Avadel Pharmaceuticals (NASDAQ:AVDL) Shares Gap Down to $18.18

Shares of Avadel Pharmaceuticals plc (NASDAQ:AVDL) gapped down prior to trading on Wednesday . The stock had previously closed at $18.18, but opened at $15.89. Avadel Pharmaceuticals shares last traded at $16.98, with a volume of 1,126,731 shares changing hands.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on AVDL shares. HC Wainwright boosted their price target on Avadel Pharmaceuticals from $21.00 to $25.00 and gave the stock a “buy” rating in a report on Tuesday, March 5th. Craig Hallum raised their price target on shares of Avadel Pharmaceuticals from $20.00 to $22.00 and gave the stock a “buy” rating in a research report on Tuesday, March 5th. Oppenheimer upped their price objective on Avadel Pharmaceuticals from $27.00 to $29.00 and gave the company an “outperform” rating in a research note on Tuesday, March 5th. UBS Group began coverage on shares of Avadel Pharmaceuticals in a research report on Tuesday, February 6th. They issued a “buy” rating and a $21.00 price objective on the stock. Finally, Piper Sandler upped their price target on shares of Avadel Pharmaceuticals from $18.00 to $23.00 and gave the stock an “overweight” rating in a research note on Tuesday, March 5th. Six equities research analysts have rated the stock with a buy rating, According to MarketBeat, the stock currently has an average rating of “Buy” and an average price target of $23.67.

Avadel Pharmaceuticals Trading Down 10.9 %

The company’s 50 day moving average is $16.63 and its 200-day moving average is $14.33. The firm has a market capitalization of $1.47 billion, a price-to-earnings ratio of -8.27 and a beta of 1.61.

Avadel Pharmaceuticals (NASDAQ:AVDL) last released its quarterly earnings data on Monday, March 4th. The company reported ($0.32) EPS for the quarter, missing the consensus estimate of ($0.28) by ($0.04). The business had revenue of $19.45 million for the quarter, compared to analysts’ expectations of $17.41 million. During the same quarter in the prior year, the company posted ($0.44) EPS. Research analysts expect that Avadel Pharmaceuticals plc will post -0.46 EPS for the current year.

Institutional Investors Weigh In On Avadel Pharmaceuticals

A number of hedge funds have recently made changes to their positions in AVDL. Brandes Investment Partners LP boosted its holdings in shares of Avadel Pharmaceuticals by 12.4% during the 3rd quarter. Brandes Investment Partners LP now owns 1,448,772 shares of the company’s stock worth $14,922,000 after buying an additional 159,577 shares in the last quarter. MPM Bioimpact LLC boosted its stake in Avadel Pharmaceuticals by 72.5% during the third quarter. MPM Bioimpact LLC now owns 664,224 shares of the company’s stock worth $6,842,000 after acquiring an additional 279,234 shares in the last quarter. Vivo Capital LLC grew its holdings in Avadel Pharmaceuticals by 7.0% in the third quarter. Vivo Capital LLC now owns 4,096,428 shares of the company’s stock worth $42,193,000 after purchasing an additional 266,851 shares during the period. Deutsche Bank AG increased its stake in Avadel Pharmaceuticals by 95.6% in the third quarter. Deutsche Bank AG now owns 440,000 shares of the company’s stock valued at $4,532,000 after purchasing an additional 215,000 shares in the last quarter. Finally, RTW Investments LP raised its holdings in shares of Avadel Pharmaceuticals by 4.8% during the third quarter. RTW Investments LP now owns 7,136,415 shares of the company’s stock valued at $73,505,000 after purchasing an additional 325,774 shares during the period. 69.19% of the stock is currently 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.