Avadel Pharmaceuticals plc (NASDAQ:AVDL) Receives Average Rating of “Buy” from Analysts

Avadel Pharmaceuticals plc (NASDAQ:AVDL) has been given a consensus rating of “Buy” by the seven research firms that are presently covering the company, Marketbeat Ratings reports. Seven equities research analysts have rated the stock with a buy rating. The average 1 year price target among analysts that have issued a report on the stock in the last year is $24.57.

AVDL has been the subject of several analyst reports. Rodman & Renshaw initiated coverage on shares of Avadel Pharmaceuticals in a research note on Wednesday, June 12th. They issued a “buy” rating and a $27.00 target price for the company. HC Wainwright raised their target price on shares of Avadel Pharmaceuticals from $25.00 to $27.00 and gave the company a “buy” rating in a research note on Thursday, May 9th. Needham & Company LLC reaffirmed a “buy” rating and set a $22.00 price objective on shares of Avadel Pharmaceuticals in a research report on Wednesday, May 8th. Finally, Craig Hallum lifted their price objective on shares of Avadel Pharmaceuticals from $22.00 to $23.00 and gave the stock a “buy” rating in a research report on Thursday, May 9th.

Avadel Pharmaceuticals Stock Performance

Shares of AVDL stock opened at $16.33 on Tuesday. The company has a market capitalization of $1.57 billion, a P/E ratio of -8.78 and a beta of 1.53. The company’s 50 day moving average price is $15.57 and its two-hundred day moving average price is $15.68. Avadel Pharmaceuticals has a 52 week low of $9.50 and a 52 week high of $19.09.

Avadel Pharmaceuticals (NASDAQ:AVDL) last posted its quarterly earnings data on Wednesday, May 8th. The company reported ($0.30) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.25) by ($0.05). Avadel Pharmaceuticals had a negative net margin of 284.42% and a negative return on equity of 139.72%. The business had revenue of $27.18 million during the quarter, compared to analyst estimates of $25.89 million. During the same quarter last year, the business earned ($0.48) earnings per share. Avadel Pharmaceuticals’s revenue for the quarter was up 2617.8% on a year-over-year basis. Analysts forecast that Avadel Pharmaceuticals will post -0.58 earnings per share for the current year.

Institutional Investors Weigh In On Avadel Pharmaceuticals

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Chilton Capital Management LLC acquired a new position in Avadel Pharmaceuticals in the first quarter valued at about $51,000. BNP Paribas Financial Markets raised its stake in Avadel Pharmaceuticals by 60.5% during the first quarter. BNP Paribas Financial Markets now owns 4,469 shares of the company’s stock worth $75,000 after acquiring an additional 1,685 shares in the last quarter. Quarry LP acquired a new position in Avadel Pharmaceuticals during the fourth quarter worth about $120,000. China Universal Asset Management Co. Ltd. raised its stake in Avadel Pharmaceuticals by 349.4% during the fourth quarter. China Universal Asset Management Co. Ltd. now owns 10,327 shares of the company’s stock worth $146,000 after acquiring an additional 8,029 shares in the last quarter. Finally, Claro Advisors LLC acquired a new position in Avadel Pharmaceuticals during the first quarter worth about $172,000. 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.