Avadel Pharmaceuticals (NASDAQ:AVDL) Shares Gap Up Following Analyst Upgrade

Avadel Pharmaceuticals plc (NASDAQ:AVDL)’s share price gapped up before the market opened on Thursday after Oppenheimer raised their price target on the stock from $29.00 to $30.00. The stock had previously closed at $12.91, but opened at $16.48. Oppenheimer currently has an outperform rating on the stock. Avadel Pharmaceuticals shares last traded at $15.03, with a volume of 2,090,891 shares changing hands.

Several other equities analysts also recently issued reports on the company. Needham & Company LLC reiterated a “buy” rating and set a $22.00 price objective on shares of Avadel Pharmaceuticals in a research report on Thursday. HC Wainwright reiterated a “buy” rating and set a $27.00 price target on shares of Avadel Pharmaceuticals in a research report on Monday, October 21st. Seven equities research analysts have rated the stock with a buy rating, According to MarketBeat, the company currently has a consensus rating of “Buy” and a consensus price target of $24.71.

Institutional Investors Weigh In On Avadel Pharmaceuticals

A number of institutional investors have recently added to or reduced their stakes in AVDL. Investors Asset Management of Georgia Inc. GA ADV raised its stake in shares of Avadel Pharmaceuticals by 10.7% in the 3rd quarter. Investors Asset Management of Georgia Inc. GA ADV now owns 99,075 shares of the company’s stock worth $1,299,000 after buying an additional 9,600 shares in the last quarter. Iridian Asset Management LLC CT raised its position in Avadel Pharmaceuticals by 42.5% in the third quarter. Iridian Asset Management LLC CT now owns 167,700 shares of the company’s stock worth $2,199,000 after acquiring an additional 50,000 shares in the last quarter. Diversify Wealth Management LLC lifted its holdings in Avadel Pharmaceuticals by 8.3% in the 3rd quarter. Diversify Wealth Management LLC now owns 31,637 shares of the company’s stock valued at $418,000 after acquiring an additional 2,432 shares during the last quarter. China Universal Asset Management Co. Ltd. boosted its position in shares of Avadel Pharmaceuticals by 64.0% during the 3rd quarter. China Universal Asset Management Co. Ltd. now owns 18,516 shares of the company’s stock valued at $243,000 after purchasing an additional 7,224 shares in the last quarter. Finally, Claro Advisors LLC grew its stake in shares of Avadel Pharmaceuticals by 379.2% in the 3rd quarter. Claro Advisors LLC now owns 49,080 shares of the company’s stock worth $644,000 after purchasing an additional 38,837 shares during the last quarter. 69.19% of the stock is currently owned by institutional investors and hedge funds.

Avadel Pharmaceuticals Trading Down 2.7 %

The firm has a market capitalization of $1.45 billion, a P/E ratio of -12.86 and a beta of 1.50. The business’s fifty day moving average is $13.72 and its 200 day moving average is $15.28.

Avadel Pharmaceuticals (NASDAQ:AVDL) last announced its quarterly earnings data on Thursday, August 8th. The company reported ($0.14) EPS for the quarter, beating analysts’ consensus estimates of ($0.17) by $0.03. The company had revenue of $41.50 million during the quarter, compared to the consensus estimate of $37.47 million. Avadel Pharmaceuticals had a negative return on equity of 122.64% and a negative net margin of 111.64%. The company’s quarterly revenue was up 2666.7% compared to the same quarter last year. During the same quarter in the prior year, the firm earned ($0.70) EPS. As a group, sell-side analysts predict that Avadel Pharmaceuticals plc will post -0.5 earnings per share 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.