Avadel Pharmaceuticals’ (AVDL) “Buy” Rating Reaffirmed at Needham & Company LLC

Needham & Company LLC reiterated their buy rating on shares of Avadel Pharmaceuticals (NASDAQ:AVDL) in a research note issued to investors on Tuesday morning, Benzinga reports. Needham & Company LLC currently has a $22.00 target price on the stock.

A number of other brokerages also recently issued reports on AVDL. Oppenheimer raised their price objective on Avadel Pharmaceuticals from $27.00 to $29.00 and gave the stock an outperform rating in a research report on Tuesday, March 5th. UBS Group initiated coverage on Avadel Pharmaceuticals in a research report on Tuesday, February 6th. They set a buy rating and a $21.00 price objective for the company. HC Wainwright raised their price objective on Avadel Pharmaceuticals from $21.00 to $25.00 and gave the stock a buy rating in a research report on Tuesday, March 5th. Piper Sandler raised their price objective on Avadel Pharmaceuticals from $18.00 to $23.00 and gave the stock an overweight rating in a research report on Tuesday, March 5th. Finally, Craig Hallum raised their price objective on Avadel Pharmaceuticals from $20.00 to $22.00 and gave the stock a buy rating in a research report on Tuesday, March 5th. Seven research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company has a consensus rating of Buy and a consensus target price of $22.57.

Avadel Pharmaceuticals Trading Down 2.1 %

Avadel Pharmaceuticals stock opened at $16.77 on Tuesday. The company has a market capitalization of $1.52 billion, a PE ratio of -8.22 and a beta of 1.60. Avadel Pharmaceuticals has a 12 month low of $8.49 and a 12 month high of $17.47. The stock has a 50-day moving average price of $15.22 and a two-hundred day moving average price of $13.40.

Avadel Pharmaceuticals (NASDAQ:AVDL) last posted its earnings results on Monday, March 4th. The company reported ($0.32) EPS for the quarter, missing the consensus estimate of ($0.28) by ($0.04). The business had revenue of $19.45 million during the quarter, compared to analysts’ expectations of $17.41 million. During the same period in the previous year, the company earned ($0.44) EPS. As a group, analysts predict that Avadel Pharmaceuticals will post -0.46 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Avadel Pharmaceuticals news, CFO Thomas S. Mchugh bought 2,000 shares of the firm’s stock in a transaction that occurred on Tuesday, January 16th. The stock was acquired at an average price of $14.50 per share, with a total value of $29,000.00. Following the completion of the purchase, the chief financial officer now directly owns 80,500 shares of the company’s stock, valued at approximately $1,167,250. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 4.00% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Avadel Pharmaceuticals

Hedge funds have recently added to or reduced their stakes in the company. Brandes Investment Partners LP grew its stake in Avadel Pharmaceuticals by 12.4% in the third quarter. Brandes Investment Partners LP now owns 1,448,772 shares of the company’s stock valued at $14,922,000 after acquiring an additional 159,577 shares during the period. MPM Bioimpact LLC boosted its position in shares of Avadel Pharmaceuticals by 72.5% during the third quarter. MPM Bioimpact LLC now owns 664,224 shares of the company’s stock valued at $6,842,000 after buying an additional 279,234 shares during the last quarter. Vivo Capital LLC boosted its position in shares of Avadel Pharmaceuticals by 7.0% during the third quarter. Vivo Capital LLC now owns 4,096,428 shares of the company’s stock valued at $42,193,000 after buying an additional 266,851 shares during the last quarter. Deutsche Bank AG boosted its position in shares of Avadel Pharmaceuticals by 95.6% during the third quarter. Deutsche Bank AG now owns 440,000 shares of the company’s stock valued at $4,532,000 after buying an additional 215,000 shares during the last quarter. Finally, RTW Investments LP boosted its position in shares of Avadel Pharmaceuticals by 4.8% during the third quarter. RTW Investments LP now owns 7,136,415 shares of the company’s stock valued at $73,505,000 after buying an additional 325,774 shares during the last quarter. Institutional investors and hedge funds 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.