Avadel Pharmaceuticals (NASDAQ:AVDL) Earns Buy Rating from Needham & Company LLC

Needham & Company LLC reissued their buy rating on shares of Avadel Pharmaceuticals (NASDAQ:AVDL) in a report released on Wednesday, Benzinga reports. The brokerage currently has a $22.00 price target on the stock.

Other analysts also recently issued research reports about the stock. HC Wainwright reissued a buy rating and set a $27.00 target price on shares of Avadel Pharmaceuticals in a research report on Wednesday, August 28th. Craig Hallum increased their target price on shares of Avadel Pharmaceuticals from $22.00 to $23.00 and gave the company a buy rating in a research report on Thursday, May 9th. Finally, Rodman & Renshaw initiated coverage on shares of Avadel Pharmaceuticals in a research report on Wednesday, June 12th. They set a buy rating and a $27.00 target price for the company. Seven investment analysts have rated the stock with a buy rating, According to MarketBeat, the stock presently has a consensus rating of Buy and an average target price of $24.57.

Avadel Pharmaceuticals Price Performance

Avadel Pharmaceuticals stock opened at $14.49 on Wednesday. The company has a market capitalization of $1.39 billion, a P/E ratio of -7.79 and a beta of 1.53. The business has a 50 day moving average of $15.79 and a 200-day moving average of $15.88. Avadel Pharmaceuticals has a 1 year low of $9.50 and a 1 year high of $19.09.

Avadel Pharmaceuticals (NASDAQ:AVDL) last released its earnings results on Thursday, August 8th. The company reported ($0.14) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.17) by $0.03. The business had revenue of $41.50 million during the quarter, compared to the consensus estimate of $37.47 million. Avadel Pharmaceuticals had a negative net margin of 111.64% and a negative return on equity of 122.64%. The company’s revenue for the quarter was up 2666.7% compared to the same quarter last year. During the same quarter in the prior year, the firm posted ($0.70) EPS. Equities analysts anticipate that Avadel Pharmaceuticals will post -0.5 EPS for the current year.

Institutional Trading of Avadel Pharmaceuticals

Large investors have recently modified their holdings of the stock. Nantahala Capital Management LLC bought a new position in shares of Avadel Pharmaceuticals in the 2nd quarter worth $4,921,000. Brandes Investment Partners LP lifted its holdings in shares of Avadel Pharmaceuticals by 1.5% in the 2nd quarter. Brandes Investment Partners LP now owns 1,483,439 shares of the company’s stock worth $20,894,000 after purchasing an additional 21,214 shares in the last quarter. Quarry LP bought a new position in shares of Avadel Pharmaceuticals in the 2nd quarter worth $63,000. The Manufacturers Life Insurance Company bought a new position in shares of Avadel Pharmaceuticals in the 2nd quarter worth $590,000. Finally, Troluce Capital Advisors LLC bought a new position in shares of Avadel Pharmaceuticals in the 2nd quarter worth $2,109,000. Institutional investors and hedge funds own 69.19% of the company’s stock.

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.