Avadel Pharmaceuticals (NASDAQ:AVDL) Posts Quarterly Earnings Results, Misses Expectations By $0.05 EPS

Avadel Pharmaceuticals (NASDAQ:AVDL) released its earnings results on Wednesday. The company reported ($0.30) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.25) by ($0.05), Briefing.com reports. The company had revenue of $27.18 million during the quarter, compared to analysts’ expectations of $25.89 million. During the same period in the prior year, the company earned ($0.48) EPS. The company’s quarterly revenue was up 2617.8% compared to the same quarter last year.

Avadel Pharmaceuticals Price Performance

Shares of Avadel Pharmaceuticals stock traded down $0.44 on Thursday, reaching $15.81. The company had a trading volume of 1,390,256 shares, compared to its average volume of 1,220,286. The firm has a market cap of $1.43 billion, a price-to-earnings ratio of -7.53 and a beta of 1.61. The firm’s 50-day moving average price is $16.69 and its two-hundred day moving average price is $14.38. Avadel Pharmaceuticals has a 1 year low of $9.50 and a 1 year high of $19.09.

Analysts Set New Price Targets

Several analysts recently issued reports on the company. Piper Sandler increased their target price on Avadel Pharmaceuticals from $18.00 to $23.00 and gave the stock an “overweight” rating in a research report on Tuesday, March 5th. UBS Group assumed coverage on Avadel Pharmaceuticals in a research report on Tuesday, February 6th. They set a “buy” rating and a $21.00 target price for the company. Oppenheimer raised their price target on Avadel Pharmaceuticals from $27.00 to $29.00 and gave the company an “outperform” rating in a report on Tuesday, March 5th. HC Wainwright raised their price target on Avadel Pharmaceuticals from $21.00 to $25.00 and gave the company a “buy” rating in a report on Tuesday, March 5th. Finally, Craig Hallum raised their price target on Avadel Pharmaceuticals from $22.00 to $23.00 and gave the company a “buy” rating in a report on Thursday. Six equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock has an average rating of “Buy” and an average target price of $23.83.

Avadel Pharmaceuticals Company Profile

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.