Avadel Pharmaceuticals (NASDAQ:AVDL) Sets New 12-Month Low Following Analyst Downgrade

Shares of Avadel Pharmaceuticals plc (NASDAQ:AVDL) reached a new 52-week low during mid-day trading on Friday after Needham & Company LLC lowered their price target on the stock from $22.00 to $19.00. Needham & Company LLC currently has a buy rating on the stock. Avadel Pharmaceuticals traded as low as $7.52 and last traded at $8.10, with a volume of 1707262 shares. The stock had previously closed at $10.69.

AVDL has been the subject of several other reports. 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 note on Wednesday, November 13th. Oppenheimer increased their price target on Avadel Pharmaceuticals from $29.00 to $30.00 and gave the company 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.com, the stock currently has an average rating of “Buy” and an average target price of $23.43.

Insider Activity

In related news, Director Linda Palczuk purchased 3,000 shares of the stock in a transaction that occurred on Friday, December 6th. The shares were bought at an average price of $10.19 per share, with a total value of $30,570.00. Following the acquisition, the director now owns 66,400 shares of the company’s stock, valued at $676,616. This trade represents a 4.73 % increase in their position. The purchase was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CEO Gregory J. Divis bought 9,598 shares of the stock in a transaction on Friday, December 6th. The stock was purchased at an average price of $9.98 per share, for a total transaction of $95,788.04. Following the completion of the purchase, the chief executive officer now owns 9,598 shares of the company’s stock, valued at approximately $95,788.04. This trade represents a ∞ increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders bought a total of 40,579 shares of company stock worth $406,313 in the last three months. Company insiders own 4.80% of the company’s stock.

Institutional Investors Weigh In On Avadel Pharmaceuticals

Several institutional investors have recently made changes to their positions in AVDL. Bank of New York Mellon Corp purchased a new position in shares of Avadel Pharmaceuticals in the second quarter worth $4,575,000. Principal Financial Group Inc. bought a new position in shares of Avadel Pharmaceuticals during the second quarter valued at about $176,000. Commonwealth Equity Services LLC boosted its holdings in shares of Avadel Pharmaceuticals by 13.9% during the second quarter. Commonwealth Equity Services LLC now owns 44,767 shares of the company’s stock worth $629,000 after purchasing an additional 5,460 shares during the period. Rhumbline Advisers grew its stake in shares of Avadel Pharmaceuticals by 7,840.1% in the second quarter. Rhumbline Advisers now owns 122,675 shares of the company’s stock worth $1,725,000 after purchasing an additional 121,130 shares during the last quarter. Finally, Beverly Hills Private Wealth LLC purchased a new position in Avadel Pharmaceuticals during the 2nd quarter valued at about $146,000. Hedge funds and other institutional investors own 69.19% of the company’s stock.

Avadel Pharmaceuticals Trading Down 25.4 %

The firm has a market cap of $768.97 million, a PE ratio of -10.10 and a beta of 1.31. The firm has a fifty day simple moving average of $11.41 and a two-hundred day simple moving average of $13.54.

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

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.