Avadel Pharmaceuticals (NASDAQ:AVDL) Stock Price Up 4.2% – Here’s What Happened

Shares of Avadel Pharmaceuticals plc (NASDAQ:AVDL) shot up 4.2% during trading on Thursday . The stock traded as high as $8.31 and last traded at $8.30. 431,449 shares changed hands during mid-day trading, a decline of 64% from the average session volume of 1,182,960 shares. The stock had previously closed at $7.96.

Analyst Ratings Changes

A number of analysts have recently weighed in on the stock. UBS Group cut their price target on shares of Avadel Pharmaceuticals from $22.00 to $14.00 and set a “buy” rating for the company in a report on Monday, January 13th. Piper Sandler decreased their price target on Avadel Pharmaceuticals from $24.00 to $13.00 and set an “overweight” rating on the stock in a research note on Friday, January 10th. Needham & Company LLC reaffirmed a “buy” rating and issued a $19.00 price objective on shares of Avadel Pharmaceuticals in a research note on Monday, March 3rd. HC Wainwright reissued a “buy” rating and set a $21.00 target price on shares of Avadel Pharmaceuticals in a research note on Tuesday, March 4th. Finally, Deutsche Bank Aktiengesellschaft started coverage on shares of Avadel Pharmaceuticals in a research note on Tuesday, February 11th. They issued a “buy” rating and a $12.00 price target on the stock. Eight investment analysts have rated the stock with a buy rating, According to MarketBeat, Avadel Pharmaceuticals presently has an average rating of “Buy” and an average target price of $19.88.

Avadel Pharmaceuticals Trading Up 5.4 %

The company has a 50-day moving average of $8.41 and a 200-day moving average of $11.16. The firm has a market capitalization of $810.72 million, a P/E ratio of -10.62 and a beta of 1.57.

Insider Buying and Selling at Avadel Pharmaceuticals

In other Avadel Pharmaceuticals news, Director Linda Palczuk bought 5,000 shares of the stock in a transaction on Tuesday, January 21st. The stock was acquired at an average cost of $7.93 per share, for a total transaction of $39,650.00. Following the completion of the acquisition, the director now owns 67,900 shares in the company, valued at $538,447. This trade represents a 7.95 % increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available at this link. Also, Director Peter J. Thornton bought 10,000 shares of the company’s stock in a transaction that occurred on Monday, January 13th. The shares were bought at an average price of $8.04 per share, for a total transaction of $80,400.00. Following the transaction, the director now directly owns 104,055 shares in the company, valued at $836,602.20. This trade represents a 10.63 % increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last 90 days, insiders bought 17,300 shares of company stock valued at $144,062. 4.80% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in AVDL. FMR LLC bought a new position in shares of Avadel Pharmaceuticals in the third quarter valued at approximately $31,000. Advisors Asset Management Inc. grew its stake in shares of Avadel Pharmaceuticals by 56.1% in the 3rd quarter. Advisors Asset Management Inc. now owns 7,921 shares of the company’s stock worth $104,000 after acquiring an additional 2,846 shares in the last quarter. Hsbc Holdings PLC purchased a new stake in shares of Avadel Pharmaceuticals in the fourth quarter valued at about $113,000. Kazazian Asset Management LLC bought a new stake in Avadel Pharmaceuticals in the 4th quarter worth about $126,000. Finally, Sanctuary Advisors LLC bought a new position in shares of Avadel Pharmaceuticals in the fourth quarter valued at approximately $140,000. 69.19% of the stock is owned by institutional investors.

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.