Avadel Pharmaceuticals (NASDAQ:AVDL) Reaches New 1-Year Low Following Analyst Downgrade

Avadel Pharmaceuticals plc (NASDAQ:AVDL)’s share price reached a new 52-week low on Friday after Piper Sandler lowered their price target on the stock from $24.00 to $13.00. Piper Sandler currently has an overweight rating on the stock. Avadel Pharmaceuticals traded as low as $7.52 and last traded at $8.10, with a volume of 1707262 shares traded. The stock had previously closed at $10.69.

A number of other equities research analysts also recently weighed in on the company. Needham & Company LLC lowered their price target on Avadel Pharmaceuticals from $22.00 to $19.00 and set a “buy” rating on the stock in a research report on Thursday. HC Wainwright reissued a “buy” rating and set a $21.00 price objective (down from $25.00) on shares of Avadel Pharmaceuticals in a report on Friday. Finally, Oppenheimer upped their target price on Avadel Pharmaceuticals from $29.00 to $30.00 and gave the stock an “outperform” rating in a research note on Thursday, October 31st. Seven research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company has a consensus rating of “Buy” and a consensus price target of $22.00.

Insider Activity at Avadel Pharmaceuticals

In other news, Director Linda Palczuk purchased 3,000 shares of the stock in a transaction that occurred on Friday, December 6th. The stock was bought at an average cost of $10.19 per share, for a total transaction of $30,570.00. Following the acquisition, the director now directly owns 66,400 shares of the company’s stock, valued at $676,616. This represents a 4.73 % increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Gregory J. Divis purchased 9,598 shares of the company’s stock in a transaction on Friday, December 6th. The shares were purchased 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 in the company, valued at $95,788.04. This trade represents a ∞ increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders purchased 40,579 shares of company stock worth $406,313 in the last ninety days. 4.80% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of AVDL. Lord Abbett & CO. LLC lifted its holdings in Avadel Pharmaceuticals by 23.9% in the 3rd quarter. Lord Abbett & CO. LLC now owns 489,073 shares of the company’s stock worth $6,414,000 after buying an additional 94,239 shares during the period. Barclays PLC lifted its stake in Avadel Pharmaceuticals by 45.8% in the third quarter. Barclays PLC now owns 392,691 shares of the company’s stock worth $5,150,000 after acquiring an additional 123,430 shares during the period. MML Investors Services LLC boosted its holdings in Avadel Pharmaceuticals by 13.8% in the third quarter. MML Investors Services LLC now owns 136,356 shares of the company’s stock valued at $1,788,000 after acquiring an additional 16,500 shares in the last quarter. Dorsey Wright & Associates increased its position in Avadel Pharmaceuticals by 12.9% during the 3rd quarter. Dorsey Wright & Associates now owns 142,120 shares of the company’s stock valued at $1,864,000 after purchasing an additional 16,215 shares during the period. Finally, XTX Topco Ltd purchased a new position in Avadel Pharmaceuticals during the 3rd quarter valued at $642,000. Hedge funds and other institutional investors own 69.19% of the company’s stock.

Avadel Pharmaceuticals Trading Down 26.1 %

The company’s fifty day simple moving average is $11.27 and its 200 day simple moving average is $13.49. The firm has a market capitalization of $761.26 million, a P/E ratio of -10.00 and a beta of 1.31.

Avadel Pharmaceuticals (NASDAQ:AVDL) last released its quarterly 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 company 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%. Avadel Pharmaceuticals’s revenue was up 624.6% on a year-over-year basis. During the same period in the prior year, the firm earned ($0.41) earnings per share. On average, analysts predict that Avadel Pharmaceuticals plc will post -0.48 earnings per share for the current fiscal year.

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.