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

Avadel Pharmaceuticals (NASDAQ:AVDL) issued its quarterly earnings results on Tuesday. The company reported ($0.03) EPS for the quarter, topping the consensus estimate of ($0.06) by $0.03, Briefing.com reports. The company had revenue of $50.00 million for the quarter, compared to the consensus estimate of $48.43 million. Avadel Pharmaceuticals had a negative return on equity of 92.12% and a negative net margin of 52.53%. The company’s revenue for the quarter was up 624.6% on a year-over-year basis. During the same period in the previous year, the business posted ($0.41) EPS.

Avadel Pharmaceuticals Stock Performance

AVDL stock traded down $0.43 during mid-day trading on Thursday, hitting $11.59. 2,349,258 shares of the company were exchanged, compared to its average volume of 1,187,195. The firm has a market cap of $1.12 billion, a P/E ratio of -14.67 and a beta of 1.47. Avadel Pharmaceuticals has a 1-year low of $10.39 and a 1-year high of $19.09. The firm’s 50 day simple moving average is $13.62 and its 200 day simple moving average is $15.09.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on AVDL shares. Oppenheimer increased their target price on shares of Avadel Pharmaceuticals from $29.00 to $30.00 and gave the company an “outperform” rating in a research note on Thursday, October 31st. HC Wainwright reduced their target price on Avadel Pharmaceuticals from $27.00 to $25.00 and set a “buy” rating on the stock in a report on Wednesday. Finally, Needham & Company LLC reissued a “buy” rating and issued a $22.00 price target on shares of Avadel Pharmaceuticals in a report on Tuesday. Seven equities research 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 a consensus target price of $24.43.

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.