Avadel Pharmaceuticals (NASDAQ:AVDL) Sets New 12-Month High at $18.08

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

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on the company. Oppenheimer upped their price objective on Avadel Pharmaceuticals from $27.00 to $29.00 and gave the company an “outperform” rating in a research report on Tuesday, March 5th. Craig Hallum increased their price target on Avadel Pharmaceuticals from $20.00 to $22.00 and gave the company a “buy” rating in a report on Tuesday, March 5th. HC Wainwright increased their price target on Avadel Pharmaceuticals from $21.00 to $25.00 and gave the company a “buy” rating in a report on Tuesday, March 5th. Needham & Company LLC reissued a “buy” rating and set a $22.00 price target on shares of Avadel Pharmaceuticals in a report on Tuesday, April 9th. Finally, UBS Group assumed coverage on Avadel Pharmaceuticals in a report on Tuesday, February 6th. They set a “buy” rating and a $21.00 price target on the stock. Seven equities research analysts have rated the stock with a buy rating, According to MarketBeat, Avadel Pharmaceuticals presently has an average rating of “Buy” and a consensus price target of $22.57.

Avadel Pharmaceuticals Stock Performance

The company’s 50 day moving average price is $15.43 and its two-hundred day moving average price is $13.62.

Avadel Pharmaceuticals (NASDAQ:AVDL) last released its quarterly earnings results on Monday, March 4th. The company reported ($0.32) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.28) by ($0.04). The business had revenue of $19.45 million for the quarter, compared to analyst estimates of $17.41 million. During the same quarter in the prior year, the company earned ($0.44) earnings per share. On average, sell-side analysts expect that Avadel Pharmaceuticals plc will post -0.46 EPS for the current fiscal year.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the company. Brandes Investment Partners LP raised its position in shares of Avadel Pharmaceuticals by 12.4% in the third quarter. Brandes Investment Partners LP now owns 1,448,772 shares of the company’s stock worth $14,922,000 after acquiring an additional 159,577 shares during the period. MPM Bioimpact LLC grew its stake in shares of Avadel Pharmaceuticals by 72.5% in the 3rd 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 period. Vivo Capital LLC lifted its holdings in shares of Avadel Pharmaceuticals by 7.0% in the 3rd quarter. Vivo Capital LLC now owns 4,096,428 shares of the company’s stock worth $42,193,000 after acquiring an additional 266,851 shares during the last quarter. Deutsche Bank AG lifted its holdings in shares of Avadel Pharmaceuticals by 95.6% in the 3rd quarter. Deutsche Bank AG now owns 440,000 shares of the company’s stock worth $4,532,000 after acquiring an additional 215,000 shares during the last quarter. Finally, RTW Investments LP lifted its holdings in shares of Avadel Pharmaceuticals by 4.8% in the 3rd quarter. RTW Investments LP now owns 7,136,415 shares of the company’s stock worth $73,505,000 after acquiring an additional 325,774 shares during the last quarter. 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.