Avadel Pharmaceuticals plc (NASDAQ:AVDL – Get Free Report)’s share price reached a new 52-week high on Tuesday . The company traded as high as $18.08 and last traded at $17.96, with a volume of 704137 shares traded. The stock had previously closed at $17.00.
Wall Street Analyst Weigh In
AVDL has been the subject of a number of analyst reports. HC Wainwright boosted their target price on shares of Avadel Pharmaceuticals from $21.00 to $25.00 and gave the stock a “buy” rating in a research note on Tuesday, March 5th. UBS Group initiated coverage on shares of Avadel Pharmaceuticals in a research note on Tuesday, February 6th. They set a “buy” rating and a $21.00 target price for the company. Oppenheimer boosted their target price on shares of Avadel Pharmaceuticals from $27.00 to $29.00 and gave the stock an “outperform” rating in a research note on Tuesday, March 5th. Craig Hallum boosted their target price on shares of Avadel Pharmaceuticals from $20.00 to $22.00 and gave the stock a “buy” rating in a research note on Tuesday, March 5th. Finally, Piper Sandler boosted their target price on shares of Avadel Pharmaceuticals from $18.00 to $23.00 and gave the stock an “overweight” rating in a research note on Tuesday, March 5th. Seven investment analysts have rated the stock with a buy rating, According to MarketBeat, Avadel Pharmaceuticals has a consensus rating of “Buy” and an average price target of $22.57.
Check Out Our Latest Analysis on Avadel Pharmaceuticals
Avadel Pharmaceuticals Price Performance
Avadel Pharmaceuticals (NASDAQ:AVDL – Get Free Report) last announced its 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 analyst estimates of $17.41 million. During the same period last year, the business earned ($0.44) EPS. On average, analysts forecast that Avadel Pharmaceuticals plc will post -0.46 EPS for the current year.
Institutional Investors Weigh In On Avadel Pharmaceuticals
Several hedge funds have recently made changes to their positions in the business. Quarry LP acquired a new stake in shares of Avadel Pharmaceuticals during the fourth quarter worth about $120,000. Modera Wealth Management LLC raised its holdings in Avadel Pharmaceuticals by 0.7% during the fourth quarter. Modera Wealth Management LLC now owns 598,392 shares of the company’s stock worth $8,449,000 after purchasing an additional 4,392 shares in the last quarter. Prelude Capital Management LLC purchased a new position in Avadel Pharmaceuticals during the fourth quarter worth about $171,000. Baird Financial Group Inc. purchased a new position in Avadel Pharmaceuticals during the fourth quarter worth about $141,000. Finally, Clear Street Markets LLC purchased a new position in Avadel Pharmaceuticals during the fourth quarter worth about $34,000. 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.
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