Avadel Pharmaceuticals (NASDAQ:AVDL) Receives “Buy” Rating from Needham & Company LLC

Avadel Pharmaceuticals (NASDAQ:AVDL)‘s stock had its “buy” rating reissued by equities researchers at Needham & Company LLC in a note issued to investors on Monday,Benzinga reports. They presently have a $19.00 price objective on the stock. Needham & Company LLC’s price objective suggests a potential upside of 148.69% from the stock’s previous close.

A number of other research analysts also recently weighed in on AVDL. UBS Group lowered their target price on Avadel Pharmaceuticals from $22.00 to $14.00 and set a “buy” rating on the stock in a report on Monday, January 13th. Piper Sandler decreased their target price on Avadel Pharmaceuticals from $24.00 to $13.00 and set an “overweight” rating on the stock in a research note on Friday, January 10th. Deutsche Bank Aktiengesellschaft initiated coverage on Avadel Pharmaceuticals in a report on Tuesday, February 11th. They set a “buy” rating and a $12.00 price target for the company. Finally, HC Wainwright reiterated a “buy” rating and issued a $21.00 target price (down previously from $25.00) on shares of Avadel Pharmaceuticals in a report on Friday, January 10th. Eight analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus target price of $19.88.

Avadel Pharmaceuticals Stock Up 1.2 %

NASDAQ AVDL opened at $7.64 on Monday. Avadel Pharmaceuticals has a twelve month low of $7.39 and a twelve month high of $19.09. The firm has a market capitalization of $736.21 million, a PE ratio of -9.67 and a beta of 1.28. The stock’s 50 day moving average is $8.77 and its 200 day moving average is $11.54.

Insider Buying and Selling at Avadel Pharmaceuticals

In other Avadel Pharmaceuticals news, Director Linda Palczuk purchased 3,000 shares of the business’s stock in a transaction on Friday, December 6th. The stock was bought at an average cost of $10.19 per share, for a total transaction of $30,570.00. Following the acquisition, the director now owns 66,400 shares of the company’s stock, valued at approximately $676,616. The trade was a 4.73 % increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Geoffrey Michael Glass acquired 20,279 shares of the stock in a transaction dated Tuesday, December 10th. The shares were bought at an average cost of $9.84 per share, with a total value of $199,545.36. Following the completion of the purchase, the director now directly owns 75,904 shares in the company, valued at approximately $746,895.36. This trade represents a 36.46 % increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last 90 days, insiders have acquired 55,579 shares of company stock valued at $526,363. 4.80% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the company. FMR LLC acquired a new position in Avadel Pharmaceuticals in the third quarter worth approximately $31,000. Advisors Asset Management Inc. raised its holdings in Avadel Pharmaceuticals by 56.1% in the 3rd quarter. Advisors Asset Management Inc. now owns 7,921 shares of the company’s stock worth $104,000 after acquiring an additional 2,846 shares during the period. Hsbc Holdings PLC bought a new position in shares of Avadel Pharmaceuticals during the 4th quarter worth about $113,000. Kazazian Asset Management LLC bought a new position in shares of Avadel Pharmaceuticals during the 4th quarter worth about $126,000. Finally, Aigen Investment Management LP bought a new stake in Avadel Pharmaceuticals in the third quarter valued at about $160,000. Institutional investors 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.