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

Avadel Pharmaceuticals plc (NASDAQ:AVDL - Get Free Report) shares gapped down before the market opened 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.

Analyst Ratings Changes

A number of research firms have commented on AVDL. HC Wainwright reaffirmed a "buy" rating and set a $21.00 target price on shares of Avadel Pharmaceuticals in a report on Tuesday, March 4th. Needham & Company LLC reissued a "buy" rating and issued a $19.00 target price on shares of Avadel Pharmaceuticals in a research note on Thursday, May 8th. Six equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, Avadel Pharmaceuticals currently has an average rating of "Buy" and a consensus price target of $18.17.

Avadel Pharmaceuticals Trading Down 1.6%

The firm has a market cap of $910.80 million, a price-to-earnings ratio of -11.89 and a beta of 1.45. The company has a 50 day moving average of $8.80 and a 200 day moving average of $8.82.

Avadel Pharmaceuticals (NASDAQ:AVDL - Get Free Report) last issued its quarterly earnings data 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 business had revenue of $52.51 million during the quarter, compared to analyst estimates of $50.57 million. Avadel Pharmaceuticals had a negative return on equity of 93.34% and a negative net margin of 52.53%. Avadel Pharmaceuticals's quarterly 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) EPS. Equities analysts forecast that Avadel Pharmaceuticals plc will post -0.51 EPS for the current fiscal year.

Institutional Trading of Avadel Pharmaceuticals

A number of institutional investors have recently modified their holdings of the company. Rhumbline Advisers raised its position in Avadel Pharmaceuticals by 2.3% in the 1st quarter. Rhumbline Advisers now owns 127,027 shares of the company's stock valued at $995,000 after buying an additional 2,890 shares during the last quarter. Woodline Partners LP grew its position in Avadel Pharmaceuticals by 78.7% in the first quarter. Woodline Partners LP now owns 896,861 shares of the company's stock valued at $7,022,000 after purchasing an additional 395,040 shares in the last quarter. Dynamic Technology Lab Private Ltd bought a new position in Avadel Pharmaceuticals in the first quarter valued at $115,000. Two Seas Capital LP increased its stake in Avadel Pharmaceuticals by 15.1% in the 1st quarter. Two Seas Capital LP now owns 4,946,449 shares of the company's stock valued at $38,731,000 after buying an additional 650,000 shares during the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in shares of Avadel Pharmaceuticals by 4.4% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 54,885 shares of the company's stock worth $430,000 after buying an additional 2,291 shares during the last quarter. 69.19% of the stock is currently 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.

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