Avadel Pharmaceuticals (NASDAQ:AVDL) Stock Passes Above Two Hundred Day Moving Average – Here’s Why

Avadel Pharmaceuticals PLC. (NASDAQ:AVDL) shares passed above its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of $17.02 and traded as high as $21.56. Avadel Pharmaceuticals shares last traded at $21.53, with a volume of 1,243,788 shares trading hands.

Wall Street Analyst Weigh In

AVDL has been the topic of a number of research reports. Lifesci Capital lowered shares of Avadel Pharmaceuticals from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, October 22nd. Zacks Research upgraded shares of Avadel Pharmaceuticals from a “strong sell” rating to a “hold” rating in a research report on Tuesday, January 6th. Leerink Partners lowered Avadel Pharmaceuticals from a “strong-buy” rating to a “hold” rating in a research report on Thursday, October 23rd. Jefferies Financial Group cut Avadel Pharmaceuticals from a “buy” rating to a “hold” rating and lowered their target price for the company from $22.00 to $20.00 in a research note on Wednesday, October 22nd. Finally, HC Wainwright lowered Avadel Pharmaceuticals from a “buy” rating to a “neutral” rating and set a $20.00 price target on the stock. in a research note on Thursday, October 23rd. One research analyst has rated the stock with a Buy rating, ten have assigned a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, Avadel Pharmaceuticals has a consensus rating of “Hold” and an average price target of $18.86.

Avadel Pharmaceuticals Stock Up 0.1%

The company’s fifty day moving average is $21.72 and its two-hundred day moving average is $17.02.

Avadel Pharmaceuticals (NASDAQ:AVDL) last issued its earnings results on Tuesday, November 4th. The company reported $0.00 EPS for the quarter, missing the consensus estimate of $0.04 by ($0.04). The business had revenue of $77.47 million for the quarter, compared to the consensus estimate of $78.05 million. Avadel Pharmaceuticals had a negative net margin of 0.11% and a negative return on equity of 0.33%. The business’s revenue was up 55.0% on a year-over-year basis. During the same quarter in the previous year, the firm posted ($0.03) EPS. Equities analysts predict that Avadel Pharmaceuticals PLC. will post -0.51 EPS for the current fiscal year.

Hedge Funds Weigh In On Avadel Pharmaceuticals

Several hedge funds have recently added to or reduced their stakes in the stock. Nisa Investment Advisors LLC boosted its holdings in Avadel Pharmaceuticals by 164.5% during the second quarter. Nisa Investment Advisors LLC now owns 3,304 shares of the company’s stock worth $29,000 after buying an additional 2,055 shares during the last quarter. Federated Hermes Inc. raised its position in shares of Avadel Pharmaceuticals by 195.4% in the 3rd quarter. Federated Hermes Inc. now owns 3,471 shares of the company’s stock valued at $53,000 after acquiring an additional 2,296 shares during the period. State of Alaska Department of Revenue bought a new position in Avadel Pharmaceuticals during the 3rd quarter worth approximately $83,000. Raymond James Financial Inc. acquired a new position in Avadel Pharmaceuticals during the second quarter valued at approximately $65,000. Finally, CIBC Private Wealth Group LLC bought a new stake in Avadel Pharmaceuticals in the third quarter valued at approximately $122,000. Institutional investors and hedge funds own 69.19% of the company’s stock.

About Avadel Pharmaceuticals

Avadel Pharmaceuticals plc is a global specialty biopharmaceutical company focused on developing and delivering treatments for rare diseases and central nervous system disorders. Headquartered in Dublin, Ireland, with operations in the United States, Avadel’s portfolio centers on sleep disorder therapeutics, including its flagship low-sodium oxybate product, XYWAV, which is approved in the U.S. for the treatment of cataplexy or excessive daytime sleepiness in patients with narcolepsy. The company is also advancing FT218, a once-nightly formulation of sodium oxybate, currently under regulatory review for narcolepsy management.

Formed through a rebranding of Flamel Technologies in 2016 and a strategic shift toward rare disease drug development, Avadel has built its R&D capabilities around improving patient compliance and reducing daily sodium exposure compared to traditional therapies.