Avadel Pharmaceuticals’ (AVDL) “Buy” Rating Reiterated at HC Wainwright

HC Wainwright reaffirmed their buy rating on shares of Avadel Pharmaceuticals (NASDAQ:AVDL) in a report published on Friday,Benzinga reports. HC Wainwright currently has a $21.00 price target on the stock, down from their prior price target of $25.00.

Several other analysts have also commented on AVDL. Needham & Company LLC dropped their price target on shares of Avadel Pharmaceuticals from $22.00 to $19.00 and set a “buy” rating on the stock in a research report on Thursday. Oppenheimer raised their target price on Avadel Pharmaceuticals from $29.00 to $30.00 and gave the company an “outperform” rating in a research report on Thursday, October 31st. Seven analysts have rated the stock with a buy rating, According to MarketBeat, Avadel Pharmaceuticals has a consensus rating of “Buy” and a consensus price target of $22.00.

Avadel Pharmaceuticals Stock Down 26.1 %

Shares of AVDL stock opened at $7.90 on Friday. The stock has a market cap of $761.26 million, a PE ratio of -10.00 and a beta of 1.31. Avadel Pharmaceuticals has a 52-week low of $7.39 and a 52-week high of $19.09. The business has a 50-day simple moving average of $11.27 and a 200-day simple moving average of $13.49.

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

Insider Transactions at Avadel Pharmaceuticals

In other Avadel Pharmaceuticals news, Director Geoffrey Michael Glass acquired 20,279 shares of the business’s stock in a transaction on Tuesday, December 10th. The stock was bought at an average price of $9.84 per share, for a total transaction of $199,545.36. Following the acquisition, the director now owns 75,904 shares in the company, valued at approximately $746,895.36. The trade was a 36.46 % increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available through the SEC website. Also, CFO Thomas S. Mchugh bought 5,000 shares of the firm’s stock in a transaction on Wednesday, December 11th. The stock was acquired at an average cost of $10.49 per share, for a total transaction of $52,450.00. Following the completion of the purchase, the chief financial officer now directly owns 85,500 shares in the company, valued at approximately $896,895. This represents a 6.21 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders purchased 40,579 shares of company stock valued at $406,313 over the last 90 days. Corporate insiders own 4.80% of the company’s stock.

Institutional Investors Weigh In On Avadel Pharmaceuticals

Several hedge funds and other institutional investors have recently made changes to their positions in AVDL. FMR LLC purchased a new stake in Avadel Pharmaceuticals in the 3rd quarter valued at $31,000. Amalgamated Bank purchased a new stake in shares of Avadel Pharmaceuticals in the second quarter valued at about $45,000. Quarry LP acquired a new stake in Avadel Pharmaceuticals during the second quarter worth about $63,000. Advisors Asset Management Inc. raised its stake in Avadel Pharmaceuticals by 56.1% during the third quarter. Advisors Asset Management Inc. now owns 7,921 shares of the company’s stock worth $104,000 after purchasing an additional 2,846 shares during the period. Finally, Beverly Hills Private Wealth LLC purchased a new position in Avadel Pharmaceuticals during the second quarter worth about $146,000. 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.