Traders Buy Large Volume of Put Options on Avadel Pharmaceuticals (NASDAQ:AVDL)

Avadel Pharmaceuticals plc (NASDAQ:AVDL) was the recipient of some unusual options trading on Thursday. Investors purchased 21,434 put options on the company. This is an increase of 817% compared to the typical daily volume of 2,337 put options.

Avadel Pharmaceuticals Stock Performance

AVDL stock opened at $15.05 on Friday. The business’s 50-day moving average is $13.72 and its two-hundred day moving average is $15.28. Avadel Pharmaceuticals has a fifty-two week low of $9.98 and a fifty-two week high of $19.09. The company has a market cap of $1.45 billion, a price-to-earnings ratio of -13.08 and a beta of 1.50.

Avadel Pharmaceuticals (NASDAQ:AVDL) last posted its quarterly earnings data on Thursday, August 8th. The company reported ($0.14) EPS for the quarter, topping the consensus estimate of ($0.17) by $0.03. Avadel Pharmaceuticals had a negative return on equity of 122.64% and a negative net margin of 111.64%. The firm had revenue of $41.50 million for the quarter, compared to the consensus estimate of $37.47 million. During the same quarter last year, the company earned ($0.70) earnings per share. The business’s revenue for the quarter was up 2666.7% compared to the same quarter last year. Equities analysts predict that Avadel Pharmaceuticals will post -0.5 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on AVDL. Oppenheimer upped their price target on Avadel Pharmaceuticals from $29.00 to $30.00 and gave the company an “outperform” rating in a report on Thursday. HC Wainwright reissued a “buy” rating and issued a $27.00 target price on shares of Avadel Pharmaceuticals in a report on Thursday. Finally, Needham & Company LLC reissued a “buy” rating and issued a $22.00 target price on shares of Avadel Pharmaceuticals in a report on Thursday. Seven research analysts have rated the stock with a buy rating, According to data from MarketBeat, Avadel Pharmaceuticals presently has a consensus rating of “Buy” and an average price target of $24.71.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the stock. Creative Planning raised its stake in shares of Avadel Pharmaceuticals by 8.2% in the third quarter. Creative Planning now owns 12,381 shares of the company’s stock worth $162,000 after buying an additional 938 shares during the period. BNP Paribas Financial Markets grew its position in shares of Avadel Pharmaceuticals by 60.5% during the first quarter. BNP Paribas Financial Markets now owns 4,469 shares of the company’s stock worth $75,000 after purchasing an additional 1,685 shares in the last quarter. Investors Asset Management of Georgia Inc. GA ADV grew its position in shares of Avadel Pharmaceuticals by 2.4% during the second quarter. Investors Asset Management of Georgia Inc. GA ADV now owns 89,475 shares of the company’s stock worth $1,258,000 after purchasing an additional 2,100 shares in the last quarter. Modera Wealth Management LLC grew its position in shares of Avadel Pharmaceuticals by 0.4% during the second quarter. Modera Wealth Management LLC now owns 602,608 shares of the company’s stock worth $8,473,000 after purchasing an additional 2,159 shares in the last quarter. Finally, Diversify Wealth Management LLC grew its position in shares of Avadel Pharmaceuticals by 8.3% during the third quarter. Diversify Wealth Management LLC now owns 31,637 shares of the company’s stock worth $418,000 after purchasing an additional 2,432 shares in the last quarter. 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.