Avadel Pharmaceuticals Sees Unusually Large Options Volume (NASDAQ:AVDL)

Avadel Pharmaceuticals plc (NASDAQ:AVDL - Get Free Report) was the recipient of unusually large options trading on Thursday. Stock traders purchased 3,934 put options on the company. This represents an increase of 73% compared to the average volume of 2,276 put options.

Analysts Set New Price Targets

A number of equities research analysts have commented on the company. Needham & Company LLC reissued a "buy" rating and set a $22.00 price target on shares of Avadel Pharmaceuticals in a report on Tuesday. Craig Hallum raised their price target on Avadel Pharmaceuticals from $20.00 to $22.00 and gave the company a "buy" rating in a report on Tuesday, March 5th. Piper Sandler raised their price target on Avadel Pharmaceuticals from $18.00 to $23.00 and gave the company an "overweight" rating in a report on Tuesday, March 5th. HC Wainwright raised their price target on Avadel Pharmaceuticals from $21.00 to $25.00 and gave the company a "buy" rating in a report on Tuesday, March 5th. Finally, Oppenheimer raised their price target on Avadel Pharmaceuticals from $27.00 to $29.00 and gave the company an "outperform" rating in a report on Tuesday, March 5th. Seven investment analysts have rated the stock with a buy rating, According to MarketBeat.com, Avadel Pharmaceuticals has a consensus rating of "Buy" and a consensus target price of $22.57.

Insider Transactions at Avadel Pharmaceuticals

In related news, CFO Thomas S. Mchugh bought 2,000 shares of the firm's stock in a transaction that occurred on Tuesday, January 16th. The shares were bought at an average cost of $14.50 per share, with a total value of $29,000.00. Following the acquisition, the chief financial officer now owns 80,500 shares in the company, valued at $1,167,250. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Company insiders own 4.00% of the company's stock.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of AVDL. Balyasny Asset Management L.P. purchased a new position in shares of Avadel Pharmaceuticals during the fourth quarter valued at approximately $11,035,000. Samsara BioCapital LLC boosted its position in shares of Avadel Pharmaceuticals by 113.7% during the first quarter. Samsara BioCapital LLC now owns 1,409,409 shares of the company's stock valued at $12,910,000 after buying an additional 750,000 shares during the period. Perceptive Advisors LLC purchased a new position in shares of Avadel Pharmaceuticals during the first quarter valued at approximately $5,404,000. Bank of America Corp DE boosted its position in shares of Avadel Pharmaceuticals by 553.2% during the first quarter. Bank of America Corp DE now owns 692,226 shares of the company's stock valued at $6,341,000 after buying an additional 586,247 shares during the period. Finally, Polar Capital Holdings Plc boosted its position in shares of Avadel Pharmaceuticals by 14.5% during the first quarter. Polar Capital Holdings Plc now owns 3,199,152 shares of the company's stock valued at $21,850,000 after buying an additional 404,479 shares during the period. Hedge funds and other institutional investors own 69.19% of the company's stock.

Avadel Pharmaceuticals Stock Down 1.2 %

AVDL traded down $0.19 on Thursday, hitting $15.96. The company had a trading volume of 981,311 shares, compared to its average volume of 1,204,032. The company has a market cap of $1.45 billion, a PE ratio of -7.82 and a beta of 1.60. Avadel Pharmaceuticals has a 12-month low of $9.34 and a 12-month high of $17.47. The business's fifty day simple moving average is $15.28 and its 200 day simple moving average is $13.44.

Avadel Pharmaceuticals (NASDAQ:AVDL - Get Free Report) last released its quarterly earnings results on Monday, March 4th. The company reported ($0.32) EPS for the quarter, missing the consensus estimate of ($0.28) by ($0.04). The company had revenue of $19.45 million during the quarter, compared to the consensus estimate of $17.41 million. During the same period in the prior year, the company posted ($0.44) EPS. On average, analysts anticipate that Avadel Pharmaceuticals will post -0.46 earnings per share for the current fiscal year.

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.