Avadel Pharmaceuticals (NASDAQ:AVDL) Shares Gap Up – What’s Next?

Avadel Pharmaceuticals plc (NASDAQ:AVDL) shares gapped up prior to trading on Tuesday . The stock had previously closed at $7.55, but opened at $7.71. Avadel Pharmaceuticals shares last traded at $7.75, with a volume of 142,238 shares trading hands.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on AVDL shares. Piper Sandler cut their price objective on shares of Avadel Pharmaceuticals from $24.00 to $13.00 and set an “overweight” rating for the company in a report on Friday, January 10th. HC Wainwright restated a “buy” rating and issued a $21.00 price target on shares of Avadel Pharmaceuticals in a research note on Tuesday. Deutsche Bank Aktiengesellschaft assumed coverage on Avadel Pharmaceuticals in a research report on Tuesday, February 11th. They set a “buy” rating and a $12.00 price target on the stock. UBS Group cut their price objective on Avadel Pharmaceuticals from $22.00 to $14.00 and set a “buy” rating for the company in a research report on Monday, January 13th. Finally, Needham & Company LLC reiterated a “buy” rating and set a $19.00 target price on shares of Avadel Pharmaceuticals in a research report on Monday. Eight investment analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock has an average rating of “Buy” and an average target price of $19.88.

Avadel Pharmaceuticals Trading Up 2.6 %

The business has a fifty day simple moving average of $8.77 and a two-hundred day simple moving average of $11.54. The company has a market cap of $746.81 million, a PE ratio of -9.80 and a beta of 1.28.

Insider Transactions at Avadel Pharmaceuticals

In related news, Director Linda Palczuk bought 5,000 shares of the company’s stock in a transaction on Tuesday, January 21st. The stock was bought at an average cost of $7.93 per share, for a total transaction of $39,650.00. Following the acquisition, the director now directly owns 67,900 shares in the company, valued at $538,447. This represents a 7.95 % increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Gregory J. Divis bought 9,598 shares of the business’s stock in a transaction on Friday, December 6th. The stock was bought at an average cost of $9.98 per share, with a total value of $95,788.04. Following the completion of the purchase, the chief executive officer now directly owns 9,598 shares in the company, valued at approximately $95,788.04. The trade was a ∞ increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last three months, insiders have acquired 55,579 shares of company stock valued at $526,363. Corporate insiders own 4.80% of the company’s stock.

Hedge Funds Weigh In On Avadel Pharmaceuticals

Hedge funds have recently modified their holdings of the business. PVG Asset Management Corp acquired a new position in Avadel Pharmaceuticals during the fourth quarter worth $358,000. Two Seas Capital LP increased its stake in Avadel Pharmaceuticals by 90.6% in the fourth quarter. Two Seas Capital LP now owns 4,296,449 shares of the company’s stock valued at $45,156,000 after purchasing an additional 2,042,669 shares during the last quarter. Zimmer Partners LP purchased a new position in shares of Avadel Pharmaceuticals during the fourth quarter worth about $420,000. Tang Capital Management LLC increased its stake in Avadel Pharmaceuticals by 21.7% in the fourth quarter. Tang Capital Management LLC now owns 1,497,500 shares of the company’s stock valued at $15,739,000 after purchasing an additional 267,500 shares during the period. Finally, ProShare Advisors LLC raised its position in 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 during the last quarter. 69.19% of the stock is currently owned by hedge funds and other institutional investors.

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.