Avadel Pharmaceuticals (NASDAQ:AVDL) Earns “Buy” Rating from Needham & Company LLC

Needham & Company LLC reissued their buy rating on shares of Avadel Pharmaceuticals (NASDAQ:AVDL) in a report issued on Tuesday morning,Benzinga reports. The brokerage currently has a $22.00 price target on the stock.

Other analysts have also issued research reports about the company. HC Wainwright reaffirmed a “buy” rating and set a $27.00 price objective on shares of Avadel Pharmaceuticals in a research note on Thursday, October 31st. Oppenheimer upped their price objective on shares of Avadel Pharmaceuticals from $29.00 to $30.00 and gave the company an “outperform” rating in a research note on Thursday, October 31st. Seven analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Avadel Pharmaceuticals presently has a consensus rating of “Buy” and a consensus price target of $24.71.

Avadel Pharmaceuticals Stock Performance

Shares of Avadel Pharmaceuticals stock opened at $13.15 on Tuesday. Avadel Pharmaceuticals has a 1 year low of $10.25 and a 1 year high of $19.09. The business has a 50 day moving average price of $13.67 and a 200 day moving average price of $15.12.

Institutional Trading of Avadel Pharmaceuticals

A number of institutional investors have recently modified their holdings of the company. Intech Investment Management LLC purchased a new position in Avadel Pharmaceuticals in the third quarter valued at approximately $214,000. Advisors Asset Management Inc. raised its position in Avadel Pharmaceuticals by 56.1% in the third quarter. Advisors Asset Management Inc. now owns 7,921 shares of the company’s stock valued at $104,000 after purchasing an additional 2,846 shares during the period. MAI Capital Management lifted its stake in shares of Avadel Pharmaceuticals by 1.0% during the third quarter. MAI Capital Management now owns 107,533 shares of the company’s stock worth $1,410,000 after purchasing an additional 1,031 shares in the last quarter. Oppenheimer & Co. Inc. boosted its position in shares of Avadel Pharmaceuticals by 9.2% in the third quarter. Oppenheimer & Co. Inc. now owns 33,105 shares of the company’s stock worth $434,000 after buying an additional 2,780 shares during the period. Finally, Aigen Investment Management LP purchased a new stake in shares of Avadel Pharmaceuticals during the 3rd quarter valued at about $160,000. Hedge funds and other institutional investors 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.