Avadel Pharmaceuticals (NASDAQ:AVDL) Rating Reiterated by Needham & Company LLC

Needham & Company LLC reiterated their buy rating on shares of Avadel Pharmaceuticals (NASDAQ:AVDL - Free Report) in a research report released on Tuesday, Benzinga reports. The brokerage currently has a $22.00 price objective on the stock.

Other equities research analysts have also issued research reports about the stock. UBS Group started coverage on shares of Avadel Pharmaceuticals in a report on Tuesday, February 6th. They issued a buy rating and a $21.00 price target on the stock. Oppenheimer lifted their target price on shares of Avadel Pharmaceuticals from $27.00 to $29.00 and gave the stock an outperform rating in a report on Tuesday, March 5th. HC Wainwright boosted their price objective on shares of Avadel Pharmaceuticals from $21.00 to $25.00 and gave the company a buy rating in a report on Tuesday, March 5th. Piper Sandler boosted their target price on shares of Avadel Pharmaceuticals from $18.00 to $23.00 and gave the company an overweight rating in a research report on Tuesday, March 5th. Finally, Craig Hallum upped their price target on shares of Avadel Pharmaceuticals from $20.00 to $22.00 and gave the stock a buy rating in a research report on Tuesday, March 5th. Seven investment analysts have rated the stock with a buy rating, According to MarketBeat.com, Avadel Pharmaceuticals currently has an average rating of Buy and an average target price of $22.57.

Avadel Pharmaceuticals Trading Down 2.1 %

NASDAQ:AVDL traded down $0.36 on Tuesday, hitting $16.77. The company had a trading volume of 471,201 shares, compared to its average volume of 1,218,234. The stock has a market capitalization of $1.52 billion, a price-to-earnings ratio of -8.22 and a beta of 1.60. The firm has a 50 day moving average of $15.22 and a two-hundred day moving average of $13.40. Avadel Pharmaceuticals has a 52 week low of $8.49 and a 52 week high of $17.47.

Avadel Pharmaceuticals (NASDAQ:AVDL - Get Free Report) last announced its quarterly earnings data on Monday, March 4th. The company reported ($0.32) EPS for the quarter, missing the consensus estimate of ($0.28) by ($0.04). The business had revenue of $19.45 million for the quarter, compared to analyst estimates of $17.41 million. During the same quarter last year, the company posted ($0.44) earnings per share. As a group, equities analysts forecast that Avadel Pharmaceuticals will post -0.46 EPS for the current year.

Insiders Place Their Bets

In other news, CFO Thomas S. Mchugh bought 2,000 shares of the business's stock in a transaction dated Tuesday, January 16th. The stock was purchased 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 directly owns 80,500 shares in the company, valued at $1,167,250. The acquisition was disclosed in a filing with the SEC, which is accessible through this hyperlink. 4.00% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of AVDL. Rockefeller Capital Management L.P. grew its position in shares of Avadel Pharmaceuticals by 658.8% during the fourth quarter. Rockefeller Capital Management L.P. now owns 3,794 shares of the company's stock worth $26,000 after buying an additional 3,294 shares in the last quarter. ADAR1 Capital Management LLC acquired a new stake in shares of Avadel Pharmaceuticals in the fourth quarter valued at approximately $28,000. Clear Street Markets LLC acquired a new stake in shares of Avadel Pharmaceuticals in the fourth quarter valued at approximately $34,000. BNP Paribas Financial Markets raised its stake in shares of Avadel Pharmaceuticals by 140.2% during the fourth quarter. BNP Paribas Financial Markets now owns 2,784 shares of the company's stock worth $39,000 after purchasing an additional 1,625 shares during the last quarter. Finally, Creative Planning raised its stake in shares of Avadel Pharmaceuticals by 15.2% during the second quarter. Creative Planning now owns 15,787 shares of the company's stock worth $39,000 after purchasing an additional 2,083 shares during the last quarter. Institutional investors and hedge funds 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.