Avadel Pharmaceuticals (NASDAQ:AVDL) Shares Down 3.4%

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

Analysts Set New Price Targets

A number of brokerages have issued reports on AVDL. HC Wainwright lifted their price objective on Avadel Pharmaceuticals from $21.00 to $25.00 and gave the company a “buy” rating in a research note on Tuesday, March 5th. Piper Sandler lifted their price objective on Avadel Pharmaceuticals from $18.00 to $23.00 and gave the company an “overweight” rating in a research note on Tuesday, March 5th. Oppenheimer boosted their price target on Avadel Pharmaceuticals from $27.00 to $29.00 and gave the stock an “outperform” 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 target for the company. Finally, Needham & Company LLC restated a “buy” rating and issued a $22.00 price target on shares of Avadel Pharmaceuticals in a research note on Tuesday, April 9th. Seven equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock currently has an average rating of “Buy” and an average target price of $22.57.

Avadel Pharmaceuticals Trading Down 2.6 %

The company has a fifty day simple moving average of $15.38 and a 200-day simple moving average of $13.56.

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

Institutional Investors Weigh In On Avadel Pharmaceuticals

A number of hedge funds have recently made changes to their positions in AVDL. Quarry LP bought a new position in Avadel Pharmaceuticals in the fourth quarter worth approximately $120,000. Modera Wealth Management LLC boosted its position in Avadel Pharmaceuticals by 0.7% during the 4th quarter. Modera Wealth Management LLC now owns 598,392 shares of the company’s stock valued at $8,449,000 after acquiring an additional 4,392 shares in the last quarter. Prelude Capital Management LLC bought a new stake in Avadel Pharmaceuticals during the 4th quarter valued at $171,000. Baird Financial Group Inc. bought a new stake in Avadel Pharmaceuticals during the 4th quarter valued at $141,000. Finally, Clear Street Markets LLC bought a new stake in Avadel Pharmaceuticals during the 4th quarter valued at $34,000. 69.19% of the stock is currently owned by hedge funds and other institutional investors.

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.