Avadel Pharmaceuticals (NASDAQ:AVDL) Hits New 1-Year High at $18.08

Avadel Pharmaceuticals plc (NASDAQ:AVDL) shares hit a new 52-week high during trading on Tuesday . The company traded as high as $18.08 and last traded at $17.96, with a volume of 704137 shares changing hands. The stock had previously closed at $17.00.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on the company. Craig Hallum increased their price target on Avadel Pharmaceuticals from $20.00 to $22.00 and gave the company a “buy” rating in a research note on Tuesday, March 5th. Piper Sandler increased their price target on 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 reiterated a “buy” rating and issued a $22.00 price target on shares of Avadel Pharmaceuticals in a research note on Tuesday, April 9th. HC Wainwright increased their price target on Avadel Pharmaceuticals from $21.00 to $25.00 and gave the company a “buy” rating in a research note on Tuesday, March 5th. Finally, UBS Group assumed coverage on Avadel Pharmaceuticals in a research report on Tuesday, February 6th. They set a “buy” rating and a $21.00 target price for the company. Seven analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Avadel Pharmaceuticals currently has a consensus rating of “Buy” and a consensus price target of $22.57.

Avadel Pharmaceuticals Stock Up 4.1 %

The stock has a market cap of $1.60 billion, a PE ratio of -8.80 and a beta of 1.60. The firm has a 50-day simple moving average of $15.31 and a 200-day simple moving average of $13.51.

Avadel Pharmaceuticals (NASDAQ:AVDL) last released its quarterly earnings results on Monday, March 4th. The company reported ($0.32) earnings per share 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 in the prior year, the firm posted ($0.44) earnings per share. On average, research analysts expect that Avadel Pharmaceuticals plc will post -0.46 earnings per share for the current year.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. Brandes Investment Partners LP increased its stake in Avadel Pharmaceuticals by 12.4% in the third quarter. Brandes Investment Partners LP now owns 1,448,772 shares of the company’s stock valued at $14,922,000 after acquiring an additional 159,577 shares during the last quarter. MPM Bioimpact LLC grew its stake in shares of Avadel Pharmaceuticals by 72.5% during the third quarter. MPM Bioimpact LLC now owns 664,224 shares of the company’s stock valued at $6,842,000 after buying an additional 279,234 shares during the last quarter. Vivo Capital LLC grew its stake in shares of Avadel Pharmaceuticals by 7.0% during the third quarter. Vivo Capital LLC now owns 4,096,428 shares of the company’s stock valued at $42,193,000 after buying an additional 266,851 shares during the last quarter. Deutsche Bank AG grew its stake in shares of Avadel Pharmaceuticals by 95.6% during the third quarter. Deutsche Bank AG now owns 440,000 shares of the company’s stock valued at $4,532,000 after buying an additional 215,000 shares during the last quarter. Finally, RTW Investments LP grew its stake in shares of Avadel Pharmaceuticals by 4.8% during the third quarter. RTW Investments LP now owns 7,136,415 shares of the company’s stock valued at $73,505,000 after buying an additional 325,774 shares during 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.