Needham & Company LLC Lowers Avadel Pharmaceuticals (NASDAQ:AVDL) Price Target to $19.00

Avadel Pharmaceuticals (NASDAQ:AVDL) had its price target lowered by equities researchers at Needham & Company LLC from $22.00 to $19.00 in a note issued to investors on Thursday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. Needham & Company LLC’s target price indicates a potential upside of 77.74% from the stock’s previous close.

A number of other research firms have also weighed in on AVDL. Oppenheimer increased their target price on Avadel Pharmaceuticals from $29.00 to $30.00 and gave the stock an “outperform” rating in a research note on Thursday, October 31st. HC Wainwright cut their price target on shares of Avadel Pharmaceuticals from $27.00 to $25.00 and set a “buy” rating on the stock in a report on Wednesday, November 13th. Seven investment analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average target price of $24.00.

Avadel Pharmaceuticals Trading Down 1.6 %

AVDL stock opened at $10.69 on Thursday. The stock has a market cap of $1.03 billion, a PE ratio of -13.53 and a beta of 1.31. Avadel Pharmaceuticals has a 12 month low of $9.41 and a 12 month high of $19.09. The company has a 50-day moving average price of $11.55 and a 200 day moving average price of $13.58.

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

Insider Activity

In other Avadel Pharmaceuticals news, CEO Gregory J. Divis acquired 9,598 shares of Avadel Pharmaceuticals stock in a transaction that occurred on Friday, December 6th. The stock was bought at an average price 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 of the company’s stock, valued at approximately $95,788.04. This represents a ∞ increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Linda Palczuk bought 3,000 shares of the company’s stock in a transaction on Friday, December 6th. The shares were bought at an average cost of $10.19 per share, for a total transaction of $30,570.00. Following the transaction, the director now directly owns 66,400 shares in the company, valued at approximately $676,616. This represents a 4.73 % increase in their position. The disclosure for this purchase can be found here. Over the last 90 days, insiders have bought 40,579 shares of company stock worth $406,313. Company insiders own 4.80% of the company’s stock.

Hedge Funds Weigh In On Avadel Pharmaceuticals

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Lord Abbett & CO. LLC lifted its position in shares of Avadel Pharmaceuticals by 23.9% during the third quarter. Lord Abbett & CO. LLC now owns 489,073 shares of the company’s stock valued at $6,414,000 after buying an additional 94,239 shares during the last quarter. Barclays PLC raised its stake in shares of 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 acquiring an additional 123,430 shares in the last quarter. MML Investors Services LLC lifted its position in Avadel Pharmaceuticals by 13.8% during the third quarter. MML Investors Services LLC now owns 136,356 shares of the company’s stock valued at $1,788,000 after acquiring an additional 16,500 shares during the last quarter. Dorsey Wright & Associates boosted its stake in Avadel Pharmaceuticals by 12.9% in the third quarter. Dorsey Wright & Associates now owns 142,120 shares of the company’s stock valued at $1,864,000 after acquiring an additional 16,215 shares in the last quarter. Finally, XTX Topco Ltd purchased a new position in Avadel Pharmaceuticals in the third quarter worth $642,000. Hedge funds and other institutional investors own 69.19% of the company’s stock.

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.