Avadel Pharmaceuticals (NASDAQ:AVDL) Price Target Cut to $19.00 by Analysts at Needham & Company LLC

Avadel Pharmaceuticals (NASDAQ:AVDL) had its price objective decreased by Needham & Company LLC from $22.00 to $19.00 in a report released on Thursday,Benzinga reports. Needham & Company LLC currently has a buy rating on the stock.

A number of other research firms also recently weighed in on AVDL. HC Wainwright decreased their target price on shares of Avadel Pharmaceuticals from $27.00 to $25.00 and set a “buy” rating for the company in a research report on Wednesday, November 13th. Oppenheimer increased their price objective on shares of Avadel Pharmaceuticals from $29.00 to $30.00 and gave the stock an “outperform” rating in a research note on Thursday, October 31st. Seven equities research analysts have rated the stock with a buy rating, According to MarketBeat, Avadel Pharmaceuticals presently has an average rating of “Buy” and a consensus price target of $24.00.

Avadel Pharmaceuticals Trading Down 1.6 %

AVDL stock opened at $10.69 on Thursday. The stock has a market cap of $1.03 billion, a PE ratio of -13.53 and a beta of 1.31. The stock has a 50-day moving average price of $11.51 and a two-hundred day moving average price of $13.56. Avadel Pharmaceuticals has a 1 year low of $9.41 and a 1 year high of $19.09.

Avadel Pharmaceuticals (NASDAQ:AVDL) last announced its earnings results on Tuesday, November 12th. The company reported ($0.03) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.06) by $0.03. Avadel Pharmaceuticals had a negative return on equity of 93.34% and a negative net margin of 52.53%. The business had revenue of $50.00 million for the quarter, compared to analyst estimates of $48.43 million. During the same quarter last year, the firm earned ($0.41) EPS. Avadel Pharmaceuticals’s revenue for the quarter was up 624.6% compared to the same quarter last year. On average, analysts forecast that Avadel Pharmaceuticals will post -0.48 earnings per share for the current fiscal year.

Insider Buying and Selling at Avadel Pharmaceuticals

In related news, Director Geoffrey Michael Glass bought 20,279 shares of the business’s stock in a transaction dated Tuesday, December 10th. The stock was bought at an average price of $9.84 per share, for a total transaction of $199,545.36. Following the purchase, the director now owns 75,904 shares in the company, valued at $746,895.36. This represents a 36.46 % increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Gregory J. Divis purchased 9,598 shares of the firm’s stock in a transaction that occurred on Friday, December 6th. The stock was bought at an average price of $9.98 per share, for a total transaction of $95,788.04. Following the purchase, the chief executive officer now owns 9,598 shares in the company, valued at $95,788.04. The trade was a ∞ increase in their position. The disclosure for this purchase can be found here. Insiders have acquired 40,579 shares of company stock worth $406,313 over the last 90 days. Company insiders own 4.80% of the company’s stock.

Institutional Trading of Avadel Pharmaceuticals

Several institutional investors have recently added to or reduced their stakes in AVDL. Lord Abbett & CO. LLC lifted its holdings in shares of Avadel Pharmaceuticals by 23.9% during the third quarter. Lord Abbett & CO. LLC now owns 489,073 shares of the company’s stock worth $6,414,000 after buying an additional 94,239 shares in the last quarter. Barclays PLC increased its position in Avadel Pharmaceuticals by 45.8% during the third quarter. Barclays PLC now owns 392,691 shares of the company’s stock worth $5,150,000 after acquiring an additional 123,430 shares during the period. MML Investors Services LLC raised its stake in Avadel Pharmaceuticals by 13.8% in the 3rd quarter. MML Investors Services LLC now owns 136,356 shares of the company’s stock worth $1,788,000 after purchasing an additional 16,500 shares in the last quarter. Dorsey Wright & Associates boosted its holdings in Avadel Pharmaceuticals by 12.9% in the 3rd quarter. Dorsey Wright & Associates now owns 142,120 shares of the company’s stock valued at $1,864,000 after purchasing an additional 16,215 shares during the period. Finally, XTX Topco Ltd acquired a new position in shares of Avadel Pharmaceuticals during the 3rd quarter worth approximately $642,000. 69.19% of the stock is currently owned by 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.