Avadel Pharmaceuticals (NASDAQ:AVDL) Price Target Lowered to $13.00 at Piper Sandler

Avadel Pharmaceuticals (NASDAQ:AVDL) had its target price decreased by equities research analysts at Piper Sandler from $24.00 to $13.00 in a research note issued to investors on Friday,Benzinga reports. The firm currently has an “overweight” rating on the stock. Piper Sandler’s target price would indicate a potential upside of 71.05% from the stock’s previous close.

Several other research analysts also recently issued reports on AVDL. HC Wainwright restated a “buy” rating and set a $21.00 price objective (down from $25.00) on shares of Avadel Pharmaceuticals in a research report on Friday. Needham & Company LLC cut their price target on Avadel Pharmaceuticals from $22.00 to $19.00 and set a “buy” rating for the company in a report on Thursday. Finally, Oppenheimer increased their price objective 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, Based on data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and a consensus target price of $22.00.

Avadel Pharmaceuticals Price Performance

AVDL traded down $3.09 during trading on Friday, reaching $7.60. 4,430,928 shares of the stock were exchanged, compared to its average volume of 1,856,676. The company has a market capitalization of $732.35 million, a price-to-earnings ratio of -9.62 and a beta of 1.31. Avadel Pharmaceuticals has a 1 year low of $7.39 and a 1 year high of $19.09. The business’s 50 day moving average price is $11.41 and its two-hundred day moving average price is $13.54.

Avadel Pharmaceuticals (NASDAQ:AVDL) last issued its quarterly earnings data on Tuesday, November 12th. The company reported ($0.03) EPS for the quarter, beating analysts’ consensus estimates of ($0.06) by $0.03. The firm had revenue of $50.00 million for the quarter, compared to analysts’ expectations of $48.43 million. Avadel Pharmaceuticals had a negative net margin of 52.53% and a negative return on equity of 93.34%. The firm’s revenue was up 624.6% on a year-over-year basis. During the same period in the prior year, the company earned ($0.41) EPS. On average, analysts anticipate that Avadel Pharmaceuticals will post -0.48 EPS for the current year.

Insiders Place Their Bets

In related news, Director Geoffrey Michael Glass acquired 20,279 shares of the stock in a transaction dated Tuesday, December 10th. The stock was bought at an average cost of $9.84 per share, with a total value of $199,545.36. Following the purchase, the director now directly owns 75,904 shares of the company’s stock, valued at approximately $746,895.36. This represents a 36.46 % increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CFO Thomas S. Mchugh bought 5,000 shares of the business’s stock in a transaction that occurred on Wednesday, December 11th. The stock was purchased at an average cost of $10.49 per share, for a total transaction of $52,450.00. Following the completion of the transaction, the chief financial officer now directly owns 85,500 shares in the company, valued at approximately $896,895. This trade represents a 6.21 % increase in their position. The disclosure for this purchase can be found here. In the last ninety days, insiders have acquired 40,579 shares of company stock valued at $406,313. Insiders own 4.80% of the company’s stock.

Institutional Trading of Avadel Pharmaceuticals

A number of institutional investors have recently modified their holdings of AVDL. Braidwell LP lifted its position in Avadel Pharmaceuticals by 16.9% during the third quarter. Braidwell LP now owns 3,388,939 shares of the company’s stock valued at $44,446,000 after buying an additional 490,300 shares in the last quarter. State Street Corp boosted its position in Avadel Pharmaceuticals by 42.5% during the 3rd quarter. State Street Corp now owns 1,623,302 shares of the company’s stock worth $21,290,000 after purchasing an additional 483,787 shares during the period. Nantahala Capital Management LLC acquired a new stake in Avadel Pharmaceuticals in the 2nd quarter valued at $4,921,000. Bank of New York Mellon Corp purchased a new position in Avadel Pharmaceuticals in the second quarter valued at about $4,575,000. Finally, Troluce Capital Advisors LLC acquired a new position in shares of Avadel Pharmaceuticals during the second quarter worth about $2,109,000. Hedge funds and other institutional investors own 69.19% of the company’s stock.

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.