Avadel Pharmaceuticals (NASDAQ:AVDL) Receives Buy Rating from HC Wainwright

Avadel Pharmaceuticals (NASDAQ:AVDL)‘s stock had its “buy” rating reiterated by analysts at HC Wainwright in a report issued on Tuesday,Benzinga reports. They currently have a $21.00 target price on the stock. HC Wainwright’s price objective would indicate a potential upside of 178.15% from the company’s previous close.

AVDL has been the subject of several other reports. Piper Sandler reduced their target price on Avadel Pharmaceuticals from $24.00 to $13.00 and set an “overweight” rating for the company in a research note on Friday, January 10th. Deutsche Bank Aktiengesellschaft started coverage on shares of Avadel Pharmaceuticals in a research report on Tuesday, February 11th. They set a “buy” rating and a $12.00 price objective for the company. Needham & Company LLC reissued a “buy” rating and issued a $19.00 price objective on shares of Avadel Pharmaceuticals in a research report on Monday. Finally, UBS Group cut their target price 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. Eight investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock presently has an average rating of “Buy” and a consensus target price of $19.88.

Avadel Pharmaceuticals Stock Performance

Avadel Pharmaceuticals stock opened at $7.55 on Tuesday. The stock has a 50-day simple moving average of $8.77 and a 200 day simple moving average of $11.54. The stock has a market capitalization of $727.53 million, a P/E ratio of -9.56 and a beta of 1.28. Avadel Pharmaceuticals has a 52 week low of $7.39 and a 52 week high of $19.09.

Insider Activity at Avadel Pharmaceuticals

In related news, Director Linda Palczuk purchased 5,000 shares of the business’s stock in a transaction that occurred on Tuesday, January 21st. The stock was acquired at an average cost of $7.93 per share, for a total transaction of $39,650.00. Following the completion of the purchase, the director now owns 67,900 shares in the company, valued at approximately $538,447. This represents a 7.95 % increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Gregory J. Divis acquired 9,598 shares of the stock in a transaction on Friday, December 6th. The shares were bought at an average price of $9.98 per share, for a total transaction of $95,788.04. Following the purchase, the chief executive officer now owns 9,598 shares in the company, valued at approximately $95,788.04. This trade represents a ∞ increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last three months, insiders have acquired 55,579 shares of company stock worth $526,363. Corporate insiders own 4.80% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the stock. Wealth Effects LLC grew its stake in Avadel Pharmaceuticals by 4.9% during the fourth quarter. Wealth Effects LLC now owns 2,344,130 shares of the company’s stock worth $24,637,000 after buying an additional 110,359 shares in the last quarter. XTX Topco Ltd bought a new stake in shares of Avadel Pharmaceuticals during the 3rd quarter worth approximately $642,000. State Street Corp boosted its position in shares of Avadel Pharmaceuticals by 42.5% during the 3rd quarter. State Street Corp now owns 1,623,302 shares of the company’s stock worth $21,290,000 after acquiring an additional 483,787 shares in the last quarter. SG Americas Securities LLC increased its stake in Avadel Pharmaceuticals by 274.6% in the fourth quarter. SG Americas Securities LLC now owns 46,767 shares of the company’s stock valued at $492,000 after acquiring an additional 34,281 shares during the last quarter. Finally, Barclays PLC raised its position in Avadel Pharmaceuticals by 45.8% during the third quarter. Barclays PLC now owns 392,691 shares of the company’s stock valued at $5,150,000 after purchasing an additional 123,430 shares in the last quarter. 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.