Avadel Pharmaceuticals (NASDAQ:AVDL) Price Target Cut to $19.00 by Analysts at Needham & Company LLC

Avadel Pharmaceuticals (NASDAQ:AVDL) had its target price cut by equities research analysts at Needham & Company LLC from $22.00 to $19.00 in a research note issued on Thursday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. Needham & Company LLC’s price target would suggest a potential upside of 140.51% from the stock’s previous close.

A number of other research firms also recently issued reports on AVDL. Oppenheimer increased their target price on shares of Avadel Pharmaceuticals from $29.00 to $30.00 and gave the stock an “outperform” rating in a research report on Thursday, October 31st. HC Wainwright lowered their price objective on shares of Avadel Pharmaceuticals from $27.00 to $25.00 and set a “buy” rating for the company in a research report on Wednesday, November 13th. Seven equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock has an average rating of “Buy” and an average price target of $22.00.

Avadel Pharmaceuticals Stock Performance

AVDL opened at $7.90 on Thursday. The firm has a 50 day moving average price of $11.41 and a 200 day moving average price of $13.54. The company has a market cap of $761.26 million, a PE ratio of -10.00 and a beta of 1.31. Avadel Pharmaceuticals has a 1 year low of $7.39 and a 1 year high of $19.09.

Avadel Pharmaceuticals (NASDAQ:AVDL) last posted its earnings results on Tuesday, November 12th. The company reported ($0.03) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.06) by $0.03. The firm had revenue of $50.00 million during the quarter, compared to the consensus estimate of $48.43 million. Avadel Pharmaceuticals had a negative net margin of 52.53% and a negative return on equity of 93.34%. The company’s revenue was up 624.6% on a year-over-year basis. During the same quarter in the prior year, the company earned ($0.41) EPS. On average, sell-side analysts predict that Avadel Pharmaceuticals will post -0.48 earnings per share for the current year.

Insider Buying and Selling at Avadel Pharmaceuticals

In related news, Director Linda Palczuk purchased 3,000 shares of the firm’s stock in a transaction dated Friday, December 6th. The stock was acquired 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 owns 66,400 shares of the company’s stock, valued at $676,616. This represents a 4.73 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Gregory J. Divis purchased 9,598 shares of the firm’s stock in a transaction dated Friday, December 6th. The shares were bought at an average cost of $9.98 per share, with a total value of $95,788.04. Following the transaction, the chief executive officer now directly owns 9,598 shares of the company’s stock, valued at approximately $95,788.04. This represents a ∞ increase in their position. The disclosure for this purchase can be found here. Insiders bought 40,579 shares of company stock valued at $406,313 over the last 90 days. 4.80% of the stock is owned by corporate insiders.

Institutional Trading of Avadel Pharmaceuticals

A number of hedge funds have recently made changes to their positions in AVDL. Bank of New York Mellon Corp bought a new position in Avadel Pharmaceuticals during the second quarter worth $4,575,000. Principal Financial Group Inc. bought a new position in Avadel Pharmaceuticals during the second quarter worth $176,000. Commonwealth Equity Services LLC lifted its stake in Avadel Pharmaceuticals by 13.9% during the second quarter. Commonwealth Equity Services LLC now owns 44,767 shares of the company’s stock worth $629,000 after purchasing an additional 5,460 shares during the last quarter. Rhumbline Advisers lifted its stake in Avadel Pharmaceuticals by 7,840.1% during the second quarter. Rhumbline Advisers now owns 122,675 shares of the company’s stock worth $1,725,000 after purchasing an additional 121,130 shares during the last quarter. Finally, Beverly Hills Private Wealth LLC bought a new position in Avadel Pharmaceuticals during the second quarter worth $146,000. 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.