Needham & Company LLC Reiterates “Buy” Rating for Avadel Pharmaceuticals (NASDAQ:AVDL)

Needham & Company LLC restated their buy rating on shares of Avadel Pharmaceuticals (NASDAQ:AVDL) in a research note released on Monday morning,Benzinga reports. They currently have a $19.00 target price on the stock.

A number of other analysts have also commented on the stock. Piper Sandler reduced their price target on shares of Avadel Pharmaceuticals from $24.00 to $13.00 and set an “overweight” rating for the company in a research note on Friday, January 10th. UBS Group cut their target price on shares of Avadel Pharmaceuticals from $22.00 to $14.00 and set a “buy” rating for the company in a research report on Monday, January 13th. HC Wainwright restated a “buy” rating and set a $21.00 target price (down from $25.00) on shares of Avadel Pharmaceuticals in a research report on Friday, January 10th. Finally, Deutsche Bank Aktiengesellschaft assumed coverage on shares of Avadel Pharmaceuticals in a research report on Tuesday, February 11th. They set a “buy” rating and a $12.00 target price for the company. Eight equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock presently has a consensus rating of “Buy” and a consensus price target of $19.88.

Avadel Pharmaceuticals Stock Up 3.0 %

Shares of AVDL stock opened at $7.87 on Monday. The company has a 50 day moving average price of $8.72 and a 200-day moving average price of $11.48. Avadel Pharmaceuticals has a 52 week low of $7.39 and a 52 week high of $19.09. The firm has a market capitalization of $758.37 million, a PE ratio of -9.96 and a beta of 1.28.

Insiders Place Their Bets

In related news, Director Geoffrey Michael Glass bought 20,279 shares of the stock in a transaction dated Tuesday, December 10th. The shares were purchased at an average price 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. This represents a 36.46 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Linda Palczuk bought 5,000 shares of the stock in a transaction dated Tuesday, January 21st. The stock was bought at an average cost of $7.93 per share, for a total transaction of $39,650.00. Following the acquisition, the director now directly owns 67,900 shares of the company’s stock, valued at approximately $538,447. This represents a 7.95 % increase in their position. The disclosure for this purchase can be found here. Insiders bought a total of 55,579 shares of company stock worth $526,363 over the last three months. 4.80% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Avadel Pharmaceuticals

Several hedge funds have recently modified their holdings of the stock. FMR LLC purchased a new stake in Avadel Pharmaceuticals during the third quarter valued at $31,000. Advisors Asset Management Inc. raised its stake in shares of Avadel Pharmaceuticals by 56.1% in the third quarter. Advisors Asset Management Inc. now owns 7,921 shares of the company’s stock valued at $104,000 after acquiring an additional 2,846 shares during the period. Hsbc Holdings PLC purchased a new stake in shares of Avadel Pharmaceuticals in the fourth quarter valued at $113,000. Kazazian Asset Management LLC purchased a new stake in shares of Avadel Pharmaceuticals in the fourth quarter valued at $126,000. Finally, Aigen Investment Management LP purchased a new stake in shares of Avadel Pharmaceuticals in the third quarter valued at $160,000. 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.