Avadel Pharmaceuticals (NASDAQ:AVDL) Trading 4.2% Higher – What’s Next?

Avadel Pharmaceuticals plc (NASDAQ:AVDL) shares shot up 4.2% during trading on Thursday . The company traded as high as $8.31 and last traded at $8.30. 431,449 shares traded hands during mid-day trading, a decline of 64% from the average session volume of 1,182,960 shares. The stock had previously closed at $7.96.

Wall Street Analysts Forecast Growth

AVDL has been the topic of several research analyst reports. UBS Group cut their target price on Avadel Pharmaceuticals from $22.00 to $14.00 and set a “buy” rating on the stock in a research report on Monday, January 13th. Deutsche Bank Aktiengesellschaft assumed coverage on shares of Avadel Pharmaceuticals in a research report on Tuesday, February 11th. They set a “buy” rating and a $12.00 price objective for the company. Needham & Company LLC restated a “buy” rating and issued a $19.00 target price on shares of Avadel Pharmaceuticals in a report on Monday, March 3rd. Piper Sandler cut 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 note on Friday, January 10th. Finally, HC Wainwright restated a “buy” rating and issued a $21.00 price objective on shares of Avadel Pharmaceuticals in a research note on Tuesday, March 4th. Eight analysts have rated the stock with a buy rating, According to data from MarketBeat, the company presently has a consensus rating of “Buy” and a consensus price target of $19.88.

Avadel Pharmaceuticals Price Performance

The business’s 50 day simple moving average is $8.36 and its 200 day simple moving average is $11.14. The company has a market capitalization of $804.92 million, a price-to-earnings ratio of -10.54 and a beta of 1.57.

Insider Buying and Selling at Avadel Pharmaceuticals

In other news, Director Peter J. Thornton acquired 10,000 shares of the business’s stock in a transaction on Monday, January 13th. The stock was bought at an average price of $8.04 per share, for a total transaction of $80,400.00. Following the transaction, the director now owns 104,055 shares in the company, 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 accessible through the SEC website. Also, Director Linda Palczuk bought 5,000 shares of the stock in a transaction dated Tuesday, January 21st. The stock was purchased at an average cost of $7.93 per share, for a total transaction of $39,650.00. Following the acquisition, the director now owns 67,900 shares of the company’s stock, valued at approximately $538,447. This represents a 7.95 % increase in their ownership of the stock. The disclosure for this purchase can be found here. 4.80% of the stock is owned by company insiders.

Hedge Funds Weigh In On Avadel Pharmaceuticals

A number of large investors have recently modified their holdings of AVDL. FMR LLC purchased a new stake in shares of Avadel Pharmaceuticals in the third quarter valued at approximately $31,000. Advisors Asset Management Inc. grew its stake in shares of 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 purchasing an additional 2,846 shares during the period. Hsbc Holdings PLC purchased a new position in shares of Avadel Pharmaceuticals in the 4th quarter valued at about $113,000. Kazazian Asset Management LLC acquired a new stake in shares of Avadel Pharmaceuticals in the fourth quarter valued at about $126,000. Finally, Sanctuary Advisors LLC purchased a new stake in Avadel Pharmaceuticals during the fourth quarter worth about $140,000. 69.19% of the stock is owned by hedge funds and other institutional investors.

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.