Avadel Pharmaceuticals (NASDAQ:AVDL) Shares Gap Up to $10.92

Avadel Pharmaceuticals plc (NASDAQ:AVDL)’s share price gapped up before the market opened on Thursday . The stock had previously closed at $10.92, but opened at $11.17. Avadel Pharmaceuticals shares last traded at $10.43, with a volume of 88,137 shares.

Analysts Set New Price Targets

A number of research firms have recently commented on AVDL. Piper Sandler boosted their price target on shares of Avadel Pharmaceuticals from $13.00 to $18.00 and gave the company an “overweight” rating in a research report on Thursday, August 10th. HC Wainwright reiterated a “buy” rating and set a $21.00 price target on shares of Avadel Pharmaceuticals in a research report on Thursday, August 10th. Finally, Needham & Company LLC upped their price objective on shares of Avadel Pharmaceuticals from $18.00 to $19.00 and gave the stock a “buy” rating in a report on Thursday, November 9th. Six equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, Avadel Pharmaceuticals presently has a consensus rating of “Buy” and a consensus target price of $18.29.

Avadel Pharmaceuticals Trading Up 0.7 %

The company’s 50 day simple moving average is $10.87 and its 200 day simple moving average is $13.05. The stock has a market capitalization of $969.95 million, a PE ratio of -5.00 and a beta of 1.53.

Avadel Pharmaceuticals (NASDAQ:AVDL) last posted its quarterly earnings data on Wednesday, November 8th. The company reported ($0.41) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.35) by ($0.06). The firm had revenue of $7.00 million for the quarter, compared to analyst estimates of $5.12 million. During the same period in the previous year, the business earned ($0.33) EPS. Avadel Pharmaceuticals’s quarterly revenue was up 3400.0% on a year-over-year basis. As a group, analysts predict that Avadel Pharmaceuticals plc will post -1.85 EPS for the current year.

Institutional Trading of Avadel Pharmaceuticals

Large investors have recently added to or reduced their stakes in the company. Rockefeller Capital Management L.P. boosted its position in Avadel Pharmaceuticals by 658.8% during the 4th 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 during the period. Creative Planning increased its position in shares of Avadel Pharmaceuticals by 15.2% in 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. UBS Group AG grew its position in Avadel Pharmaceuticals by 300.6% during the third quarter. UBS Group AG now owns 11,955 shares of the company’s stock valued at $60,000 after acquiring an additional 8,971 shares during the last quarter. Tower Research Capital LLC TRC boosted its stake in shares of Avadel Pharmaceuticals by 236.6% during the third quarter. Tower Research Capital LLC TRC now owns 14,364 shares of the company’s stock valued at $72,000 after purchasing an additional 10,097 shares during the period. Finally, LPL Financial LLC lifted its stake in Avadel Pharmaceuticals by 40.5% in the second quarter. LPL Financial LLC now owns 30,850 shares of the company’s stock worth $75,000 after acquiring an additional 8,900 shares during the period. Institutional investors and hedge funds own 71.23% 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.