Avadel Pharmaceuticals (NASDAQ:AVDL) Rating Lowered to Hold at BidaskClub

Avadel Pharmaceuticals (NASDAQ:AVDL) was downgraded by analysts at BidaskClub from a “buy” rating to a “hold” rating in a research note issued on Wednesday, BidAskClub reports.

Several other analysts have also recently commented on the stock. Laidlaw lifted their target price on shares of Avadel Pharmaceuticals from $3.00 to $6.00 and gave the stock a “buy” rating in a research note on Tuesday, September 24th. Zacks Investment Research raised shares of Avadel Pharmaceuticals from a “hold” rating to a “buy” rating and set a $5.50 target price for the company in a research note on Friday, November 15th. Finally, ValuEngine cut shares of Avadel Pharmaceuticals from a “hold” rating to a “sell” rating in a research note on Friday, January 3rd. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and three have assigned a buy rating to the stock. The stock presently has an average rating of “Hold” and a consensus target price of $5.83.

AVDL stock opened at $7.00 on Wednesday. The stock has a market capitalization of $252.41 million, a P/E ratio of -3.52 and a beta of 1.87. Avadel Pharmaceuticals has a one year low of $1.03 and a one year high of $8.00. The company has a 50 day moving average price of $6.68 and a two-hundred day moving average price of $4.00.

Avadel Pharmaceuticals (NASDAQ:AVDL) last released its earnings results on Tuesday, November 12th. The company reported ($0.24) EPS for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.27) by $0.03. The firm had revenue of $14.23 million during the quarter. Avadel Pharmaceuticals had a negative net margin of 136.46% and a negative return on equity of 608.01%. On average, equities analysts anticipate that Avadel Pharmaceuticals will post -1.06 earnings per share for the current year.

In other news, Director Eric J. Ende bought 10,000 shares of the stock in a transaction on Wednesday, December 4th. The stock was purchased at an average cost of $5.76 per share, with a total value of $57,600.00. Also, Director Geoffrey Michael Glass bought 20,000 shares of the stock in a transaction on Monday, November 18th. The stock was purchased at an average cost of $5.30 per share, with a total value of $106,000.00. Insiders acquired a total of 59,000 shares of company stock valued at $317,880 over the last ninety days. 15.23% of the stock is owned by corporate insiders.

Several hedge funds and other institutional investors have recently made changes to their positions in AVDL. Renaissance Technologies LLC grew its stake in shares of Avadel Pharmaceuticals by 21.9% during the 2nd quarter. Renaissance Technologies LLC now owns 802,606 shares of the company’s stock valued at $2,320,000 after buying an additional 144,270 shares during the period. Millennium Management LLC purchased a new stake in shares of Avadel Pharmaceuticals during the 3rd quarter valued at $494,000. Susquehanna International Group LLP grew its stake in shares of Avadel Pharmaceuticals by 263.6% during the 2nd quarter. Susquehanna International Group LLP now owns 98,389 shares of the company’s stock valued at $284,000 after buying an additional 71,328 shares during the period. JPMorgan Chase & Co. grew its stake in shares of Avadel Pharmaceuticals by 383.0% during the 2nd quarter. JPMorgan Chase & Co. now owns 22,700 shares of the company’s stock valued at $64,000 after buying an additional 18,000 shares during the period. Finally, Morgan Stanley grew its stake in shares of Avadel Pharmaceuticals by 0.7% during the 2nd quarter. Morgan Stanley now owns 717,901 shares of the company’s stock valued at $2,075,000 after buying an additional 5,243 shares during the period. 51.72% of the stock is owned by institutional investors.

About Avadel Pharmaceuticals

Avadel Pharmaceuticals plc operates as a specialty pharmaceutical company in the United States, France, and Ireland. The company primarily develops FT218, which is in a Phase 3 clinical trial for the treatment of narcolepsy patients suffering from excessive daytime sleepiness (EDS) and cataplexy. It also markets three sterile injectable drugs used in the hospital setting, including Akovaz that is indicated for the treatment of clinically important hypotension occurring in the setting of anesthesia; Bloxiverz, a cholinesterase inhibitor indicated for the reversal of the effects of non-depolarizing neuromuscular blocking agents after surgery; and Vazculep, a phenylephrine hydrochloride injection indicated for the treatment of clinically important hypotension.

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