Avadel Pharmaceuticals (NASDAQ:AVDL) Stock Price Down 3.8%

Shares of Avadel Pharmaceuticals plc (NASDAQ:AVDL) dropped 3.8% during trading on Friday . The company traded as low as $13.69 and last traded at $13.76. Approximately 1,074,811 shares were traded during trading, a decline of 8% from the average daily volume of 1,173,370 shares. The stock had previously closed at $14.31.

Analyst Upgrades and Downgrades

AVDL has been the subject of a number of research reports. Needham & Company LLC reaffirmed a “buy” rating and set a $22.00 target price on shares of Avadel Pharmaceuticals in a report on Wednesday, May 8th. Rodman & Renshaw initiated coverage on shares of Avadel Pharmaceuticals in a report on Wednesday, June 12th. They set a “buy” rating and a $27.00 target price for the company. Oppenheimer upped their target price on shares of Avadel Pharmaceuticals from $27.00 to $29.00 and gave the company an “outperform” rating in a report on Tuesday, March 5th. HC Wainwright upped their price target on shares of Avadel Pharmaceuticals from $25.00 to $27.00 and gave the stock a “buy” rating in a research report on Thursday, May 9th. Finally, Piper Sandler upped their price target on shares of Avadel Pharmaceuticals from $18.00 to $23.00 and gave the stock an “overweight” rating in a research report on Tuesday, March 5th. Seven research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Avadel Pharmaceuticals presently has a consensus rating of “Buy” and a consensus target price of $24.57.

Avadel Pharmaceuticals Price Performance

The stock’s 50-day simple moving average is $16.18 and its two-hundred day simple moving average is $15.42. The firm has a market capitalization of $1.35 billion, a P/E ratio of -7.23 and a beta of 1.75.

Avadel Pharmaceuticals (NASDAQ:AVDL) last issued its earnings results on Wednesday, May 8th. The company reported ($0.30) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.25) by ($0.05). Avadel Pharmaceuticals had a negative return on equity of 139.72% and a negative net margin of 284.42%. The company had revenue of $27.18 million for the quarter, compared to the consensus estimate of $25.89 million. During the same quarter in the prior year, the company posted ($0.48) EPS. Avadel Pharmaceuticals’s revenue was up 2617.8% compared to the same quarter last year. On average, analysts forecast that Avadel Pharmaceuticals plc will post -0.58 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Avadel Pharmaceuticals

Hedge funds and other institutional investors have recently modified their holdings of the stock. Chilton Capital Management LLC purchased a new stake in Avadel Pharmaceuticals during the first quarter valued at $51,000. BNP Paribas Financial Markets raised its stake in Avadel Pharmaceuticals by 60.5% during the first quarter. BNP Paribas Financial Markets now owns 4,469 shares of the company’s stock valued at $75,000 after purchasing an additional 1,685 shares in the last quarter. Quarry LP purchased a new stake in Avadel Pharmaceuticals during the fourth quarter valued at $120,000. China Universal Asset Management Co. Ltd. raised its stake in Avadel Pharmaceuticals by 349.4% during the fourth quarter. China Universal Asset Management Co. Ltd. now owns 10,327 shares of the company’s stock valued at $146,000 after purchasing an additional 8,029 shares in the last quarter. Finally, Claro Advisors LLC purchased a new stake in Avadel Pharmaceuticals during the first quarter valued at $172,000. Institutional investors 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.