Avadel Pharmaceuticals (NASDAQ:AVDL) Shares Down 3.4%

Avadel Pharmaceuticals plc (NASDAQ:AVDL)’s stock price dropped 3.4% during mid-day trading on Wednesday . The company traded as low as $17.40 and last traded at $17.48. Approximately 191,131 shares traded hands during trading, a decline of 84% from the average daily volume of 1,223,043 shares. The stock had previously closed at $18.09.

Analyst Ratings Changes

AVDL has been the topic of a number of recent research reports. Oppenheimer boosted their price target on shares of Avadel Pharmaceuticals from $27.00 to $29.00 and gave the stock an “outperform” rating in a research note on Tuesday, March 5th. UBS Group started coverage on shares of Avadel Pharmaceuticals in a research note on Tuesday, February 6th. They set a “buy” rating and a $21.00 price target on the stock. Piper Sandler upped their target price on shares of Avadel Pharmaceuticals from $18.00 to $23.00 and gave the stock an “overweight” rating in a research note on Tuesday, March 5th. Needham & Company LLC restated a “buy” rating and set a $22.00 target price on shares of Avadel Pharmaceuticals in a research note on Tuesday, April 9th. Finally, Craig Hallum upped their target price on shares of Avadel Pharmaceuticals from $20.00 to $22.00 and gave the stock a “buy” rating in a research note on Tuesday, March 5th. Seven investment analysts have rated the stock with a buy rating, According to data from MarketBeat, Avadel Pharmaceuticals has a consensus rating of “Buy” and an average price target of $22.57.

Avadel Pharmaceuticals Stock Performance

The stock’s 50 day moving average is $15.49 and its two-hundred day moving average is $13.64.

Avadel Pharmaceuticals (NASDAQ:AVDL) last announced its quarterly earnings results on Monday, March 4th. The company reported ($0.32) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.28) by ($0.04). The company had revenue of $19.45 million during the quarter, compared to analysts’ expectations of $17.41 million. During the same period last year, the business earned ($0.44) earnings per share. As a group, analysts predict that Avadel Pharmaceuticals plc will post -0.46 EPS for the current fiscal year.

Hedge Funds Weigh In On Avadel Pharmaceuticals

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Brandes Investment Partners LP boosted its holdings in Avadel Pharmaceuticals by 12.4% in the third quarter. Brandes Investment Partners LP now owns 1,448,772 shares of the company’s stock valued at $14,922,000 after purchasing an additional 159,577 shares in the last quarter. MPM Bioimpact LLC boosted its holdings in Avadel Pharmaceuticals by 72.5% in the third quarter. MPM Bioimpact LLC now owns 664,224 shares of the company’s stock valued at $6,842,000 after purchasing an additional 279,234 shares in the last quarter. Vivo Capital LLC boosted its holdings in Avadel Pharmaceuticals by 7.0% in the third quarter. Vivo Capital LLC now owns 4,096,428 shares of the company’s stock valued at $42,193,000 after purchasing an additional 266,851 shares in the last quarter. Deutsche Bank AG boosted its holdings in Avadel Pharmaceuticals by 95.6% in the third quarter. Deutsche Bank AG now owns 440,000 shares of the company’s stock valued at $4,532,000 after purchasing an additional 215,000 shares in the last quarter. Finally, RTW Investments LP boosted its holdings in Avadel Pharmaceuticals by 4.8% in the third quarter. RTW Investments LP now owns 7,136,415 shares of the company’s stock valued at $73,505,000 after purchasing an additional 325,774 shares in the last quarter. 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.