Avadel Pharmaceuticals (NASDAQ:AVDL) Receives Buy Rating from HC Wainwright

HC Wainwright restated their buy rating on shares of Avadel Pharmaceuticals (NASDAQ:AVDL) in a research report released on Friday morning,Benzinga reports. The brokerage currently has a $21.00 target price on the stock, down from their prior target price of $25.00.

A number of other research analysts also recently commented on the company. Oppenheimer boosted their target price on Avadel Pharmaceuticals from $29.00 to $30.00 and gave the company an “outperform” rating in a research note on Thursday, October 31st. Needham & Company LLC lowered their price target on Avadel Pharmaceuticals from $22.00 to $19.00 and set a “buy” rating for the company in a research note on Thursday. Seven investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company presently has an average rating of “Buy” and a consensus target price of $22.00.

Avadel Pharmaceuticals Price Performance

Shares of AVDL opened at $7.90 on Friday. The business’s 50-day moving average is $11.41 and its 200-day moving average is $13.54. The company has a market capitalization of $761.26 million, a price-to-earnings ratio of -10.00 and a beta of 1.31. Avadel Pharmaceuticals has a fifty-two week low of $7.39 and a fifty-two week high of $19.09.

Avadel Pharmaceuticals (NASDAQ:AVDL) last released its earnings results on Tuesday, November 12th. The company reported ($0.03) earnings per share (EPS) for the quarter, topping 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 company had revenue of $50.00 million during the quarter, compared to the consensus estimate of $48.43 million. During the same quarter in the prior year, the firm earned ($0.41) EPS. The company’s revenue was up 624.6% compared to the same quarter last year. Equities research analysts expect that Avadel Pharmaceuticals will post -0.48 earnings per share for the current fiscal year.

Insider Transactions at Avadel Pharmaceuticals

In other news, Director Geoffrey Michael Glass purchased 20,279 shares of the company’s stock in a transaction dated Tuesday, December 10th. The shares were bought at an average price of $9.84 per share, with a total value of $199,545.36. Following the completion of the transaction, the director now directly owns 75,904 shares in the company, valued at $746,895.36. This trade represents a 36.46 % increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Thomas S. Mchugh acquired 5,000 shares of Avadel Pharmaceuticals stock in a transaction dated Wednesday, December 11th. The stock was purchased at an average price of $10.49 per share, with a total value of $52,450.00. Following the completion of the purchase, the chief financial officer now directly owns 85,500 shares of the company’s stock, valued at $896,895. The trade was a 6.21 % increase in their position. The disclosure for this purchase can be found here. In the last quarter, insiders purchased 40,579 shares of company stock worth $406,313. 4.80% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the company. Braidwell LP grew its position in shares of Avadel Pharmaceuticals by 16.9% in the third quarter. Braidwell LP now owns 3,388,939 shares of the company’s stock valued at $44,446,000 after purchasing an additional 490,300 shares during the last quarter. State Street Corp grew its holdings in Avadel Pharmaceuticals by 42.5% in the 3rd quarter. State Street Corp now owns 1,623,302 shares of the company’s stock valued at $21,290,000 after buying an additional 483,787 shares during the last quarter. Brandes Investment Partners LP increased its position in Avadel Pharmaceuticals by 1.5% in the 2nd quarter. Brandes Investment Partners LP now owns 1,483,439 shares of the company’s stock worth $20,894,000 after buying an additional 21,214 shares during the period. Lord Abbett & CO. LLC lifted its holdings in shares of Avadel Pharmaceuticals by 23.9% during the third quarter. Lord Abbett & CO. LLC now owns 489,073 shares of the company’s stock worth $6,414,000 after buying an additional 94,239 shares during the last quarter. Finally, Barclays PLC boosted its position in shares of Avadel Pharmaceuticals by 45.8% in the third quarter. Barclays PLC now owns 392,691 shares of the company’s stock valued at $5,150,000 after acquiring an additional 123,430 shares during the period. 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.