Avadel Pharmaceuticals (NASDAQ:AVDL) Shares Up 4.2% – Still a Buy?

Avadel Pharmaceuticals plc (NASDAQ:AVDL) was up 4.2% during mid-day trading on Thursday . The stock traded as high as $8.31 and last traded at $8.30. Approximately 431,449 shares changed hands during mid-day trading, a decline of 64% from the average daily volume of 1,182,960 shares. The stock had previously closed at $7.96.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on AVDL shares. Deutsche Bank Aktiengesellschaft initiated coverage on Avadel Pharmaceuticals in a report on Tuesday, February 11th. They issued a “buy” rating and a $12.00 price target for the company. Needham & Company LLC reaffirmed a “buy” rating and issued a $19.00 target price on shares of Avadel Pharmaceuticals in a research report on Monday, March 3rd. HC Wainwright reissued a “buy” rating and issued a $21.00 price target on shares of Avadel Pharmaceuticals in a report on Tuesday, March 4th. Piper Sandler decreased their target price on shares of Avadel Pharmaceuticals from $24.00 to $13.00 and set an “overweight” rating on the stock in a research report on Friday, January 10th. Finally, UBS Group dropped their price target on shares of Avadel Pharmaceuticals from $22.00 to $14.00 and set a “buy” rating for the company in a research report on Monday, January 13th. Eight equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock has a consensus rating of “Buy” and an average price target of $19.88.

Avadel Pharmaceuticals Trading Up 5.4 %

The stock has a market cap of $810.72 million, a P/E ratio of -10.62 and a beta of 1.57. The business’s fifty day simple moving average is $8.41 and its 200 day simple moving average is $11.16.

Insider Buying and Selling at Avadel Pharmaceuticals

In other Avadel Pharmaceuticals news, Director Peter J. Thornton purchased 10,000 shares of the company’s stock in a transaction dated Monday, January 13th. The shares were bought at an average price of $8.04 per share, with a total value of $80,400.00. Following the completion of the transaction, the director now directly owns 104,055 shares in the company, valued at $836,602.20. This trade represents a 10.63 % increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Linda Palczuk purchased 5,000 shares of the business’s stock in a transaction on Tuesday, January 21st. The stock was bought at an average cost of $7.93 per share, for a total transaction of $39,650.00. Following the purchase, the director now owns 67,900 shares of the company’s stock, valued at approximately $538,447. This represents a 7.95 % increase in their position. The disclosure for this purchase can be found here. In the last ninety days, insiders have bought 17,300 shares of company stock worth $144,062. Insiders own 4.80% of the company’s stock.

Institutional Trading of Avadel Pharmaceuticals

Several hedge funds and other institutional investors have recently modified their holdings of AVDL. MAI Capital Management grew its holdings in shares of Avadel Pharmaceuticals by 1.0% during the third quarter. MAI Capital Management now owns 107,533 shares of the company’s stock worth $1,410,000 after buying an additional 1,031 shares in the last quarter. Invesco Ltd. boosted its stake in shares of Avadel Pharmaceuticals by 2.3% during the 4th quarter. Invesco Ltd. now owns 52,142 shares of the company’s stock worth $548,000 after buying an additional 1,177 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in shares of Avadel Pharmaceuticals by 3.7% during the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 52,594 shares of the company’s stock worth $553,000 after purchasing an additional 1,882 shares during the last quarter. Iridian Asset Management LLC CT increased its holdings in Avadel Pharmaceuticals by 1.1% during the fourth quarter. Iridian Asset Management LLC CT now owns 169,586 shares of the company’s stock worth $1,782,000 after buying an additional 1,886 shares during the last quarter. Finally, China Universal Asset Management Co. Ltd. raised its position in Avadel Pharmaceuticals by 10.3% during the fourth quarter. China Universal Asset Management Co. Ltd. now owns 20,432 shares of the company’s stock worth $215,000 after acquiring an additional 1,916 shares in the last quarter. Institutional investors and hedge funds 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.