Avadel Pharmaceuticals (NASDAQ:AVDL) Trading Up 5.9%

Avadel Pharmaceuticals plc (NASDAQ:AVDL) shares were up 5.9% during mid-day trading on Monday . The company traded as high as $17.08 and last traded at $16.94. 318,543 shares were traded during mid-day trading, a decline of 73% from the average session volume of 1,192,597 shares. The stock had previously closed at $15.99.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on AVDL. HC Wainwright upped their price target on shares of Avadel Pharmaceuticals from $21.00 to $25.00 and gave the stock a “buy” rating in a research note on Tuesday, March 5th. UBS Group initiated coverage on Avadel Pharmaceuticals in a research note on Tuesday, February 6th. They issued a “buy” rating and a $21.00 price objective on the stock. Oppenheimer raised their target price on Avadel Pharmaceuticals from $27.00 to $29.00 and gave the company an “outperform” rating in a research note on Tuesday, March 5th. Needham & Company LLC reaffirmed a “buy” rating and set a $22.00 target price on shares of Avadel Pharmaceuticals in a report on Tuesday, April 9th. Finally, Craig Hallum upped their price target on shares of Avadel Pharmaceuticals from $20.00 to $22.00 and gave the company a “buy” rating in a report on Tuesday, March 5th. Seven equities research analysts have rated the stock with a buy rating, According to MarketBeat, Avadel Pharmaceuticals presently has an average rating of “Buy” and an average price target of $22.57.

Avadel Pharmaceuticals Trading Up 6.4 %

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

Avadel Pharmaceuticals (NASDAQ:AVDL) last posted its quarterly earnings data 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 business had revenue of $19.45 million during the quarter, compared to analysts’ expectations of $17.41 million. During the same quarter in the previous year, the firm posted ($0.44) EPS. Research analysts anticipate that Avadel Pharmaceuticals plc will post -0.46 EPS for the current fiscal year.

Institutional Investors Weigh In On Avadel Pharmaceuticals

Several hedge funds have recently made changes to their positions in the company. Quarry LP purchased a new position in Avadel Pharmaceuticals during the 4th quarter worth approximately $120,000. Modera Wealth Management LLC grew its holdings in shares of Avadel Pharmaceuticals by 0.7% during the fourth quarter. Modera Wealth Management LLC now owns 598,392 shares of the company’s stock valued at $8,449,000 after buying an additional 4,392 shares in the last quarter. Prelude Capital Management LLC purchased a new position in shares of Avadel Pharmaceuticals during the fourth quarter valued at $171,000. Baird Financial Group Inc. acquired a new position in Avadel Pharmaceuticals during the fourth quarter valued at $141,000. Finally, Clear Street Markets LLC purchased a new stake in Avadel Pharmaceuticals in the 4th quarter worth about $34,000. Hedge funds and other 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.