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

Needham & Company LLC reaffirmed their buy rating on shares of Avadel Pharmaceuticals (NASDAQ:AVDL) in a research note published on Tuesday,Benzinga reports. They currently have a $22.00 target price on the stock.

Several other research firms also recently issued reports on AVDL. Oppenheimer upped their price objective on shares of Avadel Pharmaceuticals from $29.00 to $30.00 and gave the company an “outperform” rating in a report on Thursday, October 31st. HC Wainwright restated a “buy” rating and set a $27.00 price target on shares of Avadel Pharmaceuticals in a research note on Thursday, October 31st. Seven equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus target price of $24.43.

Avadel Pharmaceuticals Stock Down 5.9 %

Shares of AVDL opened at $10.91 on Tuesday. The company has a 50 day moving average of $13.49 and a two-hundred day moving average of $15.02. Avadel Pharmaceuticals has a twelve month low of $10.39 and a twelve month high of $19.09. The company has a market cap of $1.05 billion, a price-to-earnings ratio of -13.81 and a beta of 1.47.

Avadel Pharmaceuticals (NASDAQ:AVDL) last posted its quarterly earnings data on Tuesday, November 12th. The company reported ($0.03) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.06) by $0.03. Avadel Pharmaceuticals had a negative return on equity of 93.34% and a negative net margin of 52.53%. The firm had revenue of $50.00 million during the quarter, compared to analysts’ expectations of $48.43 million. During the same quarter last year, the firm earned ($0.41) EPS. The business’s quarterly revenue was up 624.6% on a year-over-year basis. On average, sell-side analysts expect that Avadel Pharmaceuticals will post -0.5 EPS for the current year.

Hedge Funds Weigh In On Avadel Pharmaceuticals

Institutional investors have recently bought and sold shares of the business. Barclays PLC increased its stake in shares of Avadel Pharmaceuticals by 45.8% in the third quarter. Barclays PLC now owns 392,691 shares of the company’s stock worth $5,150,000 after acquiring an additional 123,430 shares during the period. MML Investors Services LLC grew its position in Avadel Pharmaceuticals by 13.8% during the 3rd quarter. MML Investors Services LLC now owns 136,356 shares of the company’s stock worth $1,788,000 after purchasing an additional 16,500 shares during the period. Dorsey Wright & Associates raised its stake in shares of Avadel Pharmaceuticals by 12.9% during the 3rd quarter. Dorsey Wright & Associates now owns 142,120 shares of the company’s stock valued at $1,864,000 after buying an additional 16,215 shares during the last quarter. XTX Topco Ltd acquired a new position in shares of Avadel Pharmaceuticals in the 3rd quarter valued at about $642,000. Finally, Wellington Management Group LLP purchased a new stake in shares of Avadel Pharmaceuticals in the third quarter worth about $633,000. 69.19% of the stock is owned by hedge funds and other institutional investors.

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.