Avadel Pharmaceuticals (NASDAQ:AVDL) Shares Gap Up – Time to Buy?

Avadel Pharmaceuticals plc (NASDAQ:AVDL) shares gapped up prior to trading on Tuesday . The stock had previously closed at $7.55, but opened at $7.71. Avadel Pharmaceuticals shares last traded at $7.75, with a volume of 142,238 shares traded.

Wall Street Analyst Weigh In

AVDL has been the subject of several research reports. Deutsche Bank Aktiengesellschaft began coverage on shares of Avadel Pharmaceuticals in a report on Tuesday, February 11th. They set a “buy” rating and a $12.00 price objective for the company. UBS Group lowered their target price on Avadel Pharmaceuticals from $22.00 to $14.00 and set a “buy” rating on the stock in a research report on Monday, January 13th. Piper Sandler decreased their price objective on Avadel Pharmaceuticals from $24.00 to $13.00 and set an “overweight” rating on the stock in a research note on Friday, January 10th. HC Wainwright reiterated a “buy” rating and set a $21.00 price objective on shares of Avadel Pharmaceuticals in a research note on Tuesday. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $19.00 price target on shares of Avadel Pharmaceuticals in a report on Monday. Eight analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company currently has an average rating of “Buy” and an average target price of $19.88.

Avadel Pharmaceuticals Price Performance

The company has a 50-day simple moving average of $8.77 and a 200-day simple moving average of $11.54. The firm has a market cap of $746.81 million, a PE ratio of -9.80 and a beta of 1.28.

Insider Buying and Selling at Avadel Pharmaceuticals

In other news, CFO Thomas S. Mchugh acquired 5,000 shares of the business’s stock in a transaction dated Wednesday, December 11th. The shares were purchased at an average price of $10.49 per share, with a total value of $52,450.00. Following the transaction, the chief financial officer now directly owns 85,500 shares in the company, valued at approximately $896,895. This represents a 6.21 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Gregory J. Divis acquired 9,598 shares of Avadel Pharmaceuticals stock in a transaction that occurred on Friday, December 6th. The shares were purchased at an average price of $9.98 per share, with a total value of $95,788.04. Following the purchase, the chief executive officer now owns 9,598 shares in the company, valued at $95,788.04. This represents a ∞ increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have purchased 55,579 shares of company stock worth $526,363 over the last quarter. Insiders own 4.80% of the company’s stock.

Institutional Investors Weigh In On Avadel Pharmaceuticals

Several institutional investors have recently added to or reduced their stakes in AVDL. FMR LLC purchased a new stake in shares of Avadel Pharmaceuticals during the third quarter valued at $31,000. Advisors Asset Management Inc. lifted its position in Avadel Pharmaceuticals by 56.1% during the third quarter. Advisors Asset Management Inc. now owns 7,921 shares of the company’s stock valued at $104,000 after purchasing an additional 2,846 shares during the period. Hsbc Holdings PLC acquired a new stake in Avadel Pharmaceuticals during the 4th quarter worth about $113,000. Kazazian Asset Management LLC purchased a new position in shares of Avadel Pharmaceuticals during the 4th quarter valued at about $126,000. Finally, Aigen Investment Management LP acquired a new position in shares of Avadel Pharmaceuticals in the 3rd quarter valued at about $160,000. Institutional investors and hedge funds 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.