Avadel Pharmaceuticals Target of Unusually High Options Trading (NASDAQ:AVDL)

Avadel Pharmaceuticals plc (NASDAQ:AVDL - Get Free Report) was the target of some unusual options trading activity on Tuesday. Investors acquired 4,733 call options on the company. This is an increase of 92% compared to the average volume of 2,463 call options.

Avadel Pharmaceuticals Stock Up 6.4 %

Shares of Avadel Pharmaceuticals stock traded up $1.09 on Tuesday, hitting $18.09. The stock had a trading volume of 2,316,039 shares, compared to its average volume of 1,239,314. Avadel Pharmaceuticals has a one year low of $9.50 and a one year high of $18.85. The stock has a market cap of $1.64 billion, a price-to-earnings ratio of -8.87 and a beta of 1.60. The stock's 50-day simple moving average is $15.38 and its two-hundred day simple moving average is $13.56.

Avadel Pharmaceuticals (NASDAQ:AVDL - Get Free Report) last issued its earnings results on Monday, March 4th. The company reported ($0.32) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.28) by ($0.04). The firm had revenue of $19.45 million for the quarter, compared to analysts' expectations of $17.41 million. During the same quarter last year, the company earned ($0.44) EPS. As a group, equities analysts predict that Avadel Pharmaceuticals will post -0.46 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of brokerages recently weighed in on AVDL. Piper Sandler raised their target price on shares of Avadel Pharmaceuticals from $18.00 to $23.00 and gave the company an "overweight" rating in a research note on Tuesday, March 5th. Needham & Company LLC reissued a "buy" rating and set a $22.00 price target on shares of Avadel Pharmaceuticals in a research note on Tuesday, April 9th. HC Wainwright lifted their price target on shares of Avadel Pharmaceuticals from $21.00 to $25.00 and gave the stock a "buy" rating in a research note on Tuesday, March 5th. Craig Hallum lifted their price target on shares of Avadel Pharmaceuticals from $20.00 to $22.00 and gave the stock a "buy" rating in a research note on Tuesday, March 5th. Finally, Oppenheimer lifted their price target on shares of Avadel Pharmaceuticals from $27.00 to $29.00 and gave the stock an "outperform" rating in a research note on Tuesday, March 5th. Seven research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock presently has an average rating of "Buy" and an average target price of $22.57.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the company. Avantax Advisory Services Inc. boosted its holdings in Avadel Pharmaceuticals by 3.8% in the fourth quarter. Avantax Advisory Services Inc. now owns 24,900 shares of the company's stock valued at $352,000 after acquiring an additional 900 shares in the last quarter. Geode Capital Management LLC boosted its stake in shares of Avadel Pharmaceuticals by 1.2% during the 1st quarter. Geode Capital Management LLC now owns 80,003 shares of the company's stock valued at $733,000 after purchasing an additional 924 shares in the last quarter. Tower Research Capital LLC TRC boosted its stake in shares of Avadel Pharmaceuticals by 24.8% during the 2nd quarter. Tower Research Capital LLC TRC now owns 4,810 shares of the company's stock valued at $79,000 after purchasing an additional 956 shares in the last quarter. MML Investors Services LLC increased its position in shares of Avadel Pharmaceuticals by 2.9% during the first quarter. MML Investors Services LLC now owns 35,100 shares of the company's stock valued at $322,000 after buying an additional 1,000 shares during the period. Finally, Kestra Advisory Services LLC raised its stake in Avadel Pharmaceuticals by 5.5% in the fourth quarter. Kestra Advisory Services LLC now owns 23,150 shares of the company's stock worth $327,000 after buying an additional 1,200 shares in the last quarter. Institutional investors 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.