Avadel Pharmaceuticals (NASDAQ:AVDL) Shares Down 7.3% on Disappointing Earnings

Shares of Avadel Pharmaceuticals plc (NASDAQ:AVDL) traded down 7.3% during trading on Thursday following a dissappointing earnings announcement. The stock traded as low as $14.77 and last traded at $15.06. 1,090,626 shares traded hands during mid-day trading, a decline of 10% from the average session volume of 1,217,203 shares. The stock had previously closed at $16.25.

The company reported ($0.30) earnings per share for the quarter, missing the consensus estimate of ($0.25) by ($0.05). The business had revenue of $27.18 million during the quarter, compared to the consensus estimate of $25.89 million. During the same quarter last year, the business earned ($0.48) earnings per share. The business’s revenue was up 2617.8% compared to the same quarter last year.

Analyst Ratings Changes

Several equities analysts have weighed in on AVDL shares. Craig Hallum raised their target price on shares of Avadel Pharmaceuticals from $22.00 to $23.00 and gave the company a “buy” rating in a report on Thursday. Oppenheimer raised their price objective on shares of Avadel Pharmaceuticals from $27.00 to $29.00 and gave the stock an “outperform” rating in a research note on Tuesday, March 5th. HC Wainwright upped their target price on Avadel Pharmaceuticals from $25.00 to $27.00 and gave the company a “buy” rating in a research note on Thursday. Piper Sandler increased their target price on Avadel Pharmaceuticals from $18.00 to $23.00 and gave the company an “overweight” rating in a report on Tuesday, March 5th. Finally, Needham & Company LLC reissued a “buy” rating and issued a $22.00 price target on shares of Avadel Pharmaceuticals in a report on Wednesday. Six analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock has a consensus rating of “Buy” and an average price target of $24.17.

Institutional Trading of Avadel Pharmaceuticals

Hedge funds have recently bought and sold shares of the company. Chilton Capital Management LLC acquired a new position in Avadel Pharmaceuticals in the 1st quarter valued at $51,000. BNP Paribas Financial Markets grew its position in shares of Avadel Pharmaceuticals by 60.5% in the first quarter. BNP Paribas Financial Markets now owns 4,469 shares of the company’s stock valued at $75,000 after purchasing an additional 1,685 shares during the period. Quantbot Technologies LP purchased a new stake in shares of Avadel Pharmaceuticals in the third quarter valued at $78,000. Quarry LP acquired a new position in Avadel Pharmaceuticals in the fourth quarter valued at $120,000. Finally, Exencial Wealth Advisors LLC purchased a new position in Avadel Pharmaceuticals during the third quarter worth about $124,000. Institutional investors and hedge funds own 69.19% of the company’s stock.

Avadel Pharmaceuticals Trading Down 2.6 %

The stock has a market capitalization of $1.43 billion, a price-to-earnings ratio of -7.76 and a beta of 1.61. The business has a 50 day simple moving average of $16.75 and a 200-day simple moving average of $14.39.

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.