Avadel Pharmaceuticals plc (NASDAQ:AVDL) Receives $19.88 Consensus Target Price from Brokerages

Avadel Pharmaceuticals plc (NASDAQ:AVDL) has earned a consensus rating of “Buy” from the eight research firms that are covering the firm, Marketbeat reports. Eight analysts have rated the stock with a buy rating. The average 12-month price objective among analysts that have covered the stock in the last year is $19.88.

A number of research analysts recently commented on AVDL shares. Piper Sandler dropped their price target on Avadel Pharmaceuticals from $24.00 to $13.00 and set an “overweight” rating for the company in a research note on Friday, January 10th. Needham & Company LLC restated a “buy” rating and issued a $19.00 target price on shares of Avadel Pharmaceuticals in a research report on Monday, March 3rd. HC Wainwright reaffirmed a “buy” rating and set a $21.00 price target on shares of Avadel Pharmaceuticals in a report on Tuesday, March 4th. 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 objective on the stock. Finally, UBS Group lowered their price objective on shares of Avadel Pharmaceuticals from $22.00 to $14.00 and set a “buy” rating for the company in a research report on Monday, January 13th.

Avadel Pharmaceuticals Price Performance

Shares of NASDAQ AVDL opened at $8.33 on Wednesday. The stock has a market capitalization of $804.92 million, a PE ratio of -10.54 and a beta of 1.57. Avadel Pharmaceuticals has a fifty-two week low of $7.39 and a fifty-two week high of $19.09. The business has a fifty day moving average price of $8.36 and a two-hundred day moving average price of $11.14.

Insider Buying and Selling

In other news, Director Peter J. Thornton purchased 10,000 shares of the company’s stock in a transaction dated Monday, January 13th. The stock was bought at an average cost of $8.04 per share, for a total transaction of $80,400.00. Following the purchase, the director now owns 104,055 shares of the company’s stock, valued at approximately $836,602.20. The trade was a 10.63 % increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Linda Palczuk acquired 5,000 shares of Avadel Pharmaceuticals stock in a transaction that occurred on Tuesday, January 21st. The shares were purchased at an average price of $7.93 per share, for a total transaction of $39,650.00. Following the transaction, the director now directly owns 67,900 shares in the company, valued at $538,447. The trade was a 7.95 % increase in their ownership of the stock. The disclosure for this purchase can be found here. 4.80% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Avadel Pharmaceuticals

Large investors have recently bought and sold shares of the company. PVG Asset Management Corp bought a new stake in shares of Avadel Pharmaceuticals during the fourth quarter worth about $358,000. Two Seas Capital LP lifted its holdings in shares of Avadel Pharmaceuticals by 90.6% during the fourth quarter. Two Seas Capital LP now owns 4,296,449 shares of the company’s stock worth $45,156,000 after purchasing an additional 2,042,669 shares during the period. Zimmer Partners LP bought a new stake in shares of Avadel Pharmaceuticals in the 4th quarter valued at about $420,000. Tang Capital Management LLC increased its stake in shares of Avadel Pharmaceuticals by 21.7% in the fourth quarter. Tang Capital Management LLC now owns 1,497,500 shares of the company’s stock valued at $15,739,000 after buying an additional 267,500 shares during the period. Finally, ProShare Advisors LLC raised its position in shares of Avadel Pharmaceuticals by 32.1% during the fourth quarter. ProShare Advisors LLC now owns 30,592 shares of the company’s stock worth $322,000 after acquiring an additional 7,433 shares during the last quarter. 69.19% of the stock is currently owned by institutional investors.

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.