Avadel Pharmaceuticals plc (NASDAQ:AVDL) Given Average Rating of “Buy” by Analysts

Shares of Avadel Pharmaceuticals plc (NASDAQ:AVDL) have been assigned a consensus rating of “Buy” from the eight research firms that are currently covering the company, Marketbeat.com reports. Eight investment analysts have rated the stock with a buy recommendation. The average 12-month target price among brokers that have updated their coverage on the stock in the last year is $19.88.

A number of research analysts have recently weighed in on the company. UBS Group dropped their target price on Avadel Pharmaceuticals from $22.00 to $14.00 and set a “buy” rating on the stock in a report on Monday, January 13th. Deutsche Bank Aktiengesellschaft began coverage on Avadel Pharmaceuticals in a research note on Tuesday, February 11th. They set a “buy” rating and a $12.00 price objective on the stock. Needham & Company LLC reduced their target price on shares of Avadel Pharmaceuticals from $22.00 to $19.00 and set a “buy” rating for the company in a research note on Thursday, January 9th. Piper Sandler dropped their price target on shares of Avadel Pharmaceuticals from $24.00 to $13.00 and set an “overweight” rating on the stock in a research report on Friday, January 10th. Finally, Oppenheimer upped their price objective on shares of Avadel Pharmaceuticals from $29.00 to $30.00 and gave the stock an “outperform” rating in a research report on Thursday, October 31st.

Avadel Pharmaceuticals Stock Performance

Shares of NASDAQ AVDL opened at $8.41 on Friday. The stock has a market cap of $810.39 million, a price-to-earnings ratio of -10.65 and a beta of 1.28. Avadel Pharmaceuticals has a fifty-two week low of $7.39 and a fifty-two week high of $19.09. The firm’s 50-day simple moving average is $9.08 and its 200 day simple moving average is $11.93.

Insider Buying and Selling at Avadel Pharmaceuticals

In other news, CFO Thomas S. Mchugh bought 5,000 shares of the firm’s stock in a transaction on Wednesday, December 11th. The stock was acquired at an average cost of $10.49 per share, with a total value of $52,450.00. Following the completion of the transaction, the chief financial officer now directly owns 85,500 shares of the company’s stock, valued at $896,895. This represents a 6.21 % increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Linda Palczuk purchased 3,000 shares of the company’s stock in a transaction dated Friday, December 6th. The shares were purchased at an average cost of $10.19 per share, for a total transaction of $30,570.00. Following the transaction, the director now directly owns 66,400 shares in the company, valued at approximately $676,616. The trade was a 4.73 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have purchased 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 insiders.

Hedge Funds Weigh In On Avadel Pharmaceuticals

A number of institutional investors and hedge funds have recently added to or reduced their stakes in AVDL. SG Americas Securities LLC purchased a new stake in shares of Avadel Pharmaceuticals during the 3rd quarter valued at approximately $164,000. Creative Planning raised its holdings in Avadel Pharmaceuticals by 8.2% during the 3rd quarter. Creative Planning now owns 12,381 shares of the company’s stock valued at $162,000 after acquiring an additional 938 shares during the period. Claro Advisors LLC lifted its position in shares of Avadel Pharmaceuticals by 379.2% during the third quarter. Claro Advisors LLC now owns 49,080 shares of the company’s stock worth $644,000 after acquiring an additional 38,837 shares in the last quarter. China Universal Asset Management Co. Ltd. boosted its holdings in shares of Avadel Pharmaceuticals by 64.0% in the third quarter. China Universal Asset Management Co. Ltd. now owns 18,516 shares of the company’s stock worth $243,000 after acquiring an additional 7,224 shares during the period. Finally, Diversify Wealth Management LLC grew its position in shares of Avadel Pharmaceuticals by 8.3% in the third quarter. Diversify Wealth Management LLC now owns 31,637 shares of the company’s stock valued at $418,000 after purchasing an additional 2,432 shares in the last quarter. 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.