Brokerages Set Avadel Pharmaceuticals plc (NASDAQ:AVDL) Price Target at $19.88

Shares of Avadel Pharmaceuticals plc (NASDAQ:AVDL) have been given a consensus rating of “Buy” by the eight ratings firms that are presently covering the stock, Marketbeat Ratings reports. Eight investment analysts have rated the stock with a buy rating. The average 12-month price objective among brokers that have issued ratings on the stock in the last year is $19.88.

A number of research firms recently issued reports on AVDL. UBS Group lowered their target price on shares of Avadel Pharmaceuticals from $22.00 to $14.00 and set a “buy” rating on the stock in a research note on Monday, January 13th. HC Wainwright reaffirmed a “buy” rating and issued a $21.00 target price on shares of Avadel Pharmaceuticals in a report on Tuesday, March 4th. Piper Sandler cut their price target on Avadel Pharmaceuticals from $24.00 to $13.00 and set an “overweight” rating for the company in a report on Friday, January 10th. Needham & Company LLC restated a “buy” rating and issued a $19.00 price objective on shares of Avadel Pharmaceuticals in a research note on Monday, March 3rd. Finally, Deutsche Bank Aktiengesellschaft started coverage on shares of Avadel Pharmaceuticals in a research report on Tuesday, February 11th. They set a “buy” rating and a $12.00 target price on the stock.

Insider Buying and Selling

In related news, Director Peter J. Thornton bought 10,000 shares of the company’s stock in a transaction dated Monday, January 13th. The stock was acquired at an average cost of $8.04 per share, with a total value of $80,400.00. Following the acquisition, the director now owns 104,055 shares in the company, valued at approximately $836,602.20. This represents a 10.63 % increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Linda Palczuk acquired 5,000 shares of the business’s stock in a transaction on Tuesday, January 21st. The shares were bought at an average cost of $7.93 per share, with a total value of $39,650.00. Following the completion of the acquisition, the director now owns 67,900 shares of the company’s stock, valued at approximately $538,447. This trade represents a 7.95 % increase in their position. The disclosure for this purchase can be found here. 4.80% of the stock is owned by company insiders.

Hedge Funds Weigh In On Avadel Pharmaceuticals

Institutional investors have recently added to or reduced their stakes in the company. Intech Investment Management LLC acquired a new stake in shares of Avadel Pharmaceuticals during the third quarter worth approximately $214,000. The Manufacturers Life Insurance Company increased its holdings in Avadel Pharmaceuticals by 34.4% during the 3rd quarter. The Manufacturers Life Insurance Company now owns 56,399 shares of the company’s stock valued at $740,000 after purchasing an additional 14,420 shares in the last quarter. FMR LLC bought a new position in Avadel Pharmaceuticals in the 3rd quarter valued at $31,000. MetLife Investment Management LLC boosted its stake in Avadel Pharmaceuticals by 129.1% in the third quarter. MetLife Investment Management LLC now owns 53,797 shares of the company’s stock worth $706,000 after purchasing an additional 30,313 shares in the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank bought a new stake in shares of Avadel Pharmaceuticals during the third quarter worth $262,000. 69.19% of the stock is owned by institutional investors.

Avadel Pharmaceuticals Stock Performance

Shares of NASDAQ AVDL opened at $6.59 on Friday. The stock has a market cap of $636.79 million, a price-to-earnings ratio of -8.34 and a beta of 1.52. The business has a 50 day simple moving average of $8.07 and a 200 day simple moving average of $10.24. Avadel Pharmaceuticals has a 52 week low of $6.39 and a 52 week high of $19.09.

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.