Avadel Pharmaceuticals (NASDAQ:AVDL) Stock Rating Reaffirmed by HC Wainwright

HC Wainwright reiterated their buy rating on shares of Avadel Pharmaceuticals (NASDAQ:AVDL) in a research note published on Monday, Benzinga reports. The brokerage currently has a $27.00 target price on the stock.

Separately, Needham & Company LLC reaffirmed a “buy” rating and issued a $22.00 price objective on shares of Avadel Pharmaceuticals in a research report on Friday, October 18th. Seven equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Avadel Pharmaceuticals has a consensus rating of “Buy” and a consensus price target of $24.57.

Avadel Pharmaceuticals Price Performance

Avadel Pharmaceuticals stock opened at $13.00 on Monday. Avadel Pharmaceuticals has a 12-month low of $9.50 and a 12-month high of $19.09. The stock has a market capitalization of $1.25 billion, a P/E ratio of -6.99 and a beta of 1.50. The firm’s 50-day moving average is $14.00 and its two-hundred day moving average is $15.38.

Avadel Pharmaceuticals (NASDAQ:AVDL) last announced its quarterly earnings data on Thursday, August 8th. The company reported ($0.14) earnings per share for the quarter, topping the consensus estimate of ($0.17) by $0.03. The business had revenue of $41.50 million for the quarter, compared to analyst estimates of $37.47 million. Avadel Pharmaceuticals had a negative net margin of 111.64% and a negative return on equity of 122.64%. The company’s revenue was up 2666.7% on a year-over-year basis. During the same period in the prior year, the firm posted ($0.70) EPS. As a group, analysts forecast that Avadel Pharmaceuticals will post -0.5 EPS for the current year.

Institutional Trading of Avadel Pharmaceuticals

A number of hedge funds have recently made changes to their positions in AVDL. Amalgamated Bank acquired a new position in Avadel Pharmaceuticals in the second quarter worth $45,000. Chilton Capital Management LLC bought a new stake in Avadel Pharmaceuticals in the first quarter valued at $51,000. Quarry LP bought a new stake in shares of Avadel Pharmaceuticals during the second quarter valued at about $63,000. BNP Paribas Financial Markets raised its stake in shares of Avadel Pharmaceuticals by 60.5% during the first quarter. BNP Paribas Financial Markets now owns 4,469 shares of the company’s stock valued at $75,000 after purchasing an additional 1,685 shares in the last quarter. Finally, Beverly Hills Private Wealth LLC bought a new stake in shares of Avadel Pharmaceuticals during the second quarter valued at about $146,000. Institutional investors and hedge funds 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.