Avadel Pharmaceuticals (NASDAQ:AVDL) Rating Lowered to Sell at Zacks Investment Research

Avadel Pharmaceuticals (NASDAQ:AVDL) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research note issued on Friday, Zacks.com reports.

According to Zacks, “Avadel Pharmaceuticals plc is a specialty pharmaceutical company. Its product pipeline consists of hospital and paediatrics. Hospital segment provides Bloxiverz(R), Vazculep(R) and Akovaz(TM). Paediatrics segment provides Karbinal (TM) ER, AcipHex(R) Sprinkle and Flexichamber(TM). The company operates primarily in Ireland, USA and France. Avadel Pharmaceuticals plc, formerly known as Flamel Technologies SA, is headquartered in Lyon, France. “

Several other equities analysts have also recently issued reports on the company. BidaskClub cut Avadel Pharmaceuticals from a “buy” rating to a “hold” rating in a research report on Saturday, January 25th. Craig Hallum initiated coverage on Avadel Pharmaceuticals in a research report on Thursday, January 30th. They set a “buy” rating and a $15.00 price target on the stock. Finally, ValuEngine cut Avadel Pharmaceuticals from a “hold” rating to a “sell” rating in a research report on Friday, January 3rd. Two investment analysts have rated the stock with a sell rating, one has given a hold rating and three have assigned a buy rating to the stock. Avadel Pharmaceuticals presently has an average rating of “Hold” and a consensus target price of $8.13.

AVDL traded up $0.04 during trading hours on Friday, hitting $7.14. The company’s stock had a trading volume of 371,628 shares, compared to its average volume of 636,220. Avadel Pharmaceuticals has a fifty-two week low of $1.03 and a fifty-two week high of $8.49. The firm has a market capitalization of $265.90 million, a PE ratio of -2.81 and a beta of 1.82. The company has a 50-day simple moving average of $7.21 and a 200 day simple moving average of $4.84.

Avadel Pharmaceuticals (NASDAQ:AVDL) last posted its earnings results on Tuesday, November 12th. The company reported ($0.24) EPS for the quarter, beating the consensus estimate of ($0.27) by $0.03. Avadel Pharmaceuticals had a negative return on equity of 608.01% and a negative net margin of 136.46%. The firm had revenue of $14.23 million for the quarter. Equities analysts expect that Avadel Pharmaceuticals will post -1.06 earnings per share for the current year.

In other news, Director Geoffrey Michael Glass purchased 20,000 shares of the stock in a transaction dated Monday, November 18th. The shares were bought at an average cost of $5.30 per share, for a total transaction of $106,000.00. Also, Director Eric J. Ende purchased 10,000 shares of the stock in a transaction dated Wednesday, December 4th. The shares were purchased at an average price of $5.76 per share, for a total transaction of $57,600.00. 15.23% of the stock is currently owned by company insiders.

Several institutional investors and hedge funds have recently added to or reduced their stakes in AVDL. Iridian Asset Management LLC CT bought a new stake in shares of Avadel Pharmaceuticals during the 4th quarter worth $2,344,000. Millennium Management LLC bought a new stake in shares of Avadel Pharmaceuticals during the 3rd quarter worth $494,000. Keel Point LLC bought a new stake in shares of Avadel Pharmaceuticals during the 4th quarter worth $302,000. Renaissance Technologies LLC boosted its stake in shares of Avadel Pharmaceuticals by 3.9% during the 4th quarter. Renaissance Technologies LLC now owns 854,006 shares of the company’s stock worth $6,448,000 after acquiring an additional 32,000 shares in the last quarter. Finally, Morgan Stanley boosted its stake in shares of Avadel Pharmaceuticals by 0.7% during the 2nd quarter. Morgan Stanley now owns 717,901 shares of the company’s stock worth $2,075,000 after acquiring an additional 5,243 shares in the last quarter. 51.73% of the stock is owned by institutional investors and hedge funds.

About Avadel Pharmaceuticals

Avadel Pharmaceuticals plc operates as a specialty pharmaceutical company in the United States, France, and Ireland. The company primarily develops FT218, which is in a Phase 3 clinical trial for the treatment of narcolepsy patients suffering from excessive daytime sleepiness (EDS) and cataplexy. It also markets three sterile injectable drugs used in the hospital setting, including Akovaz that is indicated for the treatment of clinically important hypotension occurring in the setting of anesthesia; Bloxiverz, a cholinesterase inhibitor indicated for the reversal of the effects of non-depolarizing neuromuscular blocking agents after surgery; and Vazculep, a phenylephrine hydrochloride injection indicated for the treatment of clinically important hypotension.

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