Avadel Pharmaceuticals (NASDAQ:AVDL) Shares Up 4.2% – Still a Buy?

Avadel Pharmaceuticals plc (NASDAQ:AVDL) shares rose 4.2% during mid-day trading on Thursday . The stock traded as high as $8.31 and last traded at $8.30. Approximately 431,449 shares changed hands during mid-day trading, a decline of 64% from the average daily volume of 1,182,960 shares. The stock had previously closed at $7.96.

Wall Street Analysts Forecast Growth

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

Avadel Pharmaceuticals Stock Performance

The firm has a market cap of $804.92 million, a price-to-earnings ratio of -10.54 and a beta of 1.57. The company has a 50 day moving average price of $8.36 and a 200 day moving average price of $11.14.

Insider Buying and Selling at Avadel Pharmaceuticals

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

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of AVDL. Two Seas Capital LP grew its position in shares of Avadel Pharmaceuticals by 90.6% during the fourth quarter. Two Seas Capital LP now owns 4,296,449 shares of the company’s stock worth $45,156,000 after buying an additional 2,042,669 shares in the last quarter. Brandes Investment Partners LP lifted its stake in Avadel Pharmaceuticals by 58.1% in the fourth quarter. Brandes Investment Partners LP now owns 2,173,139 shares of the company’s stock worth $22,840,000 after acquiring an additional 798,415 shares during the last quarter. Janus Henderson Group PLC grew its holdings in Avadel Pharmaceuticals by 5.7% during the 4th quarter. Janus Henderson Group PLC now owns 14,080,219 shares of the company’s stock worth $148,117,000 after acquiring an additional 753,332 shares in the last quarter. Braidwell LP increased its position in shares of Avadel Pharmaceuticals by 21.2% in the 4th quarter. Braidwell LP now owns 4,105,726 shares of the company’s stock valued at $43,151,000 after purchasing an additional 716,787 shares during the last quarter. Finally, State Street Corp raised its holdings in shares of Avadel Pharmaceuticals by 42.5% in the 3rd quarter. State Street Corp now owns 1,623,302 shares of the company’s stock valued at $21,290,000 after purchasing an additional 483,787 shares in the last quarter. 69.19% of the stock is owned by institutional investors and hedge funds.

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.