Avadel Pharmaceuticals (NASDAQ:AVDL) Shares Gap Up – Here’s Why

Avadel Pharmaceuticals PLC. (NASDAQ:AVDL)’s share price gapped up prior to trading on Friday . The stock had previously closed at $19.24, but opened at $23.27. Avadel Pharmaceuticals shares last traded at $23.0850, with a volume of 6,804,906 shares changing hands.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on AVDL. HC Wainwright downgraded Avadel Pharmaceuticals from a “buy” rating to a “neutral” rating and set a $20.00 target price for the company. in a research report on Thursday, October 23rd. Leerink Partners reiterated a “market perform” rating and set a $18.50 price objective on shares of Avadel Pharmaceuticals in a report on Thursday, October 23rd. Wall Street Zen cut shares of Avadel Pharmaceuticals from a “strong-buy” rating to a “buy” rating in a research report on Saturday, October 25th. Wells Fargo & Company raised their target price on shares of Avadel Pharmaceuticals from $16.00 to $20.00 and gave the stock an “equal weight” rating in a research report on Friday, November 7th. Finally, Lifesci Capital downgraded shares of Avadel Pharmaceuticals from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, October 22nd. One research analyst has rated the stock with a Buy rating, ten have assigned a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat, Avadel Pharmaceuticals currently has an average rating of “Reduce” and an average target price of $17.81.

Avadel Pharmaceuticals Stock Up 20.3%

The business’s 50 day moving average is $16.49 and its 200 day moving average is $12.67. The company has a market cap of $2.25 billion, a P/E ratio of -769.50 and a beta of 1.47.

Avadel Pharmaceuticals (NASDAQ:AVDL) last announced its quarterly earnings results on Tuesday, November 4th. The company reported $0.00 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.04 by ($0.04). The company had revenue of $77.47 million during the quarter, compared to analysts’ expectations of $78.05 million. Avadel Pharmaceuticals had a negative net margin of 1.32% and a negative return on equity of 3.73%. The company’s revenue was up 55.0% compared to the same quarter last year. During the same quarter in the prior year, the business posted ($0.03) earnings per share. As a group, equities research analysts forecast that Avadel Pharmaceuticals PLC. will post -0.51 EPS for the current year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of AVDL. Kovack Advisors Inc. lifted its position in Avadel Pharmaceuticals by 13.0% during the second quarter. Kovack Advisors Inc. now owns 13,000 shares of the company’s stock valued at $115,000 after acquiring an additional 1,500 shares during the last quarter. Creative Planning boosted its position in shares of Avadel Pharmaceuticals by 10.0% in the 2nd quarter. Creative Planning now owns 19,376 shares of the company’s stock worth $171,000 after purchasing an additional 1,759 shares in the last quarter. Nisa Investment Advisors LLC grew its stake in Avadel Pharmaceuticals by 164.5% during the 2nd quarter. Nisa Investment Advisors LLC now owns 3,304 shares of the company’s stock worth $29,000 after buying an additional 2,055 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in Avadel Pharmaceuticals by 4.4% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 54,885 shares of the company’s stock valued at $430,000 after buying an additional 2,291 shares in the last quarter. Finally, Federated Hermes Inc. raised its stake in Avadel Pharmaceuticals by 195.4% in the third quarter. Federated Hermes Inc. now owns 3,471 shares of the company’s stock valued at $53,000 after buying an additional 2,296 shares during the last quarter. Hedge funds and other 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.