Avadel Pharmaceuticals (NASDAQ:AVDL) Shares Gap Down to $15.80

Avadel Pharmaceuticals plc (NASDAQ:AVDL)’s share price gapped down prior to trading on Wednesday . The stock had previously closed at $15.80, but opened at $15.25. Avadel Pharmaceuticals shares last traded at $14.81, with a volume of 948,218 shares.

Analysts Set New Price Targets

A number of analysts have recently weighed in on the stock. HC Wainwright restated a “buy” rating and issued a $27.00 target price on shares of Avadel Pharmaceuticals in a report on Wednesday. Rodman & Renshaw assumed coverage on shares of Avadel Pharmaceuticals in a report on Wednesday, June 12th. They issued a “buy” rating and a $27.00 target price on the stock. Craig Hallum boosted their target price on shares of Avadel Pharmaceuticals from $22.00 to $23.00 and gave the stock a “buy” rating in a report on Thursday, May 9th. Finally, Needham & Company LLC restated a “buy” rating and issued a $22.00 target price on shares of Avadel Pharmaceuticals in a report on Thursday. Seven analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average target price of $24.57.

Avadel Pharmaceuticals Trading Up 0.2 %

The business’s 50 day moving average is $15.74 and its 200 day moving average is $15.87. The stock has a market capitalization of $1.43 billion, a PE ratio of -8.01 and a beta of 1.53.

Avadel Pharmaceuticals (NASDAQ:AVDL) last released its quarterly earnings results on Thursday, August 8th. The company reported ($0.14) EPS for the quarter, topping analysts’ consensus estimates of ($0.17) by $0.03. The firm had revenue of $41.50 million during the quarter, compared to analysts’ expectations of $37.47 million. Avadel Pharmaceuticals had a negative net margin of 284.42% and a negative return on equity of 139.72%. The firm’s revenue for the quarter was up 2666.7% compared to the same quarter last year. During the same period in the previous year, the company earned ($0.70) EPS. As a group, analysts anticipate that Avadel Pharmaceuticals plc will post -0.58 EPS for the current year.

Institutional Investors Weigh In On Avadel Pharmaceuticals

Several large investors have recently added to or reduced their stakes in AVDL. Janus Henderson Group PLC boosted its position in Avadel Pharmaceuticals by 16.1% in the 1st quarter. Janus Henderson Group PLC now owns 12,915,160 shares of the company’s stock valued at $218,182,000 after buying an additional 1,789,830 shares during the period. Nantahala Capital Management LLC purchased a new stake in Avadel Pharmaceuticals in the 2nd quarter valued at about $4,921,000. Bank of New York Mellon Corp purchased a new stake in Avadel Pharmaceuticals in the 2nd quarter valued at about $4,575,000. Obermeyer Wood Investment Counsel Lllp purchased a new stake in Avadel Pharmaceuticals in the 1st quarter valued at about $4,721,000. Finally, StemPoint Capital LP purchased a new stake in Avadel Pharmaceuticals in the 1st quarter valued at about $3,778,000. 69.19% of the stock is owned by hedge funds and other institutional investors.

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.