Avadel Pharmaceuticals (NASDAQ:AVDL) Shares Down 3.9% – Time to Sell?

Shares of Avadel Pharmaceuticals plc (NASDAQ:AVDL) were down 3.9% during mid-day trading on Thursday . The company traded as low as $7.84 and last traded at $7.83. Approximately 399,662 shares changed hands during trading, a decline of 67% from the average daily volume of 1,219,301 shares. The stock had previously closed at $8.15.

Analysts Set New Price Targets

Several brokerages have commented on AVDL. Piper Sandler cut their price objective on Avadel Pharmaceuticals from $24.00 to $13.00 and set an “overweight” rating on the stock in a research report on Friday, January 10th. Needham & Company LLC reaffirmed a “buy” rating and issued a $19.00 price target on shares of Avadel Pharmaceuticals in a research note on Wednesday, April 9th. Deutsche Bank Aktiengesellschaft began coverage on shares of Avadel Pharmaceuticals in a research report on Tuesday, February 11th. They issued a “buy” rating and a $12.00 price objective for the company. HC Wainwright reaffirmed a “buy” rating and set a $21.00 price target on shares of Avadel Pharmaceuticals in a research note on Tuesday, March 4th. Finally, UBS Group cut their price target on Avadel Pharmaceuticals from $22.00 to $14.00 and set a “buy” rating on the stock in a research note on Monday, January 13th. Eight research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock has an average rating of “Buy” and a consensus price target of $19.88.

Avadel Pharmaceuticals Stock Performance

The business has a 50 day moving average of $8.01 and a two-hundred day moving average of $10.03. The stock has a market capitalization of $768.20 million, a PE ratio of -10.08 and a beta of 1.52.

Insider Activity

In other news, Director Linda Palczuk bought 5,000 shares of the firm’s stock in a transaction that occurred on Tuesday, January 21st. The stock was bought at an average price of $7.93 per share, with a total value of $39,650.00. Following the completion of the transaction, the director now directly owns 67,900 shares of the company’s stock, valued at approximately $538,447. The trade was a 7.95 % increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 4.80% of the company’s stock.

Institutional Trading of Avadel Pharmaceuticals

Hedge funds and other institutional investors have recently made changes to their positions in the business. FMR LLC purchased a new stake in Avadel Pharmaceuticals in the third quarter valued at about $31,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC acquired a new position in shares of Avadel Pharmaceuticals during the third quarter valued at about $484,000. State Street Corp increased its holdings in shares of Avadel Pharmaceuticals by 42.5% during the third quarter. State Street Corp now owns 1,623,302 shares of the company’s stock valued at $21,290,000 after acquiring an additional 483,787 shares in the last quarter. Wellington Management Group LLP purchased a new position in shares of Avadel Pharmaceuticals in the 3rd quarter valued at approximately $633,000. Finally, MML Investors Services LLC boosted its stake in Avadel Pharmaceuticals by 13.8% in the 3rd quarter. MML Investors Services LLC now owns 136,356 shares of the company’s stock worth $1,788,000 after purchasing an additional 16,500 shares in the last quarter. 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.