Shares of Avadel Pharmaceuticals plc (NASDAQ:AVDL – Get Rating) saw unusually-high trading volume on Tuesday after Needham & Company LLC raised their price target on the stock from $12.00 to $14.00. Approximately 980,756 shares changed hands during trading, an increase of 53% from the previous session’s volume of 641,986 shares.The stock last traded at $12.52 and had previously closed at $11.73.
A number of other research analysts also recently weighed in on the stock. LADENBURG THALM/SH SH increased their target price on shares of Avadel Pharmaceuticals from $14.50 to $16.00 in a research report on Tuesday. Oppenheimer reaffirmed an “outperform” rating and issued a $20.00 price objective on shares of Avadel Pharmaceuticals in a report on Monday, April 3rd. HC Wainwright raised their price objective on shares of Avadel Pharmaceuticals from $14.00 to $17.50 in a report on Tuesday. Finally, Lifesci Capital reaffirmed an “outperform” rating on shares of Avadel Pharmaceuticals in a report on Wednesday, April 26th. One analyst has rated the stock with a hold rating and seven have issued a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $13.44.
Hedge Funds Weigh In On Avadel Pharmaceuticals
A number of large investors have recently added to or reduced their stakes in AVDL. BlackRock Inc. boosted its stake in shares of Avadel Pharmaceuticals by 22.7% during the 1st quarter. BlackRock Inc. now owns 36,706 shares of the company’s stock valued at $251,000 after purchasing an additional 6,782 shares in the last quarter. Graham Capital Management L.P. bought a new stake in Avadel Pharmaceuticals during the first quarter worth about $561,000. Engineers Gate Manager LP bought a new stake in Avadel Pharmaceuticals during the first quarter worth about $79,000. State Street Corp raised its holdings in Avadel Pharmaceuticals by 8.6% in the first quarter. State Street Corp now owns 205,794 shares of the company’s stock worth $1,406,000 after buying an additional 16,278 shares during the last quarter. Finally, Polar Capital Holdings Plc raised its holdings in Avadel Pharmaceuticals by 14.5% in the first quarter. Polar Capital Holdings Plc now owns 3,199,152 shares of the company’s stock worth $21,850,000 after buying an additional 404,479 shares during the last quarter. Hedge funds and other institutional investors own 50.81% of the company’s stock.
Avadel Pharmaceuticals Stock Up 13.6 %
Avadel Pharmaceuticals (NASDAQ:AVDL – Get Rating) last issued its earnings results on Thursday, March 30th. The company reported ($0.44) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.30) by ($0.14). As a group, analysts predict that Avadel Pharmaceuticals plc will post -1.16 earnings per share for the current year.
Avadel Pharmaceuticals Company Profile
Avadel Pharmaceuticals Plc engages in the development and commercialization of pharmaceutical products. Its products include Bloxiverz, Vazculep, Nouress, and Akovaz. It focuses on the approval of FT218, a formulation of sodium oxybate designed to treat excessive daytime sleepiness and cataplexy in adults with narcolepsy.
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