Avadel Pharmaceuticals (NASDAQ:AVDL) Price Target Raised to $20.00 at Wells Fargo & Company

Avadel Pharmaceuticals (NASDAQ:AVDL) had its price target boosted by Wells Fargo & Company from $16.00 to $20.00 in a research report report published on Friday,Benzinga reports. They currently have an equal weight rating on the stock.

Several other equities research analysts also recently issued reports on AVDL. Piper Sandler downgraded Avadel Pharmaceuticals from a “strong-buy” rating to a “hold” rating in a report on Wednesday, October 22nd. HC Wainwright lowered shares of Avadel Pharmaceuticals from a “buy” rating to a “neutral” rating and set a $20.00 target price for the company. in a research note on Thursday, October 23rd. Wall Street Zen lowered shares of Avadel Pharmaceuticals from a “strong-buy” rating to a “buy” rating in a research report on Saturday, October 25th. Leerink Partnrs downgraded shares of Avadel Pharmaceuticals from a “strong-buy” rating to a “hold” rating in a research report on Thursday, October 23rd. Finally, Weiss Ratings reiterated a “sell (e+)” rating on shares of Avadel Pharmaceuticals in a research note on Wednesday, October 8th. One investment analyst has rated the stock with a Buy rating, ten have given a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat.com, Avadel Pharmaceuticals has an average rating of “Reduce” and a consensus target price of $17.81.

Avadel Pharmaceuticals Trading Down 0.1%

NASDAQ AVDL traded down $0.02 during trading hours on Friday, hitting $18.69. The company’s stock had a trading volume of 1,356,811 shares, compared to its average volume of 1,674,538. The company has a market capitalization of $1.81 billion, a PE ratio of -623.00 and a beta of 1.47. Avadel Pharmaceuticals has a 52 week low of $6.38 and a 52 week high of $19.06. The company’s 50-day simple moving average is $16.16 and its two-hundred day simple moving average is $12.38.

Avadel Pharmaceuticals (NASDAQ:AVDL) last issued its quarterly earnings data on Tuesday, November 4th. The company reported $0.00 EPS for the quarter, missing analysts’ consensus estimates of $0.04 by ($0.04). The company had revenue of $77.47 million for the quarter, compared to the consensus estimate of $78.05 million. Avadel Pharmaceuticals had a negative return on equity of 3.73% and a negative net margin of 1.32%.The business’s revenue for the quarter was up 55.0% on a year-over-year basis. During the same period in the prior year, the firm posted ($0.03) earnings per share. Research analysts anticipate that Avadel Pharmaceuticals will post -0.51 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Nisa Investment Advisors LLC grew its position in shares of Avadel Pharmaceuticals by 164.5% during the 2nd quarter. Nisa Investment Advisors LLC now owns 3,304 shares of the company’s stock valued at $29,000 after acquiring an additional 2,055 shares during the period. Federated Hermes Inc. lifted its stake in Avadel Pharmaceuticals by 195.4% in the third quarter. Federated Hermes Inc. now owns 3,471 shares of the company’s stock valued at $53,000 after purchasing an additional 2,296 shares during the last quarter. Raymond James Financial Inc. purchased a new position in Avadel Pharmaceuticals in the second quarter valued at approximately $65,000. Tower Research Capital LLC TRC grew its holdings in Avadel Pharmaceuticals by 217.5% during the second quarter. Tower Research Capital LLC TRC now owns 8,795 shares of the company’s stock valued at $78,000 after purchasing an additional 6,025 shares during the period. Finally, Thoroughbred Financial Services LLC purchased a new stake in Avadel Pharmaceuticals in the first quarter worth $82,000. 69.19% of the stock is currently owned by hedge funds and other institutional investors.

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.