Avadel Pharmaceuticals (NASDAQ:AVDL) Rating Lowered to Strong Sell at Zacks Research

Avadel Pharmaceuticals (NASDAQ:AVDL) was downgraded by analysts at Zacks Research from a “hold” rating to a “strong sell” rating in a research report issued on Wednesday,Zacks.com reports.

AVDL has been the topic of a number of other reports. HC Wainwright cut Avadel Pharmaceuticals from a “buy” rating to a “neutral” rating and set a $20.00 target price on the stock. in a research note on Thursday, October 23rd. Piper Sandler lowered shares of Avadel Pharmaceuticals from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, October 22nd. Lifesci Capital downgraded shares of Avadel Pharmaceuticals from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, October 22nd. Weiss Ratings restated a “sell (e+)” rating on shares of Avadel Pharmaceuticals in a research note on Wednesday, October 8th. Finally, Needham & Company LLC downgraded Avadel Pharmaceuticals from a “buy” rating to a “hold” rating in a research note on Wednesday, October 22nd. One equities research analyst has rated the stock with a Buy rating, ten have assigned a Hold rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat, Avadel Pharmaceuticals presently has an average rating of “Reduce” and an average target price of $17.81.

Avadel Pharmaceuticals Stock Performance

AVDL traded down $0.02 during mid-day trading on Wednesday, reaching $18.69. 1,356,811 shares of the stock were exchanged, compared to its average volume of 1,674,538. Avadel Pharmaceuticals has a 1 year low of $6.38 and a 1 year high of $19.06. The stock has a market capitalization of $1.81 billion, a PE ratio of -623.00 and a beta of 1.47. The company has a 50 day moving average price of $16.08 and a two-hundred day moving average price of $12.31.

Avadel Pharmaceuticals (NASDAQ:AVDL) last released its quarterly earnings results on Tuesday, November 4th. The company reported $0.00 earnings per share for the quarter, missing the consensus estimate of $0.04 by ($0.04). Avadel Pharmaceuticals had a negative return on equity of 3.73% and a negative net margin of 1.32%.The firm had revenue of $77.47 million for the quarter, compared to analysts’ expectations of $78.05 million. During the same quarter last year, the firm posted ($0.03) earnings per share. The firm’s revenue for the quarter was up 55.0% compared to the same quarter last year. Sell-side analysts expect that Avadel Pharmaceuticals will post -0.51 EPS for the current fiscal year.

Institutional Trading of Avadel Pharmaceuticals

A number of institutional investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. grew its holdings in Avadel Pharmaceuticals by 0.8% during the 3rd quarter. Vanguard Group Inc. now owns 5,606,282 shares of the company’s stock valued at $85,608,000 after buying an additional 42,023 shares in the last quarter. JPMorgan Chase & Co. grew its stake in Avadel Pharmaceuticals by 405.4% during the third quarter. JPMorgan Chase & Co. now owns 565,471 shares of the company’s stock valued at $8,635,000 after acquiring an additional 453,582 shares in the last quarter. Baader Bank Aktiengesellschaft bought a new stake in Avadel Pharmaceuticals during the 3rd quarter worth approximately $229,000. Profund Advisors LLC bought a new stake in Avadel Pharmaceuticals during the 3rd quarter worth approximately $248,000. Finally, RFG Advisory LLC bought a new position in Avadel Pharmaceuticals in the 3rd quarter valued at $1,129,000. Hedge funds and other institutional investors own 69.19% of the company’s stock.

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.