Avadel Pharmaceuticals (NASDAQ:AVDL) Earns Buy Rating from Needham & Company LLC

Avadel Pharmaceuticals (NASDAQ:AVDL)‘s stock had its “buy” rating reiterated by analysts at Needham & Company LLC in a note issued to investors on Monday,Benzinga reports. They currently have a $19.00 price objective on the stock. Needham & Company LLC’s target price would suggest a potential upside of 148.69% from the company’s current price.

A number of other research firms have also commented on AVDL. HC Wainwright reissued a “buy” rating and issued a $21.00 price target (down from $25.00) on shares of Avadel Pharmaceuticals in a research report on Friday, January 10th. Piper Sandler decreased their target price on Avadel Pharmaceuticals from $24.00 to $13.00 and set an “overweight” rating for the company in a research report on Friday, January 10th. UBS Group decreased their target price on Avadel Pharmaceuticals from $22.00 to $14.00 and set a “buy” rating for the company in a research report on Monday, January 13th. Finally, Deutsche Bank Aktiengesellschaft began coverage on Avadel Pharmaceuticals in a research report on Tuesday, February 11th. They set a “buy” rating and a $12.00 target price for the company. Eight analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock has a consensus rating of “Buy” and a consensus price target of $19.88.

Avadel Pharmaceuticals Trading Up 1.2 %

NASDAQ AVDL opened at $7.64 on Monday. The firm has a market capitalization of $736.21 million, a P/E ratio of -9.67 and a beta of 1.28. The business has a fifty day simple moving average of $8.77 and a 200 day simple moving average of $11.54. Avadel Pharmaceuticals has a 12 month low of $7.39 and a 12 month high of $19.09.

Insiders Place Their Bets

In other Avadel Pharmaceuticals news, Director Linda Palczuk purchased 5,000 shares of the company’s stock in a transaction dated Tuesday, January 21st. The stock was purchased at an average price of $7.93 per share, for a total transaction of $39,650.00. Following the transaction, the director now owns 67,900 shares in the company, valued at $538,447. The trade was a 7.95 % increase in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Peter J. Thornton purchased 10,000 shares of the company’s stock in a transaction dated Monday, January 13th. The shares were acquired at an average price of $8.04 per share, with a total value of $80,400.00. Following the transaction, the director now owns 104,055 shares in the company, valued at approximately $836,602.20. The trade was a 10.63 % increase in their position. The disclosure for this purchase can be found here. Insiders purchased a total of 55,579 shares of company stock worth $526,363 in the last quarter. 4.80% of the stock is owned by company insiders.

Hedge Funds Weigh In On Avadel Pharmaceuticals

A number of large investors have recently modified their holdings of the company. PVG Asset Management Corp purchased a new position in shares of Avadel Pharmaceuticals during the 4th quarter valued at about $358,000. Two Seas Capital LP raised its holdings in shares of Avadel Pharmaceuticals by 90.6% during the 4th quarter. Two Seas Capital LP now owns 4,296,449 shares of the company’s stock valued at $45,156,000 after buying an additional 2,042,669 shares in the last quarter. Zimmer Partners LP purchased a new position in shares of Avadel Pharmaceuticals during the 4th quarter valued at about $420,000. Tang Capital Management LLC raised its holdings in shares of Avadel Pharmaceuticals by 21.7% during the 4th quarter. Tang Capital Management LLC now owns 1,497,500 shares of the company’s stock valued at $15,739,000 after buying an additional 267,500 shares in the last quarter. Finally, ProShare Advisors LLC raised its holdings in shares of Avadel Pharmaceuticals by 32.1% during the 4th quarter. ProShare Advisors LLC now owns 30,592 shares of the company’s stock valued at $322,000 after buying an additional 7,433 shares in the last quarter. 69.19% of the stock is owned by hedge funds and other institutional investors.

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.