Avadel Pharmaceuticals plc (NASDAQ:AVDL) Receives Average Recommendation of “Buy” from Brokerages

Avadel Pharmaceuticals plc (NASDAQ:AVDL) has been assigned a consensus recommendation of “Buy” from the seven analysts that are presently covering the firm, Marketbeat.com reports. Seven research analysts have rated the stock with a buy rating. The average twelve-month price target among brokers that have updated their coverage on the stock in the last year is $24.43.

Several brokerages have weighed in on AVDL. HC Wainwright lowered their target price on Avadel Pharmaceuticals from $27.00 to $25.00 and set a “buy” rating on the stock in a research note on Wednesday, November 13th. Oppenheimer lifted their price objective on shares of Avadel Pharmaceuticals from $29.00 to $30.00 and gave the company an “outperform” rating in a research report on Thursday, October 31st. Finally, Needham & Company LLC restated a “buy” rating and set a $22.00 price objective on shares of Avadel Pharmaceuticals in a research report on Tuesday, November 12th.

Avadel Pharmaceuticals Price Performance

Shares of NASDAQ:AVDL opened at $10.00 on Monday. Avadel Pharmaceuticals has a 1-year low of $9.41 and a 1-year high of $19.09. The stock has a market cap of $963.62 million, a P/E ratio of -12.66 and a beta of 1.32. The firm has a fifty day moving average price of $12.70 and a 200 day moving average price of $14.36.

Avadel Pharmaceuticals (NASDAQ:AVDL) last announced its earnings results on Tuesday, November 12th. The company reported ($0.03) earnings per share for the quarter, topping the consensus estimate of ($0.06) by $0.03. The business had revenue of $50.00 million during the quarter, compared to the consensus estimate of $48.43 million. Avadel Pharmaceuticals had a negative net margin of 52.53% and a negative return on equity of 93.34%. The business’s quarterly revenue was up 624.6% compared to the same quarter last year. During the same quarter in the prior year, the firm earned ($0.41) earnings per share. Sell-side analysts expect that Avadel Pharmaceuticals will post -0.48 EPS for the current fiscal year.

Institutional Investors Weigh In On Avadel Pharmaceuticals

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Cetera Investment Advisers purchased a new position in shares of Avadel Pharmaceuticals in the 1st quarter valued at about $1,925,000. Bank of New York Mellon Corp purchased a new position in Avadel Pharmaceuticals in the second quarter valued at about $4,575,000. Troluce Capital Advisors LLC purchased a new position in Avadel Pharmaceuticals in the second quarter valued at about $2,109,000. Iridian Asset Management LLC CT lifted its position in shares of Avadel Pharmaceuticals by 42.5% during the 3rd quarter. Iridian Asset Management LLC CT now owns 167,700 shares of the company’s stock valued at $2,199,000 after acquiring an additional 50,000 shares during the period. Finally, Nantahala Capital Management LLC purchased a new stake in shares of Avadel Pharmaceuticals during the 2nd quarter worth approximately $4,921,000. 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.