Avadel Pharmaceuticals plc (NASDAQ:AVDL) Receives Average Rating of “Buy” from Brokerages

Avadel Pharmaceuticals plc (NASDAQ:AVDL) has received a consensus recommendation of “Buy” from the eight research firms that are currently covering the firm, Marketbeat reports. Eight investment analysts have rated the stock with a buy rating. The average twelve-month price objective among brokers that have updated their coverage on the stock in the last year is $19.88.

A number of research analysts have recently issued reports on the stock. HC Wainwright restated a “buy” rating and issued a $21.00 price target on shares of Avadel Pharmaceuticals in a research report on Tuesday, March 4th. UBS Group reduced their price target on shares of Avadel Pharmaceuticals from $22.00 to $14.00 and set a “buy” rating on the stock in a research report on Monday, January 13th. Needham & Company LLC restated a “buy” rating and issued a $19.00 price target on shares of Avadel Pharmaceuticals in a research report on Monday, March 3rd. Deutsche Bank Aktiengesellschaft assumed coverage on shares of Avadel Pharmaceuticals in a research report on Tuesday, February 11th. They issued a “buy” rating and a $12.00 price target on the stock. Finally, Piper Sandler reduced their price target on shares of Avadel Pharmaceuticals from $24.00 to $13.00 and set an “overweight” rating on the stock in a research report on Friday, January 10th.

Insider Activity at Avadel Pharmaceuticals

In related news, Director Peter J. Thornton purchased 10,000 shares of the company’s stock in a transaction on Monday, January 13th. The shares were bought at an average cost of $8.04 per share, for a total transaction of $80,400.00. Following the transaction, the director now owns 104,055 shares of the company’s stock, valued at $836,602.20. This represents a 10.63 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available through this link. Also, Director Linda Palczuk purchased 5,000 shares of the company’s stock in a transaction on Tuesday, January 21st. The shares were bought at an average price of $7.93 per share, for a total transaction of $39,650.00. Following the completion of the transaction, the director now directly 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. 4.80% of the stock is currently owned by insiders.

Institutional Trading of Avadel Pharmaceuticals

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. PVG Asset Management Corp bought a new stake in shares of Avadel Pharmaceuticals during the 4th quarter worth about $358,000. Two Seas Capital LP raised its position in shares of Avadel Pharmaceuticals by 90.6% during the 4th quarter. Two Seas Capital LP now owns 4,296,449 shares of the company’s stock worth $45,156,000 after buying an additional 2,042,669 shares in the last quarter. Zimmer Partners LP bought a new stake in shares of Avadel Pharmaceuticals during the 4th quarter worth about $420,000. Tang Capital Management LLC raised its position in shares of Avadel Pharmaceuticals by 21.7% during the 4th quarter. Tang Capital Management LLC now owns 1,497,500 shares of the company’s stock worth $15,739,000 after buying an additional 267,500 shares in the last quarter. Finally, ProShare Advisors LLC raised its position in shares of Avadel Pharmaceuticals by 32.1% during the 4th quarter. ProShare Advisors LLC now owns 30,592 shares of the company’s stock worth $322,000 after buying an additional 7,433 shares in the last quarter. 69.19% of the stock is currently owned by institutional investors.

Avadel Pharmaceuticals Price Performance

Shares of AVDL stock opened at $8.33 on Wednesday. The firm has a fifty day moving average of $8.30 and a two-hundred day moving average of $11.02. Avadel Pharmaceuticals has a 1-year low of $7.39 and a 1-year high of $19.09. The firm has a market cap of $804.92 million, a P/E ratio of -10.54 and a beta of 1.57.

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.