, October 31st. Needham & Company LLC reduced their price objective on Avadel Pharmaceuticals from $22.00 to $19.00 and set a “buy” rating for the company in a report on Thursday. Seven investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Avadel Pharmaceuticals presently has a consensus rating of “Buy” and an average price target of $22.00.

Avadel Pharmaceuticals Stock Down 26.1 %

AVDL opened at $7.90 on Friday. Avadel Pharmaceuticals has a 12-month low of $7.39 and a 12-month high of $19.09. The business has a 50 day moving average of $11.27 and a 200-day moving average of $13.49. The stock has a market cap of $761.26 million, a price-to-earnings ratio of -10.00 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 return on equity of 93.34% and a negative net margin of 52.53%. The business had revenue of $50.00 million during the quarter, compared to the consensus estimate of $48.43 million. During the same quarter last year, the firm posted ($0.41) EPS. The company’s quarterly revenue was up 624.6% on a year-over-year basis. As a group, analysts expect that Avadel Pharmaceuticals will post -0.48 earnings per share for the current year.

Insider Buying and Selling at Avadel Pharmaceuticals

In other news, CFO Thomas S. Mchugh acquired 5,000 shares of the business’s stock in a transaction that occurred on Wednesday, December 11th. The stock was acquired at an average price of $10.49 per share, with a total value of $52,450.00. Following the completion of the transaction, the chief financial officer now directly owns 85,500 shares of the company’s stock, valued at $896,895. This trade represents a 6.21 % increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Geoffrey Michael Glass acquired 20,279 shares of Avadel Pharmaceuticals stock in a transaction on Tuesday, December 10th. The shares were purchased at an average price of $9.84 per share, for a total transaction of $199,545.36. Following the completion of the purchase, the director now directly owns 75,904 shares of the company’s stock, valued at approximately $746,895.36. This represents a 36.46 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders acquired 40,579 shares of company stock valued at $406,313 in the last quarter. Company insiders own 4.80% of the company’s stock.

Institutional Trading of Avadel Pharmaceuticals

A number of institutional investors and hedge funds have recently made changes to their positions in AVDL. Braidwell LP boosted its stake in Avadel Pharmaceuticals by 16.9% in the third quarter. Braidwell LP now owns 3,388,939 shares of the company’s stock valued at $44,446,000 after buying an additional 490,300 shares in the last quarter. State Street Corp lifted its stake in Avadel Pharmaceuticals by 42.5% in 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 last quarter. Nantahala Capital Management LLC bought a new position in Avadel Pharmaceuticals in the 2nd quarter valued at approximately $4,921,000. Bank of New York Mellon Corp acquired a new stake in Avadel Pharmaceuticals in the second quarter valued at approximately $4,575,000. Finally, Troluce Capital Advisors LLC bought a new stake in shares of Avadel Pharmaceuticals during the second quarter worth $2,109,000. Institutional investors own 69.19% of the company’s stock.

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.