Avadel Pharmaceuticals (NASDAQ:AVDL) Reaches New 12-Month Low – Should You Sell?

Avadel Pharmaceuticals plc (NASDAQ:AVDL)’s share price reached a new 52-week low on Wednesday . The stock traded as low as $7.31 and last traded at $7.39, with a volume of 59796 shares changing hands. The stock had previously closed at $7.51.

Analysts Set New Price Targets

A number of research firms have issued reports on AVDL. HC Wainwright reiterated a “buy” rating and set a $21.00 target price on shares of Avadel Pharmaceuticals in a report on Tuesday, March 4th. Needham & Company LLC restated a “buy” rating and issued a $19.00 target price on shares of Avadel Pharmaceuticals in a research note on Monday, March 3rd. Piper Sandler reduced their price target on Avadel Pharmaceuticals from $24.00 to $13.00 and set an “overweight” rating for the company in a research report on Friday, January 10th. UBS Group lowered their price objective on shares of Avadel Pharmaceuticals from $22.00 to $14.00 and set a “buy” rating on the stock in a report on Monday, January 13th. Finally, Deutsche Bank Aktiengesellschaft began coverage on Avadel Pharmaceuticals in a report on Tuesday, February 11th. They issued a “buy” rating and a $12.00 price objective for the company. Eight investment analysts have rated the stock with a buy rating, According to MarketBeat.com, Avadel Pharmaceuticals has a consensus rating of “Buy” and a consensus target price of $19.88.

Avadel Pharmaceuticals Trading Down 0.9 %

The firm has a market capitalization of $719.40 million, a P/E ratio of -9.42 and a beta of 1.57. The company has a 50 day moving average of $8.17 and a 200-day moving average of $10.50.

Insider Buying and Selling

In related news, Director Linda Palczuk purchased 5,000 shares of the firm’s stock in a transaction on Tuesday, January 21st. The stock was purchased at an average cost of $7.93 per share, with a total value of $39,650.00. Following the completion of the purchase, the director now owns 67,900 shares in the company, valued at approximately $538,447. This trade represents a 7.95 % increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Peter J. Thornton acquired 10,000 shares of the company’s stock in a transaction dated Monday, January 13th. The shares were bought at an average price of $8.04 per share, for a total transaction of $80,400.00. Following the acquisition, the director now directly owns 104,055 shares of the company’s stock, valued at approximately $836,602.20. This trade represents a 10.63 % increase in their position. The disclosure for this purchase can be found here. 4.80% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the stock. Intech Investment Management LLC purchased a new stake in shares of Avadel Pharmaceuticals in the third quarter valued at about $214,000. The Manufacturers Life Insurance Company lifted its position in shares of Avadel Pharmaceuticals by 34.4% during the 3rd quarter. The Manufacturers Life Insurance Company now owns 56,399 shares of the company’s stock valued at $740,000 after buying an additional 14,420 shares during the last quarter. FMR LLC bought a new position in Avadel Pharmaceuticals during the third quarter worth about $31,000. Townsquare Capital LLC boosted its holdings in Avadel Pharmaceuticals by 18.0% in the 3rd quarter. Townsquare Capital LLC now owns 30,388 shares of the company’s stock valued at $399,000 after purchasing an additional 4,629 shares during the period. Finally, MetLife Investment Management LLC increased its holdings in shares of Avadel Pharmaceuticals by 129.1% in the third quarter. MetLife Investment Management LLC now owns 53,797 shares of the company’s stock worth $706,000 after purchasing an additional 30,313 shares during the period. 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.