Avadel Pharmaceuticals (NASDAQ:AVDL) Stock Price Down 6.9% – Time to Sell?

Avadel Pharmaceuticals PLC. (NASDAQ:AVDL) fell 6.9% during mid-day trading on Wednesday . The company traded as low as $21.18 and last traded at $21.3580. 2,324,399 shares were traded during trading, an increase of 34% from the average session volume of 1,731,908 shares. The stock had previously closed at $22.93.

Wall Street Analyst Weigh In

AVDL has been the subject of a number of analyst reports. Wells Fargo & Company increased their price target on Avadel Pharmaceuticals from $20.00 to $22.50 and gave the company an “equal weight” rating in a report on Thursday, November 20th. Wall Street Zen cut Avadel Pharmaceuticals from a “strong-buy” rating to a “buy” rating in a research note on Saturday, October 25th. Craig Hallum lowered shares of Avadel Pharmaceuticals from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, October 22nd. HC Wainwright cut shares of Avadel Pharmaceuticals from a “buy” rating to a “neutral” rating and set a $20.00 price target on the stock. in a report on Thursday, October 23rd. Finally, Piper Sandler lowered shares of Avadel Pharmaceuticals from a “strong-buy” rating to a “hold” rating in a report on Wednesday, October 22nd. One equities research analyst has rated the stock with a Buy rating, ten have given a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Reduce” and a consensus price target of $18.13.

Avadel Pharmaceuticals Trading Down 6.7%

The stock’s 50-day moving average price is $17.69 and its 200-day moving average price is $13.52. The company has a market capitalization of $2.09 billion, a P/E ratio of -713.17 and a beta of 1.47.

Avadel Pharmaceuticals (NASDAQ:AVDL) last issued its quarterly earnings data on Tuesday, November 4th. The company reported $0.00 EPS for the quarter, missing analysts’ consensus estimates of $0.04 by ($0.04). Avadel Pharmaceuticals had a negative return on equity of 3.73% and a negative net margin of 1.32%.The company had revenue of $77.47 million for the quarter, compared to the consensus estimate of $78.05 million. During the same quarter in the previous year, the company earned ($0.03) earnings per share. Avadel Pharmaceuticals’s quarterly revenue was up 55.0% compared to the same quarter last year. Sell-side analysts expect that Avadel Pharmaceuticals PLC. will post -0.51 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Avadel Pharmaceuticals

A number of institutional investors have recently added to or reduced their stakes in the company. Cubist Systematic Strategies LLC bought a new stake in shares of Avadel Pharmaceuticals during the 1st quarter worth $1,178,000. Woodline Partners LP lifted its holdings in shares of Avadel Pharmaceuticals by 78.7% during the first quarter. Woodline Partners LP now owns 896,861 shares of the company’s stock valued at $7,022,000 after purchasing an additional 395,040 shares during the last quarter. Nuveen LLC acquired a new position in shares of Avadel Pharmaceuticals in the 1st quarter valued at $4,055,000. Trexquant Investment LP acquired a new position in shares of Avadel Pharmaceuticals in the 1st quarter valued at $1,011,000. Finally, Bank of New York Mellon Corp increased its stake in Avadel Pharmaceuticals by 4.0% in the 1st quarter. Bank of New York Mellon Corp now owns 234,120 shares of the company’s stock worth $1,833,000 after purchasing an additional 9,025 shares in the last quarter. 69.19% of the stock is currently owned by institutional investors and hedge funds.

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.