Needham & Company LLC Has Lowered Expectations for Avadel Pharmaceuticals (NASDAQ:AVDL) Stock Price

Avadel Pharmaceuticals (NASDAQ:AVDL) had its price objective lowered by analysts at Needham & Company LLC from $22.00 to $19.00 in a report released on Thursday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. Needham & Company LLC’s price objective points to a potential upside of 77.74% from the company’s previous close.

Other research analysts also recently issued reports about the company. HC Wainwright cut their price objective on 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 upped their price target on shares of Avadel Pharmaceuticals from $29.00 to $30.00 and gave the stock an “outperform” rating in a research report on Thursday, October 31st. Seven equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company has a consensus rating of “Buy” and a consensus price target of $24.00.

Avadel Pharmaceuticals Trading Down 1.6 %

Shares of NASDAQ AVDL opened at $10.69 on Thursday. Avadel Pharmaceuticals has a 12-month low of $9.41 and a 12-month high of $19.09. The firm has a market capitalization of $1.03 billion, a price-to-earnings ratio of -13.53 and a beta of 1.31. The firm has a 50 day moving average of $11.55 and a 200 day moving average of $13.58.

Avadel Pharmaceuticals (NASDAQ:AVDL) last issued its quarterly earnings data 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 net margin of 52.53% and a negative return on equity of 93.34%. The firm had revenue of $50.00 million during the quarter, compared to the consensus estimate of $48.43 million. During the same quarter in the previous year, the firm posted ($0.41) EPS. The company’s revenue for the quarter was up 624.6% compared to the same quarter last year. Sell-side analysts predict that Avadel Pharmaceuticals will post -0.48 EPS for the current year.

Insider Activity

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

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. Bank of New York Mellon Corp purchased a new position in shares of Avadel Pharmaceuticals in the 2nd quarter worth $4,575,000. Principal Financial Group Inc. purchased a new position in Avadel Pharmaceuticals in the second quarter worth about $176,000. Commonwealth Equity Services LLC increased its stake in 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 acquiring an additional 5,460 shares during the last quarter. Rhumbline Advisers raised its position in Avadel Pharmaceuticals by 7,840.1% during the second quarter. Rhumbline Advisers now owns 122,675 shares of the company’s stock valued at $1,725,000 after purchasing an additional 121,130 shares during the period. Finally, Beverly Hills Private Wealth LLC bought a new stake in shares of Avadel Pharmaceuticals in the 2nd quarter valued at approximately $146,000. 69.19% of the stock is owned by hedge funds and other institutional investors.

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.