Avadel Pharmaceuticals (NASDAQ:AVDL) Shares Gap Down - Here's Why

Avadel Pharmaceuticals PLC. (NASDAQ:AVDL - Get Free Report) gapped down prior to trading on Monday . The stock had previously closed at $9.57, but opened at $9.35. Avadel Pharmaceuticals shares last traded at $9.29, with a volume of 222,807 shares trading hands.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on AVDL shares. HC Wainwright restated a "buy" rating and set a $21.00 price objective on shares of Avadel Pharmaceuticals in a research report on Tuesday, March 4th. Needham & Company LLC reissued a "buy" rating and set a $19.00 target price on shares of Avadel Pharmaceuticals in a research report on Thursday, May 8th. Six investment analysts have rated the stock with a buy rating, According to MarketBeat, Avadel Pharmaceuticals presently has a consensus rating of "Buy" and an average target price of $18.17.

Avadel Pharmaceuticals Stock Performance

The business has a 50 day moving average price of $8.99 and a 200-day moving average price of $8.80. The company has a market capitalization of $901.62 million, a price-to-earnings ratio of -34.52 and a beta of 1.45.

Avadel Pharmaceuticals (NASDAQ:AVDL - Get Free Report) last issued its quarterly earnings results on Wednesday, May 7th. The company reported ($0.05) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.07) by $0.02. The firm had revenue of $52.51 million for the quarter, compared to analyst estimates 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 period in the previous year, the firm earned ($0.30) earnings per share. As a group, equities analysts predict that Avadel Pharmaceuticals PLC. will post -0.51 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Two Seas Capital LP increased its stake in Avadel Pharmaceuticals by 90.6% in the fourth quarter. Two Seas Capital LP now owns 4,296,449 shares of the company's stock valued at $45,156,000 after purchasing an additional 2,042,669 shares in the last quarter. Brandes Investment Partners LP grew its stake in shares of Avadel Pharmaceuticals by 58.1% in the 4th quarter. Brandes Investment Partners LP now owns 2,173,139 shares of the company's stock valued at $22,840,000 after buying an additional 798,415 shares during the period. Janus Henderson Group PLC increased its position in Avadel Pharmaceuticals by 5.7% in the 4th quarter. Janus Henderson Group PLC now owns 14,080,219 shares of the company's stock valued at $148,117,000 after buying an additional 753,332 shares in the last quarter. Braidwell LP increased its position in Avadel Pharmaceuticals by 21.2% in the 4th quarter. Braidwell LP now owns 4,105,726 shares of the company's stock valued at $43,151,000 after buying an additional 716,787 shares in the last quarter. Finally, Nuveen LLC acquired a new position in Avadel Pharmaceuticals during the 1st quarter worth approximately $4,055,000. 69.19% of the stock is owned by institutional investors.

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.