Avadel Pharmaceuticals (NASDAQ:AVDL) Shares Up 7.2% – Here’s Why

Avadel Pharmaceuticals plc (NASDAQ:AVDL)’s stock price was up 7.2% during trading on Monday . The stock traded as high as $8.62 and last traded at $8.70. Approximately 411,037 shares traded hands during trading, a decline of 75% from the average daily volume of 1,638,962 shares. The stock had previously closed at $8.11.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on the company. Oppenheimer raised their price objective on Avadel Pharmaceuticals from $29.00 to $30.00 and gave the stock an “outperform” rating in a report on Thursday, October 31st. Needham & Company LLC cut their price target on shares of Avadel Pharmaceuticals from $22.00 to $19.00 and set a “buy” rating on the stock in a report on Thursday, January 9th. Deutsche Bank Aktiengesellschaft began coverage on shares of Avadel Pharmaceuticals in a research note on Tuesday. They set a “buy” rating and a $12.00 price objective for the company. Piper Sandler cut their target price on shares of Avadel Pharmaceuticals from $24.00 to $13.00 and set an “overweight” rating on the stock in a research note on Friday, January 10th. Finally, HC Wainwright restated a “buy” rating and set a $21.00 target price (down previously from $25.00) on shares of Avadel Pharmaceuticals in a report on Friday, January 10th. Eight equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, the company has an average rating of “Buy” and an average price target of $19.88.

Avadel Pharmaceuticals Price Performance

The firm has a market capitalization of $858.57 million, a price-to-earnings ratio of -11.28 and a beta of 1.28. The business’s 50-day moving average price is $9.32 and its 200 day moving average price is $12.30.

Avadel Pharmaceuticals (NASDAQ:AVDL) last announced its earnings results on Tuesday, November 12th. The company reported ($0.03) earnings per share for the quarter, beating the consensus estimate 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 company had revenue of $50.00 million during the quarter, compared to the consensus estimate of $48.43 million. During the same period last year, the firm earned ($0.41) earnings per share. The company’s revenue was up 624.6% on a year-over-year basis. As a group, sell-side analysts expect that Avadel Pharmaceuticals plc will post -0.51 earnings per share for the current year.

Insider Activity at Avadel Pharmaceuticals

In related news, CFO Thomas S. Mchugh purchased 5,000 shares of the company’s stock in a transaction that occurred on Wednesday, December 11th. The stock was acquired at an average price of $10.49 per share, for a total transaction of $52,450.00. Following the completion of the purchase, the chief financial officer now owns 85,500 shares in the company, valued at approximately $896,895. This represents a 6.21 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Gregory J. Divis acquired 9,598 shares of Avadel Pharmaceuticals stock in a transaction on Friday, December 6th. The shares were bought 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 directly owns 9,598 shares in the company, valued at $95,788.04. The trade was a ∞ increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last 90 days, insiders acquired 55,579 shares of company stock valued at $526,363. Insiders own 4.80% of the company’s stock.

Institutional Investors Weigh In On Avadel Pharmaceuticals

Hedge funds and other institutional investors have recently modified their holdings of the stock. FMR LLC acquired a new position in Avadel Pharmaceuticals in the third quarter worth about $31,000. Advisors Asset Management Inc. lifted its holdings in Avadel Pharmaceuticals by 56.1% during the 3rd quarter. Advisors Asset Management Inc. now owns 7,921 shares of the company’s stock worth $104,000 after buying an additional 2,846 shares during the last quarter. Kazazian Asset Management LLC acquired a new position in shares of Avadel Pharmaceuticals in the 4th quarter worth approximately $126,000. Aigen Investment Management LP bought a new stake in shares of Avadel Pharmaceuticals in the 3rd quarter valued at approximately $160,000. Finally, Creative Planning increased its holdings in shares of Avadel Pharmaceuticals by 8.2% in the 3rd quarter. Creative Planning now owns 12,381 shares of the company’s stock valued at $162,000 after acquiring an additional 938 shares during the last quarter. Institutional investors own 69.19% of the company’s stock.

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.