Avadel Pharmaceuticals (NASDAQ:AVDL) Shares Gap Down – Here’s Why

Shares of Avadel Pharmaceuticals plc (NASDAQ:AVDL) gapped down prior to trading on Tuesday . The stock had previously closed at $16.30, but opened at $15.11. Avadel Pharmaceuticals shares last traded at $14.59, with a volume of 329,883 shares changing hands.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on AVDL shares. Oppenheimer upped their target price on Avadel Pharmaceuticals from $29.00 to $30.00 and gave the stock an “outperform” rating in a research report on Thursday, October 31st. HC Wainwright decreased their price objective on shares of Avadel Pharmaceuticals from $27.00 to $25.00 and set a “buy” rating for the company in a report on Wednesday. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $22.00 target price on shares of Avadel Pharmaceuticals in a research note on Tuesday. Seven investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company has a consensus rating of “Buy” and an average price target of $24.43.

Avadel Pharmaceuticals Stock Performance

The company’s 50 day moving average is $13.62 and its 200 day moving average is $15.09. The stock has a market capitalization of $1.16 billion, a price-to-earnings ratio of -15.21 and a beta of 1.47.

Avadel Pharmaceuticals (NASDAQ:AVDL) last released its earnings results on Tuesday, November 12th. The company reported ($0.03) earnings per share for the quarter, beating the consensus estimate of ($0.06) by $0.03. Avadel Pharmaceuticals had a negative net margin of 52.53% and a negative return on equity of 92.12%. The business had revenue of $50.00 million during the quarter, compared to analysts’ expectations of $48.43 million. During the same quarter last year, the company earned ($0.41) earnings per share. The firm’s revenue was up 624.6% on a year-over-year basis. On average, equities research analysts anticipate that Avadel Pharmaceuticals plc will post -0.5 earnings per share for the current fiscal year.

Institutional Trading of Avadel Pharmaceuticals

Several institutional investors have recently modified their holdings of AVDL. Janus Henderson Group PLC boosted its stake in Avadel Pharmaceuticals by 16.1% during the first quarter. Janus Henderson Group PLC now owns 12,915,160 shares of the company’s stock worth $218,182,000 after buying an additional 1,789,830 shares in the last quarter. Nantahala Capital Management LLC bought a new stake in Avadel Pharmaceuticals in the second quarter valued at about $4,921,000. Bank of New York Mellon Corp bought a new position in Avadel Pharmaceuticals during the second quarter worth about $4,575,000. StemPoint Capital LP acquired a new stake in Avadel Pharmaceuticals during the first quarter valued at approximately $3,778,000. Finally, Lord Abbett & CO. LLC bought a new stake in shares of Avadel Pharmaceuticals in the 1st quarter valued at approximately $3,264,000. 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.