Avadel Pharmaceuticals (NASDAQ:AVDL) Price Target Lowered to $14.00 at UBS Group

Avadel Pharmaceuticals (NASDAQ:AVDL) had its price objective trimmed by UBS Group from $22.00 to $14.00 in a research report report published on Monday morning,Benzinga reports. The firm currently has a buy rating on the stock.

Several other research firms have also commented on AVDL. HC Wainwright reissued a “buy” rating and set a $21.00 price target (down from $25.00) on shares of Avadel Pharmaceuticals in a research report on Friday, January 10th. Piper Sandler decreased their price objective on Avadel Pharmaceuticals from $24.00 to $13.00 and set an “overweight” rating for the company in a report on Friday, January 10th. Needham & Company LLC decreased their price target on Avadel Pharmaceuticals from $22.00 to $19.00 and set a “buy” rating for the company in a research note on Thursday, January 9th. Finally, Oppenheimer increased their price objective on shares of Avadel Pharmaceuticals from $29.00 to $30.00 and gave the company 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.com, the stock has an average rating of “Buy” and a consensus price target of $21.00.

Avadel Pharmaceuticals Price Performance

AVDL stock opened at $8.16 on Monday. Avadel Pharmaceuticals has a 1-year low of $7.39 and a 1-year high of $19.09. The business has a 50-day moving average price of $10.85 and a 200 day moving average price of $13.36. The company has a market capitalization of $786.31 million, a P/E ratio of -10.33 and a beta of 1.31.

Avadel Pharmaceuticals (NASDAQ:AVDL) last released its quarterly earnings data on Tuesday, November 12th. The company reported ($0.03) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.06) by $0.03. The firm had revenue of $50.00 million for 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 company’s quarterly revenue was up 624.6% on a year-over-year basis. During the same period last year, the firm earned ($0.41) earnings per share. On average, analysts anticipate that Avadel Pharmaceuticals will post -0.48 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, Director Geoffrey Michael Glass purchased 20,279 shares of the firm’s stock in a transaction on Tuesday, December 10th. The stock was bought at an average cost of $9.84 per share, with a total value of $199,545.36. Following the completion of the acquisition, the director now owns 75,904 shares of the company’s stock, valued at $746,895.36. The trade was a 36.46 % increase in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Gregory J. Divis acquired 9,598 shares of the company’s stock in a transaction dated Friday, December 6th. The shares were purchased at an average cost of $9.98 per share, for a total transaction of $95,788.04. Following the purchase, the chief executive officer now directly owns 9,598 shares in the company, valued at approximately $95,788.04. This trade represents a ∞ increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last three months, insiders have purchased 50,579 shares of company stock valued at $486,713. Company insiders own 4.80% of the company’s stock.

Institutional Trading of Avadel Pharmaceuticals

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Braidwell LP raised its position in shares of Avadel Pharmaceuticals by 16.9% in the third quarter. Braidwell LP now owns 3,388,939 shares of the company’s stock worth $44,446,000 after acquiring an additional 490,300 shares during the period. State Street Corp grew its position in shares of Avadel Pharmaceuticals by 42.5% during the 3rd quarter. State Street Corp now owns 1,623,302 shares of the company’s stock valued at $21,290,000 after acquiring an additional 483,787 shares during the period. Nantahala Capital Management LLC purchased a new position in shares of Avadel Pharmaceuticals in the 2nd quarter valued at about $4,921,000. Troluce Capital Advisors LLC acquired a new position in Avadel Pharmaceuticals in the 2nd quarter worth about $2,109,000. Finally, Barclays PLC boosted its position in Avadel Pharmaceuticals by 45.8% during the third quarter. Barclays PLC now owns 392,691 shares of the company’s stock worth $5,150,000 after purchasing an additional 123,430 shares in the last quarter. 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.