HC Wainwright Reaffirms Buy Rating for Avadel Pharmaceuticals (NASDAQ:AVDL)

Avadel Pharmaceuticals (NASDAQ:AVDL)‘s stock had its “buy” rating reiterated by HC Wainwright in a report released on Tuesday,Benzinga reports. They currently have a $21.00 target price on the stock. HC Wainwright’s price objective would suggest a potential upside of 166.84% from the stock’s previous close.

Other equities analysts also recently issued research reports about the stock. Needham & Company LLC reissued a “buy” rating and issued a $19.00 price objective on shares of Avadel Pharmaceuticals in a report on Monday. Piper Sandler dropped their price target on shares of Avadel Pharmaceuticals from $24.00 to $13.00 and set an “overweight” rating on the stock in a research note on Friday, January 10th. Deutsche Bank Aktiengesellschaft started coverage on shares of Avadel Pharmaceuticals in a research note on Tuesday, February 11th. They set a “buy” rating and a $12.00 target price on the stock. Finally, UBS Group dropped their price target on Avadel Pharmaceuticals from $22.00 to $14.00 and set a “buy” rating for the company in a research note on Monday, January 13th. Eight equities research analysts have rated the stock with a buy rating, According to MarketBeat, Avadel Pharmaceuticals has a consensus rating of “Buy” and an average price target of $19.88.

Avadel Pharmaceuticals Price Performance

AVDL stock opened at $7.87 on Tuesday. Avadel Pharmaceuticals has a 1 year low of $7.39 and a 1 year high of $19.09. The company has a market cap of $758.37 million, a P/E ratio of -9.96 and a beta of 1.28. The stock’s fifty day moving average price is $8.72 and its 200-day moving average price is $11.48.

Insider Buying and Selling

In related news, Director Peter J. Thornton acquired 10,000 shares of the company’s stock in a transaction that occurred on Monday, January 13th. The shares were bought at an average price of $8.04 per share, with a total value of $80,400.00. Following the completion of the transaction, the director now directly owns 104,055 shares in the company, valued at $836,602.20. This trade represents a 10.63 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Linda Palczuk bought 5,000 shares of the business’s stock in a transaction on Tuesday, January 21st. The stock was bought at an average price of $7.93 per share, for a total transaction of $39,650.00. Following the purchase, the director now directly owns 67,900 shares of the company’s stock, 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. Insiders have purchased 55,579 shares of company stock valued at $526,363 in the last 90 days. Company insiders own 4.80% of the company’s stock.

Hedge Funds Weigh In On Avadel Pharmaceuticals

A number of large investors have recently made changes to their positions in the business. FMR LLC purchased a new stake in Avadel Pharmaceuticals during the 3rd quarter worth approximately $31,000. Advisors Asset Management Inc. grew its holdings in shares of Avadel Pharmaceuticals by 56.1% during the third quarter. Advisors Asset Management Inc. now owns 7,921 shares of the company’s stock valued at $104,000 after buying an additional 2,846 shares during the last quarter. Hsbc Holdings PLC acquired a new position in shares of Avadel Pharmaceuticals in the 4th quarter valued at $113,000. Kazazian Asset Management LLC purchased a new position in Avadel Pharmaceuticals in the 4th quarter worth $126,000. Finally, Sanctuary Advisors LLC purchased a new stake in Avadel Pharmaceuticals during the 4th quarter valued at about $140,000. 69.19% of the stock is owned by institutional investors and hedge funds.

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.