Avadel Pharmaceuticals (NASDAQ:AVDL) Stock Passes Above 200-Day Moving Average - Here's Why

Shares of Avadel Pharmaceuticals PLC. (NASDAQ:AVDL - Get Free Report) passed above its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of $8.73 and traded as high as $8.95. Avadel Pharmaceuticals shares last traded at $8.93, with a volume of 361,574 shares traded.

Analyst Ratings Changes

Separately, Needham & Company LLC reaffirmed a "buy" rating and set a $19.00 price target on shares of Avadel Pharmaceuticals in a research report on Thursday, May 8th. Six analysts have rated the stock with a buy rating, According to MarketBeat.com, Avadel Pharmaceuticals currently has a consensus rating of "Buy" and a consensus price target of $18.17.

Avadel Pharmaceuticals Price Performance

The firm's fifty day simple moving average is $9.21 and its 200 day simple moving average is $8.70. The company has a market capitalization of $863.40 million, a PE ratio of -33.06 and a beta of 1.42.

Avadel Pharmaceuticals (NASDAQ:AVDL - Get Free Report) last issued its earnings results on Wednesday, May 7th. The company reported ($0.05) EPS for the quarter, topping analysts' consensus estimates of ($0.07) by $0.02. The firm had revenue of $52.51 million for the quarter, compared to the consensus estimate of $50.57 million. Avadel Pharmaceuticals had a negative return on equity of 36.07% and a negative net margin of 13.58%. The company's revenue was up 93.2% compared to the same quarter last year. During the same quarter in the prior year, the business earned ($0.30) earnings per share. On average, equities research analysts anticipate that Avadel Pharmaceuticals PLC. will post -0.51 EPS for the current fiscal year.

Institutional Investors Weigh In On Avadel Pharmaceuticals

Institutional investors have recently added to or reduced their stakes in the stock. Rhumbline Advisers lifted its holdings in Avadel Pharmaceuticals by 2.3% during the first quarter. Rhumbline Advisers now owns 127,027 shares of the company's stock valued at $995,000 after purchasing an additional 2,890 shares in the last quarter. Woodline Partners LP boosted its position in shares of Avadel Pharmaceuticals by 78.7% during the 1st quarter. Woodline Partners LP now owns 896,861 shares of the company's stock valued at $7,022,000 after acquiring an additional 395,040 shares during the last quarter. Dynamic Technology Lab Private Ltd acquired a new stake in shares of Avadel Pharmaceuticals during the 1st quarter worth approximately $115,000. Two Seas Capital LP raised its position in Avadel Pharmaceuticals by 15.1% in the first quarter. Two Seas Capital LP now owns 4,946,449 shares of the company's stock valued at $38,731,000 after purchasing an additional 650,000 shares during the period. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in Avadel Pharmaceuticals by 4.4% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 54,885 shares of the company's stock valued at $430,000 after buying an additional 2,291 shares during 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.