Avadel Pharmaceuticals (NASDAQ:AVDL) Price Target Lowered to $13.00 at Piper Sandler

Avadel Pharmaceuticals (NASDAQ:AVDL) had its target price trimmed by Piper Sandler from $24.00 to $13.00 in a research report released on Friday,Benzinga reports. The brokerage currently has an overweight rating on the stock.

AVDL has been the topic of several other research reports. Needham & Company LLC reduced their price target on shares of Avadel Pharmaceuticals from $22.00 to $19.00 and set a “buy” rating on the stock in a report on Thursday. HC Wainwright reaffirmed a “buy” rating and issued a $21.00 target price (down previously from $25.00) on shares of Avadel Pharmaceuticals in a research note on Friday. Finally, Oppenheimer raised their price target on Avadel Pharmaceuticals from $29.00 to $30.00 and gave the stock an “outperform” rating in a research report on Thursday, October 31st. Seven equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company currently has an average rating of “Buy” and an average price target of $22.00.

Avadel Pharmaceuticals Stock Down 26.1 %

NASDAQ:AVDL opened at $7.90 on Friday. The firm’s fifty day simple moving average is $11.41 and its 200-day simple moving average is $13.54. The stock has a market cap of $761.26 million, a PE 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 posted its earnings results on Tuesday, November 12th. The company reported ($0.03) EPS for the quarter, topping analysts’ consensus estimates of ($0.06) by $0.03. The company had revenue of $50.00 million for the quarter, compared to the consensus estimate of $48.43 million. Avadel Pharmaceuticals had a negative return on equity of 93.34% and a negative net margin of 52.53%. Avadel Pharmaceuticals’s quarterly revenue was up 624.6% compared to the same quarter last year. During the same period in the previous year, the business earned ($0.41) earnings per share. Equities analysts anticipate that Avadel Pharmaceuticals will post -0.48 earnings per share for the current year.

Insider Buying and Selling at Avadel Pharmaceuticals

In other Avadel Pharmaceuticals news, CEO Gregory J. Divis bought 9,598 shares of the company’s stock in a transaction that occurred on Friday, December 6th. The stock was purchased at an average cost of $9.98 per share, for a total transaction of $95,788.04. Following the completion of the purchase, the chief executive officer now owns 9,598 shares of the company’s stock, valued at $95,788.04. This trade represents a ∞ increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Thomas S. Mchugh bought 5,000 shares of Avadel Pharmaceuticals stock in a transaction that occurred on Wednesday, December 11th. The shares were acquired at an average price of $10.49 per share, for a total transaction of $52,450.00. Following the completion of the transaction, the chief financial officer now directly owns 85,500 shares of the company’s stock, valued at $896,895. This trade represents a 6.21 % increase in their position. The disclosure for this purchase can be found here. In the last three months, insiders acquired 40,579 shares of company stock worth $406,313. Insiders own 4.80% of the company’s stock.

Hedge Funds Weigh In On Avadel Pharmaceuticals

Several institutional investors and hedge funds have recently bought and sold shares of the stock. FMR LLC acquired a new position in shares of Avadel Pharmaceuticals in the 3rd quarter valued at $31,000. Amalgamated Bank acquired a new position in Avadel Pharmaceuticals in the second quarter valued at $45,000. Quarry LP purchased a new stake in Avadel Pharmaceuticals during the second quarter valued at about $63,000. Advisors Asset Management Inc. increased its stake in Avadel Pharmaceuticals by 56.1% during the third quarter. Advisors Asset Management Inc. now owns 7,921 shares of the company’s stock worth $104,000 after acquiring an additional 2,846 shares during the last quarter. Finally, Beverly Hills Private Wealth LLC purchased a new position in shares of Avadel Pharmaceuticals in the 2nd quarter worth about $146,000. Institutional investors and hedge funds own 69.19% of the company’s stock.

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.