Avadel Pharmaceuticals (NASDAQ:AVDL) Trading Down 3%

Shares of Avadel Pharmaceuticals plc (NASDAQ:AVDLGet Free Report) dropped 3% on Wednesday . The stock traded as low as $14.90 and last traded at $15.00. Approximately 342,644 shares were traded during mid-day trading, a decline of 71% from the average daily volume of 1,164,556 shares. The stock had previously closed at $15.46.

Analyst Upgrades and Downgrades

AVDL has been the subject of several research analyst reports. Piper Sandler lifted their price objective on Avadel Pharmaceuticals from $18.00 to $23.00 and gave the stock an “overweight” rating in a research report on Tuesday, March 5th. HC Wainwright lifted their price objective on Avadel Pharmaceuticals from $25.00 to $27.00 and gave the stock a “buy” rating in a research report on Thursday, May 9th. Oppenheimer lifted their price objective on Avadel Pharmaceuticals from $27.00 to $29.00 and gave the stock an “outperform” rating in a research report on Tuesday, March 5th. Needham & Company LLC reaffirmed a “buy” rating and issued a $22.00 target price on shares of Avadel Pharmaceuticals in a research report on Wednesday, May 8th. Finally, Craig Hallum boosted their target price on Avadel Pharmaceuticals from $22.00 to $23.00 and gave the company a “buy” rating in a research report on Thursday, May 9th. Six research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus price target of $24.17.

Check Out Our Latest Stock Analysis on Avadel Pharmaceuticals

Avadel Pharmaceuticals Stock Performance

The business has a 50 day simple moving average of $16.68 and a 200-day simple moving average of $15.13.

Avadel Pharmaceuticals (NASDAQ:AVDLGet Free Report) last issued its quarterly earnings data on Wednesday, May 8th. The company reported ($0.30) EPS for the quarter, missing analysts’ consensus estimates of ($0.25) by ($0.05). The company had revenue of $27.18 million for the quarter, compared to the consensus estimate of $25.89 million. Avadel Pharmaceuticals had a negative return on equity of 139.72% and a negative net margin of 284.42%. The business’s revenue for the quarter was up 2617.8% on a year-over-year basis. During the same period in the prior year, the firm posted ($0.48) earnings per share. Equities research analysts expect that Avadel Pharmaceuticals plc will post -0.58 earnings per share for the current fiscal year.

Institutional Trading of Avadel Pharmaceuticals

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in AVDL. Janus Henderson Group PLC increased its holdings in Avadel Pharmaceuticals by 16.1% during the 1st quarter. Janus Henderson Group PLC now owns 12,915,160 shares of the company’s stock worth $218,182,000 after purchasing an additional 1,789,830 shares in the last quarter. RTW Investments LP grew its holdings in shares of 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 acquiring an additional 325,774 shares in the last quarter. Obermeyer Wood Investment Counsel Lllp bought a new position in shares of Avadel Pharmaceuticals in the first quarter valued at approximately $4,721,000. MPM Bioimpact LLC grew its holdings in shares of 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 acquiring an additional 279,234 shares in the last quarter. Finally, Kennedy Capital Management LLC grew its holdings in shares of Avadel Pharmaceuticals by 60.2% in the third quarter. Kennedy Capital Management LLC now owns 715,424 shares of the company’s stock valued at $7,369,000 after acquiring an additional 268,704 shares in the last quarter. 69.19% of the stock is owned by institutional investors.

Avadel Pharmaceuticals Company Profile

(Get Free Report)

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.

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