Avadel Pharmaceuticals (NASDAQ:AVDL) Stock Price Down 3.9% Following Analyst Downgrade

Avadel Pharmaceuticals plc (NASDAQ:AVDL) shares dropped 3.9% during mid-day trading on Wednesday after HC Wainwright lowered their price target on the stock from $27.00 to $25.00. HC Wainwright currently has a buy rating on the stock. Avadel Pharmaceuticals traded as low as $12.60 and last traded at $12.64. Approximately 140,610 shares traded hands during mid-day trading, a decline of 88% from the average daily volume of 1,162,083 shares. The stock had previously closed at $13.15.

AVDL has been the subject of a number of other research reports. Needham & Company LLC reiterated a “buy” rating and issued a $22.00 price target on shares of Avadel Pharmaceuticals in a research note on Tuesday. Oppenheimer upped their price target on shares of Avadel Pharmaceuticals from $29.00 to $30.00 and gave the company an “outperform” rating in a research note on Thursday, October 31st. Seven research analysts have rated the stock with a buy rating, According to MarketBeat.com, Avadel Pharmaceuticals currently has a consensus rating of “Buy” and a consensus price target of $24.43.

Institutional Investors Weigh In On Avadel Pharmaceuticals

Large investors have recently modified their holdings of the business. FMR LLC bought a new stake in Avadel Pharmaceuticals during the 3rd quarter worth approximately $31,000. Amalgamated Bank acquired a new stake in Avadel Pharmaceuticals in the second quarter worth $45,000. Quarry LP bought a new stake in Avadel Pharmaceuticals in the 2nd quarter valued at about $63,000. BNP Paribas Financial Markets raised its position in shares of Avadel Pharmaceuticals by 60.5% during the first quarter. BNP Paribas Financial Markets now owns 4,469 shares of the company’s stock worth $75,000 after purchasing an additional 1,685 shares during the period. Finally, Advisors Asset Management Inc. raised its holdings 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 buying an additional 2,846 shares during the last quarter. Institutional investors and hedge funds own 69.19% of the company’s stock.

Avadel Pharmaceuticals Trading Down 3.6 %

The firm has a market cap of $1.12 billion, a P/E ratio of -14.67 and a beta of 1.47. The company’s 50-day moving average is $13.62 and its two-hundred day moving average is $15.09.

Avadel Pharmaceuticals (NASDAQ:AVDL) last issued its quarterly earnings data 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 business 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 92.12%. The firm’s quarterly revenue was up 624.6% compared to the same quarter last year. During the same period in the prior year, the firm posted ($0.41) EPS. Research analysts anticipate that Avadel Pharmaceuticals plc will post -0.5 EPS for the current fiscal year.

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.