Avadel Pharmaceuticals (NASDAQ:AVDL) Price Target Cut to $13.00 by Analysts at Piper Sandler

Avadel Pharmaceuticals (NASDAQ:AVDL) had its target price trimmed by Piper Sandler from $24.00 to $13.00 in a research report report published on Friday,Benzinga reports. The brokerage currently has an overweight rating on the stock.

Other research analysts have also recently issued research reports about the stock. Oppenheimer boosted their price target on shares of Avadel Pharmaceuticals from $29.00 to $30.00 and gave the stock an “outperform” rating in a report on Thursday, October 31st. Needham & Company LLC lowered 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. Finally, HC Wainwright restated a “buy” rating and issued a $21.00 price target (down from $25.00) on shares of Avadel Pharmaceuticals in a research note on Friday. Seven research analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock has a consensus rating of “Buy” and a consensus price target of $22.00.

Avadel Pharmaceuticals Stock Down 26.1 %

NASDAQ:AVDL opened at $7.90 on Friday. Avadel Pharmaceuticals has a 52 week low of $7.39 and a 52 week high of $19.09. The company has a fifty day simple moving average of $11.41 and a two-hundred day simple moving average of $13.54. The company has a market cap of $761.26 million, a price-to-earnings ratio of -10.00 and a beta of 1.31.

Avadel Pharmaceuticals (NASDAQ:AVDL) last issued its quarterly earnings results on Tuesday, November 12th. The company reported ($0.03) earnings per share for the quarter, topping the consensus estimate of ($0.06) by $0.03. The company had revenue of $50.00 million for the quarter, compared to the consensus estimate of $48.43 million. Avadel Pharmaceuticals had a negative return on equity of 93.34% and a negative net margin of 52.53%. Avadel Pharmaceuticals’s revenue was up 624.6% on a year-over-year basis. During the same quarter in the prior year, the business earned ($0.41) EPS. On average, analysts expect that Avadel Pharmaceuticals will post -0.48 EPS for the current year.

Insider Transactions at Avadel Pharmaceuticals

In other Avadel Pharmaceuticals news, Director Geoffrey Michael Glass acquired 20,279 shares of the stock in a transaction on Tuesday, December 10th. The shares were bought at an average cost of $9.84 per share, with a total value of $199,545.36. Following the transaction, the director now owns 75,904 shares of the company’s stock, valued at approximately $746,895.36. This trade represents a 36.46 % increase in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CFO Thomas S. Mchugh bought 5,000 shares of Avadel Pharmaceuticals stock in a transaction dated 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 acquisition, the chief financial officer now directly owns 85,500 shares of the company’s stock, valued at approximately $896,895. The trade was a 6.21 % increase in their position. The disclosure for this purchase can be found here. Over the last 90 days, insiders have bought 40,579 shares of company stock worth $406,313. Corporate insiders own 4.80% of the company’s stock.

Hedge Funds Weigh In On Avadel Pharmaceuticals

Institutional investors have recently added to or reduced their stakes in the stock. FMR LLC purchased a new position in shares of Avadel Pharmaceuticals in the 3rd quarter valued at approximately $31,000. Amalgamated Bank purchased a new position in Avadel Pharmaceuticals in the 2nd quarter valued at $45,000. Quarry LP acquired a new position in Avadel Pharmaceuticals in the 2nd quarter valued at $63,000. Advisors Asset Management Inc. raised its position in Avadel Pharmaceuticals by 56.1% during the 3rd quarter. Advisors Asset Management Inc. now owns 7,921 shares of the company’s stock worth $104,000 after buying an additional 2,846 shares during the last quarter. Finally, Beverly Hills Private Wealth LLC acquired a new stake in shares of Avadel Pharmaceuticals in the 2nd quarter worth $146,000. Institutional investors and hedge funds 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.