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

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

AVDL has been the subject of a number of other reports. LADENBURG THALM/SH SH raised Avadel Pharmaceuticals from a “neutral” rating to a “buy” rating and set a $6.00 target price for the company in a research report on Friday, June 14th. Laidlaw upgraded Avadel Pharmaceuticals from a “hold” rating to a “buy” rating and set a $3.00 price target for the company in a research note on Monday, August 12th. Finally, ValuEngine upgraded Avadel Pharmaceuticals from a “hold” rating to a “buy” rating in a research note on Thursday, August 1st.

Shares of AVDL stock traded down $0.08 during mid-day trading on Monday, hitting $1.99. The company’s stock had a trading volume of 5,500 shares, compared to its average volume of 163,186. The company’s fifty day simple moving average is $2.27 and its 200-day simple moving average is $1.93. Avadel Pharmaceuticals has a 52 week low of $1.03 and a 52 week high of $5.25. The company has a debt-to-equity ratio of 41.63, a quick ratio of 3.13 and a current ratio of 2.89. The company has a market cap of $73.96 million, a PE ratio of -1.00 and a beta of 1.63.

Avadel Pharmaceuticals (NASDAQ:AVDL) last posted its quarterly earnings data on Friday, August 9th. The company reported ($0.23) earnings per share for the quarter. Avadel Pharmaceuticals had a negative return on equity of 608.04% and a negative net margin of 135.48%. The business had revenue of $17.55 million during the quarter. On average, equities analysts anticipate that Avadel Pharmaceuticals will post -1.19 earnings per share for the current year.

A number of hedge funds have recently added to or reduced their stakes in the business. Susquehanna International Group LLP boosted its position in shares of Avadel Pharmaceuticals by 263.6% in the 2nd quarter. Susquehanna International Group LLP now owns 98,389 shares of the company’s stock worth $284,000 after buying an additional 71,328 shares in the last quarter. Morgan Stanley lifted its holdings in Avadel Pharmaceuticals by 0.7% in the 2nd quarter. Morgan Stanley now owns 717,901 shares of the company’s stock valued at $2,075,000 after purchasing an additional 5,243 shares in the last quarter. Brown Capital Management LLC lifted its holdings in Avadel Pharmaceuticals by 8.9% in the 2nd quarter. Brown Capital Management LLC now owns 1,524,428 shares of the company’s stock valued at $4,406,000 after purchasing an additional 124,421 shares in the last quarter. Renaissance Technologies LLC lifted its holdings in Avadel Pharmaceuticals by 21.9% in the 2nd quarter. Renaissance Technologies LLC now owns 802,606 shares of the company’s stock valued at $2,320,000 after purchasing an additional 144,270 shares in the last quarter. Finally, JPMorgan Chase & Co. lifted its holdings in Avadel Pharmaceuticals by 383.0% in the 2nd quarter. JPMorgan Chase & Co. now owns 22,700 shares of the company’s stock valued at $64,000 after purchasing an additional 18,000 shares in the last quarter. Institutional investors and hedge funds own 50.89% of the company’s stock.

Avadel Pharmaceuticals Company Profile

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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