HC Wainwright Reaffirms “Buy” Rating for Avadel Pharmaceuticals (NASDAQ:AVDL)

Avadel Pharmaceuticals (NASDAQ:AVDL)‘s stock had its “buy” rating reaffirmed by HC Wainwright in a research report issued on Tuesday,Benzinga reports. They presently have a $21.00 price target on the stock. HC Wainwright’s price target indicates a potential upside of 166.84% from the stock’s current price.

A number of other analysts have also issued reports on the company. UBS Group lowered their price target on Avadel Pharmaceuticals from $22.00 to $14.00 and set a “buy” rating on the stock in a research note on Monday, January 13th. Piper Sandler reduced their target price on shares of Avadel Pharmaceuticals from $24.00 to $13.00 and set an “overweight” rating for the company in a research report on Friday, January 10th. Deutsche Bank Aktiengesellschaft started coverage on shares of Avadel Pharmaceuticals in a research note on Tuesday, February 11th. They issued a “buy” rating and a $12.00 price target on the stock. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $19.00 price objective on shares of Avadel Pharmaceuticals in a report on Monday. Eight investment analysts have rated the stock with a buy rating, According to MarketBeat.com, Avadel Pharmaceuticals presently has a consensus rating of “Buy” and an average target price of $19.88.

Avadel Pharmaceuticals Stock Up 3.0 %

Shares of AVDL stock opened at $7.87 on Tuesday. Avadel Pharmaceuticals has a 52-week low of $7.39 and a 52-week high of $19.09. The stock has a market cap of $758.37 million, a PE ratio of -9.96 and a beta of 1.28. The business has a 50-day simple moving average of $8.72 and a 200-day simple moving average of $11.48.

Insider Activity

In other news, Director Linda Palczuk bought 3,000 shares of the business’s stock in a transaction on Friday, December 6th. The shares were bought at an average price of $10.19 per share, with a total value of $30,570.00. Following the completion of the transaction, the director now directly owns 66,400 shares in the company, valued at $676,616. This trade represents a 4.73 % increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Thomas S. Mchugh acquired 5,000 shares of the company’s stock in a transaction dated 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 completion of the purchase, the chief financial officer now directly owns 85,500 shares of the company’s stock, valued at approximately $896,895. This represents a 6.21 % increase in their position. The disclosure for this purchase can be found here. In the last 90 days, insiders have bought 55,579 shares of company stock valued at $526,363. 4.80% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Avadel Pharmaceuticals

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