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

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

Avadel Pharmaceuticals Stock Performance

Shares of NASDAQ AVDL traded down $0.35 during midday trading on Thursday, reaching $15.90. The stock had a trading volume of 1,527,961 shares, compared to its average volume of 1,221,863. Avadel Pharmaceuticals has a twelve month low of $9.50 and a twelve month high of $19.09. The company’s 50 day moving average price is $16.69 and its 200 day moving average price is $14.38. The firm has a market cap of $1.44 billion, a price-to-earnings ratio of -7.53 and a beta of 1.61.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on the stock. HC Wainwright increased their target price on shares of Avadel Pharmaceuticals from $21.00 to $25.00 and gave the stock a “buy” rating in a report on Tuesday, March 5th. Oppenheimer increased their price objective on shares of Avadel Pharmaceuticals from $27.00 to $29.00 and gave the company an “outperform” rating in a research note on Tuesday, March 5th. Piper Sandler boosted their target price on shares of Avadel Pharmaceuticals from $18.00 to $23.00 and gave the stock an “overweight” rating in a research note on Tuesday, March 5th. UBS Group assumed coverage on Avadel Pharmaceuticals in a research note on Tuesday, February 6th. They issued a “buy” rating and a $21.00 price target for the company. Finally, Needham & Company LLC reaffirmed a “buy” rating and issued a $22.00 target price on shares of Avadel Pharmaceuticals in a report on Wednesday. Six research analysts have rated the stock with a buy rating, According to MarketBeat.com, Avadel Pharmaceuticals currently has an average rating of “Buy” and an average price target of $23.83.

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.