Avadel Pharmaceuticals plc (NASDAQ:AVDL) Given Consensus Recommendation of “Buy” by Analysts

Avadel Pharmaceuticals plc (NASDAQ:AVDL) has been given an average recommendation of “Buy” by the seven research firms that are covering the stock, Marketbeat Ratings reports. Seven research analysts have rated the stock with a buy recommendation. The average twelve-month price objective among brokers that have issued a report on the stock in the last year is $24.43.

A number of analysts have recently weighed in on AVDL shares. Oppenheimer upped their target price on Avadel Pharmaceuticals from $29.00 to $30.00 and gave the company an “outperform” rating in a research report on Thursday, October 31st. HC Wainwright cut their price objective on shares of Avadel Pharmaceuticals from $27.00 to $25.00 and set a “buy” rating for the company in a research report on Wednesday, November 13th. Finally, Needham & Company LLC reiterated a “buy” rating and set a $22.00 price objective on shares of Avadel Pharmaceuticals in a research note on Tuesday, November 12th.

Insiders Place Their Bets

In other news, CEO Gregory J. Divis bought 9,598 shares of the company’s stock in a transaction 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 transaction, 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 ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Geoffrey Michael Glass purchased 20,279 shares of Avadel Pharmaceuticals stock in a transaction dated Tuesday, December 10th. The shares were purchased at an average price of $9.84 per share, for a total transaction of $199,545.36. Following the completion of the acquisition, the director now owns 75,904 shares of the company’s stock, valued at approximately $746,895.36. The trade was a 36.46 % increase in their position. The disclosure for this purchase can be found here. Over the last 90 days, insiders acquired 40,579 shares of company stock valued at $406,313. 4.80% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Avadel Pharmaceuticals

Hedge funds have recently added to or reduced their stakes in the business. Braidwell LP increased its position in Avadel Pharmaceuticals by 16.9% in the 3rd quarter. Braidwell LP now owns 3,388,939 shares of the company’s stock valued at $44,446,000 after acquiring an additional 490,300 shares during the period. State Street Corp increased its holdings in Avadel Pharmaceuticals by 42.5% in the third quarter. State Street Corp now owns 1,623,302 shares of the company’s stock valued at $21,290,000 after purchasing an additional 483,787 shares during the period. Brandes Investment Partners LP increased its holdings in Avadel Pharmaceuticals by 1.5% in the second quarter. Brandes Investment Partners LP now owns 1,483,439 shares of the company’s stock valued at $20,894,000 after purchasing an additional 21,214 shares during the period. Lord Abbett & CO. LLC raised its position in Avadel Pharmaceuticals by 23.9% during the 3rd quarter. Lord Abbett & CO. LLC now owns 489,073 shares of the company’s stock worth $6,414,000 after purchasing an additional 94,239 shares during the last quarter. Finally, Barclays PLC lifted its holdings in Avadel Pharmaceuticals by 45.8% during the 3rd quarter. Barclays PLC now owns 392,691 shares of the company’s stock worth $5,150,000 after buying an additional 123,430 shares during the period. 69.19% of the stock is currently owned by institutional investors and hedge funds.

Avadel Pharmaceuticals Stock Up 4.7 %

Shares of Avadel Pharmaceuticals stock opened at $11.00 on Friday. The stock has a market capitalization of $1.06 billion, a price-to-earnings ratio of -13.92 and a beta of 1.32. Avadel Pharmaceuticals has a twelve month low of $9.41 and a twelve month high of $19.09. The company has a 50-day simple moving average of $11.67 and a two-hundred day simple moving average of $13.70.

Avadel Pharmaceuticals (NASDAQ:AVDL) last released its quarterly earnings results on Tuesday, November 12th. The company reported ($0.03) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.06) by $0.03. The company had revenue of $50.00 million during the quarter, compared to the consensus estimate of $48.43 million. Avadel Pharmaceuticals had a negative net margin of 52.53% and a negative return on equity of 93.34%. The firm’s quarterly revenue was up 624.6% on a year-over-year basis. During the same period in the previous year, the business earned ($0.41) earnings per share. On average, sell-side analysts anticipate that Avadel Pharmaceuticals will post -0.48 earnings per share for the current fiscal year.

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.