Traders Buy High Volume of Avadel Pharmaceuticals Call Options (NASDAQ:AVDL)

Avadel Pharmaceuticals plc (NASDAQ:AVDL) saw some unusual options trading on Tuesday. Stock investors acquired 4,733 call options on the stock. This represents an increase of 92% compared to the typical volume of 2,463 call options.

Avadel Pharmaceuticals Stock Down 0.6 %

Shares of Avadel Pharmaceuticals stock opened at $17.99 on Thursday. The company has a fifty day moving average price of $15.43 and a 200 day moving average price of $13.62. Avadel Pharmaceuticals has a twelve month low of $9.50 and a twelve month high of $18.85.

Avadel Pharmaceuticals (NASDAQ:AVDL) last posted its earnings results on Monday, March 4th. The company reported ($0.32) earnings per share (EPS) 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 analyst estimates of $17.41 million. During the same period in the prior year, the business posted ($0.44) EPS. Equities research analysts expect that Avadel Pharmaceuticals will post -0.46 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Avadel Pharmaceuticals

A number of hedge funds have recently bought and sold shares of AVDL. ADAR1 Capital Management LLC acquired a new stake in shares of Avadel Pharmaceuticals during the fourth quarter worth $28,000. Clear Street Markets LLC acquired a new stake in Avadel Pharmaceuticals during the fourth quarter worth about $34,000. BNP Paribas Financial Markets lifted its holdings in Avadel Pharmaceuticals by 140.2% in the fourth quarter. BNP Paribas Financial Markets now owns 2,784 shares of the company’s stock worth $39,000 after acquiring an additional 1,625 shares during the last quarter. Rockefeller Capital Management L.P. boosted its stake in Avadel Pharmaceuticals by 658.8% in the fourth quarter. Rockefeller Capital Management L.P. now owns 3,794 shares of the company’s stock valued at $26,000 after acquiring an additional 3,294 shares during the period. Finally, Tower Research Capital LLC TRC grew its holdings in shares of Avadel Pharmaceuticals by 24.8% during the second quarter. Tower Research Capital LLC TRC now owns 4,810 shares of the company’s stock valued at $79,000 after purchasing an additional 956 shares during the last quarter. Institutional investors and hedge funds own 69.19% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on the company. HC Wainwright raised their price objective on Avadel Pharmaceuticals from $21.00 to $25.00 and gave the stock a “buy” rating in a report on Tuesday, March 5th. UBS Group initiated coverage on Avadel Pharmaceuticals in a report on Tuesday, February 6th. They issued a “buy” rating and a $21.00 price target for the company. Needham & Company LLC reissued a “buy” rating and issued a $22.00 target price on shares of Avadel Pharmaceuticals in a research report on Tuesday, April 9th. Piper Sandler boosted their target price on shares of Avadel Pharmaceuticals from $18.00 to $23.00 and gave the company an “overweight” rating in a report on Tuesday, March 5th. Finally, Craig Hallum increased their price target on shares of Avadel Pharmaceuticals from $20.00 to $22.00 and gave the stock a “buy” rating in a research note on Tuesday, March 5th. Seven research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company has a consensus rating of “Buy” and an average target price of $22.57.

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.