Avadel Pharmaceuticals (NASDAQ:AVDL) Releases Earnings Results, Beats Estimates By $0.03 EPS

Avadel Pharmaceuticals (NASDAQ:AVDL) announced its earnings results on Thursday. The company reported ($0.14) EPS for the quarter, beating analysts’ consensus estimates of ($0.17) by $0.03, Briefing.com reports. The business had revenue of $41.50 million for the quarter, compared to analysts’ expectations of $37.47 million. Avadel Pharmaceuticals had a negative net margin of 284.42% and a negative return on equity of 139.72%. The company’s quarterly revenue was up 2666.7% on a year-over-year basis. During the same period in the previous year, the company posted ($0.70) EPS.

Avadel Pharmaceuticals Stock Down 1.5 %

Shares of Avadel Pharmaceuticals stock traded down $0.23 on Friday, hitting $15.51. The company’s stock had a trading volume of 1,323,336 shares, compared to its average volume of 1,240,268. Avadel Pharmaceuticals has a 52-week low of $9.50 and a 52-week high of $19.09. The firm has a fifty day moving average price of $15.60 and a 200-day moving average price of $15.72. The company has a market capitalization of $1.49 billion, a P/E ratio of -8.34 and a beta of 1.53.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on the stock. Craig Hallum lifted their target price on shares of Avadel Pharmaceuticals from $22.00 to $23.00 and gave the company a “buy” rating in a report on Thursday, May 9th. Rodman & Renshaw started coverage on shares of Avadel Pharmaceuticals in a report on Wednesday, June 12th. They issued a “buy” rating and a $27.00 target price on the stock. HC Wainwright boosted their price objective 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. Finally, Needham & Company LLC reissued a “buy” rating and issued a $22.00 price objective on shares of Avadel Pharmaceuticals in a research note on Friday. Seven investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock currently has an average rating of “Buy” and an average price target of $24.57.

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.