Needham & Company LLC Reiterates Buy Rating for Avadel Pharmaceuticals (NASDAQ:AVDL)

Needham & Company LLC restated their buy rating on shares of Avadel Pharmaceuticals (NASDAQ:AVDL) in a research note issued to investors on Thursday, Benzinga reports. They currently have a $22.00 price objective on the stock.

Separately, HC Wainwright restated a “buy” rating and set a $27.00 price objective on shares of Avadel Pharmaceuticals in a report on Monday, October 21st. Seven investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock currently has an average rating of “Buy” and an average price target of $24.71.

Avadel Pharmaceuticals Price Performance

Avadel Pharmaceuticals stock traded down $0.06 during trading hours on Thursday, reaching $15.41. The stock had a trading volume of 190,489 shares, compared to its average volume of 1,144,672. The company has a market cap of $1.48 billion, a price-to-earnings ratio of -13.22 and a beta of 1.50. The business’s 50 day moving average price is $13.74 and its 200-day moving average price is $15.28. Avadel Pharmaceuticals has a 52 week low of $9.98 and a 52 week high of $19.09.

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

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the company. GSA Capital Partners LLP acquired a new position in Avadel Pharmaceuticals in the 1st quarter valued at $804,000. Lord Abbett & CO. LLC acquired a new stake in shares of Avadel Pharmaceuticals in the 1st quarter worth $3,264,000. Cetera Investment Advisers acquired a new stake in shares of Avadel Pharmaceuticals in the 1st quarter worth $1,925,000. Bank of New York Mellon Corp acquired a new stake in shares of Avadel Pharmaceuticals in the 2nd quarter worth $4,575,000. Finally, Russell Investments Group Ltd. acquired a new stake in shares of Avadel Pharmaceuticals in the 1st quarter worth $1,943,000. 69.19% of the stock is owned by institutional investors and hedge funds.

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.