Avadel Pharmaceuticals (NASDAQ:AVDL) Shares Down 3.4%

Avadel Pharmaceuticals plc (NASDAQ:AVDL) fell 3.4% during mid-day trading on Wednesday . The company traded as low as $17.40 and last traded at $17.48. 191,131 shares traded hands during mid-day trading, a decline of 84% from the average session volume of 1,223,043 shares. The stock had previously closed at $18.09.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on AVDL. Oppenheimer lifted their target price on Avadel Pharmaceuticals from $27.00 to $29.00 and gave the stock an “outperform” rating in a report on Tuesday, March 5th. UBS Group began coverage on Avadel Pharmaceuticals in a report on Tuesday, February 6th. They issued a “buy” rating and a $21.00 target price on the stock. HC Wainwright lifted their target price on Avadel Pharmaceuticals from $21.00 to $25.00 and gave the stock a “buy” rating in a report on Tuesday, March 5th. Needham & Company LLC restated a “buy” rating and issued a $22.00 target price on shares of Avadel Pharmaceuticals in a report on Tuesday, April 9th. Finally, Craig Hallum lifted their target price on Avadel Pharmaceuticals from $20.00 to $22.00 and gave the stock a “buy” rating in a report on Tuesday, March 5th. Seven investment analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock presently has a consensus rating of “Buy” and a consensus target price of $22.57.

Avadel Pharmaceuticals Stock Performance

The firm has a 50 day moving average of $15.38 and a 200-day moving average of $13.56.

Avadel Pharmaceuticals (NASDAQ:AVDL) last issued its quarterly earnings results on Monday, March 4th. The company reported ($0.32) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.28) by ($0.04). The company had revenue of $19.45 million during the quarter, compared to analysts’ expectations of $17.41 million. During the same quarter last year, the company earned ($0.44) EPS. On average, equities analysts anticipate that Avadel Pharmaceuticals plc will post -0.46 EPS for the current fiscal year.

Institutional Investors Weigh In On Avadel Pharmaceuticals

A number of institutional investors have recently added to or reduced their stakes in the stock. Quarry LP acquired a new stake in Avadel Pharmaceuticals during the fourth quarter valued at approximately $120,000. Modera Wealth Management LLC boosted its holdings in shares of Avadel Pharmaceuticals by 0.7% in the 4th quarter. Modera Wealth Management LLC now owns 598,392 shares of the company’s stock worth $8,449,000 after acquiring an additional 4,392 shares in the last quarter. Prelude Capital Management LLC acquired a new position in shares of Avadel Pharmaceuticals in the 4th quarter worth approximately $171,000. Baird Financial Group Inc. acquired a new position in shares of Avadel Pharmaceuticals in the 4th quarter worth approximately $141,000. Finally, Clear Street Markets LLC acquired a new position in shares of Avadel Pharmaceuticals in the 4th quarter worth approximately $34,000. 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.