Avadel Pharmaceuticals (NASDAQ:AVDL) Cut to Strong Sell at Zacks Research

Zacks Research lowered shares of Avadel Pharmaceuticals (NASDAQ:AVDL) from a hold rating to a strong sell rating in a report released on Wednesday,Zacks.com reports.

Several other research analysts also recently issued reports on the stock. Jefferies Financial Group downgraded shares of Avadel Pharmaceuticals from a “buy” rating to a “hold” rating and lowered their price objective for the stock from $22.00 to $20.00 in a research report on Wednesday, October 22nd. Leerink Partnrs lowered Avadel Pharmaceuticals from a “strong-buy” rating to a “hold” rating in a report on Thursday, October 23rd. HC Wainwright downgraded Avadel Pharmaceuticals from a “buy” rating to a “neutral” rating and set a $20.00 price objective for the company. in a research note on Thursday, October 23rd. Wells Fargo & Company raised Avadel Pharmaceuticals to a “hold” rating in a research report on Wednesday, September 3rd. Finally, Craig Hallum lowered Avadel Pharmaceuticals from a “strong-buy” rating to a “hold” rating in a report on Wednesday, October 22nd. One investment analyst has rated the stock with a Buy rating, ten have assigned a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat, Avadel Pharmaceuticals currently has an average rating of “Reduce” and a consensus price target of $17.81.

Avadel Pharmaceuticals Stock Performance

Avadel Pharmaceuticals stock opened at $18.69 on Wednesday. Avadel Pharmaceuticals has a fifty-two week low of $6.38 and a fifty-two week high of $19.06. The company has a market capitalization of $1.81 billion, a P/E ratio of -623.00 and a beta of 1.47. The stock has a 50-day simple moving average of $16.16 and a 200-day simple moving average of $12.38.

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

Institutional Trading of Avadel Pharmaceuticals

Several large investors have recently bought and sold shares of AVDL. Bank of New York Mellon Corp increased its position in shares of Avadel Pharmaceuticals by 4.0% in the first quarter. Bank of New York Mellon Corp now owns 234,120 shares of the company’s stock valued at $1,833,000 after buying an additional 9,025 shares in the last quarter. Kovack Advisors Inc. purchased a new position in Avadel Pharmaceuticals during the 1st quarter valued at about $90,000. Avantax Advisory Services Inc. increased its holdings in Avadel Pharmaceuticals by 33.8% during the 1st quarter. Avantax Advisory Services Inc. now owns 222,733 shares of the company’s stock valued at $1,744,000 after acquiring an additional 56,277 shares in the last quarter. Cetera Investment Advisers raised its position in Avadel Pharmaceuticals by 13.7% during the first quarter. Cetera Investment Advisers now owns 104,565 shares of the company’s stock worth $819,000 after acquiring an additional 12,603 shares during the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in shares of Avadel Pharmaceuticals by 19.9% in the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 37,707 shares of the company’s stock valued at $295,000 after purchasing an additional 6,246 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.