Avadel Pharmaceuticals (NASDAQ:AVDL) Receives Buy Rating from Needham & Company LLC

Needham & Company LLC reiterated their buy rating on shares of Avadel Pharmaceuticals (NASDAQ:AVDL) in a research report released on Wednesday,Benzinga reports. The brokerage currently has a $19.00 price objective on the stock.

AVDL has been the subject of a number of other reports. Deutsche Bank Aktiengesellschaft started coverage on Avadel Pharmaceuticals in a report on Tuesday, February 11th. They set a “buy” rating and a $12.00 price objective for the company. UBS Group decreased their price objective 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. Piper Sandler reduced their target price on Avadel Pharmaceuticals from $24.00 to $13.00 and set an “overweight” rating on the stock in a report on Friday, January 10th. Finally, HC Wainwright reaffirmed a “buy” rating and set a $21.00 price target on shares of Avadel Pharmaceuticals in a report on Tuesday, March 4th. Eight 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 target price of $19.88.

Avadel Pharmaceuticals Price Performance

Shares of NASDAQ AVDL traded down $0.42 during trading hours on Wednesday, reaching $6.84. The stock had a trading volume of 308,911 shares, compared to its average volume of 1,228,514. The company has a market cap of $660.94 million, a price-to-earnings ratio of -8.64 and a beta of 1.52. Avadel Pharmaceuticals has a twelve month low of $6.38 and a twelve month high of $19.09. The business’s fifty day moving average is $8.05 and its two-hundred day moving average is $10.18.

Insider Transactions at Avadel Pharmaceuticals

In other Avadel Pharmaceuticals news, Director Peter J. Thornton acquired 10,000 shares of the business’s stock in a transaction dated Monday, January 13th. The shares were acquired at an average price of $8.04 per share, for a total transaction of $80,400.00. Following the acquisition, the director now directly owns 104,055 shares of the company’s stock, valued at approximately $836,602.20. This trade represents a 10.63 % increase in their position. The acquisition was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Linda Palczuk bought 5,000 shares of the stock in a transaction that occurred on Tuesday, January 21st. The shares were acquired at an average cost of $7.93 per share, with a total value of $39,650.00. Following the completion of the purchase, the director now owns 67,900 shares in the company, valued at $538,447. This represents a 7.95 % increase in their position. The disclosure for this purchase can be found here. Corporate insiders own 4.80% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the stock. FMR LLC acquired a new stake in shares of Avadel Pharmaceuticals in the third quarter valued at approximately $31,000. Hsbc Holdings PLC acquired a new stake in Avadel Pharmaceuticals during the 4th quarter valued at $113,000. Kazazian Asset Management LLC bought a new position in Avadel Pharmaceuticals during the fourth quarter worth $126,000. Sanctuary Advisors LLC bought a new position in shares of Avadel Pharmaceuticals in the fourth quarter valued at about $140,000. Finally, Nations Financial Group Inc. IA ADV acquired a new stake in shares of Avadel Pharmaceuticals during the 4th quarter worth about $163,000. 69.19% of the stock is owned by institutional investors and hedge funds.

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.