Avadel Pharmaceuticals (NASDAQ:AVDL) Shares Up 3.4% - Here's What Happened

Avadel Pharmaceuticals plc (NASDAQ:AVDL - Get Free Report)'s stock price traded up 3.4% on Monday . The company traded as high as $9.13 and last traded at $9.00. 137,253 shares changed hands during trading, a decline of 89% from the average session volume of 1,219,082 shares. The stock had previously closed at $8.70.

Analysts Set New Price Targets

Several analysts have recently issued reports on AVDL shares. Deutsche Bank Aktiengesellschaft assumed coverage on shares of Avadel Pharmaceuticals in a research note on Tuesday, February 11th. They set a "buy" rating and a $12.00 price objective for the company. Piper Sandler dropped their price target on Avadel Pharmaceuticals from $24.00 to $13.00 and set an "overweight" rating for the company in a research note on Friday, January 10th. Needham & Company LLC reissued a "buy" rating and set a $19.00 target price on shares of Avadel Pharmaceuticals in a research report on Wednesday, April 9th. HC Wainwright reiterated a "buy" rating and set a $21.00 price objective on shares of Avadel Pharmaceuticals in a research note on Tuesday, March 4th. Finally, UBS Group reduced their target price on shares of Avadel Pharmaceuticals from $22.00 to $14.00 and set a "buy" rating on the stock in a report on Monday, January 13th. Eight investment analysts have rated the stock with a buy rating, According to data from MarketBeat, the company has a consensus rating of "Buy" and a consensus target price of $19.88.

Avadel Pharmaceuticals Trading Up 2.9 %

The firm has a 50-day moving average of $7.97 and a 200 day moving average of $9.60. The stock has a market capitalization of $864.83 million, a price-to-earnings ratio of -11.34 and a beta of 1.52.

Institutional Investors Weigh In On Avadel Pharmaceuticals

Several institutional investors have recently bought and sold shares of AVDL. Janus Henderson Group PLC raised its holdings in Avadel Pharmaceuticals by 5.7% during the fourth quarter. Janus Henderson Group PLC now owns 14,080,219 shares of the company's stock worth $148,117,000 after purchasing an additional 753,332 shares in the last quarter. Two Seas Capital LP grew its holdings in Avadel Pharmaceuticals by 90.6% during the fourth quarter. Two Seas Capital LP now owns 4,296,449 shares of the company's stock worth $45,156,000 after acquiring an additional 2,042,669 shares during the period. Braidwell LP raised its position in Avadel Pharmaceuticals by 21.2% in the fourth quarter. Braidwell LP now owns 4,105,726 shares of the company's stock worth $43,151,000 after acquiring an additional 716,787 shares in the last quarter. Vanguard Group Inc. lifted its holdings in Avadel Pharmaceuticals by 2.3% in the 4th quarter. Vanguard Group Inc. now owns 3,953,247 shares of the company's stock valued at $41,549,000 after acquiring an additional 90,147 shares during the last quarter. Finally, Wealth Effects LLC boosted its position in shares of Avadel Pharmaceuticals by 1.1% during the 1st quarter. Wealth Effects LLC now owns 2,369,122 shares of the company's stock valued at $18,550,000 after purchasing an additional 24,992 shares in the last quarter. Institutional investors and hedge funds 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.