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 Thursday, Benzinga reports. The brokerage currently has a $22.00 price target on the stock.

Separately, HC Wainwright reiterated a “buy” rating and issued a $27.00 price target on shares of Avadel Pharmaceuticals in a research note on Monday, October 21st. Seven analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock presently has an average rating of “Buy” and an average price target of $24.71.

Avadel Pharmaceuticals Price Performance

Shares of AVDL opened at $15.05 on Thursday. Avadel Pharmaceuticals has a one year low of $9.98 and a one year high of $19.09. The company has a market cap of $1.45 billion, a PE ratio of -12.86 and a beta of 1.47. The firm has a 50-day moving average of $13.69 and a 200-day moving average of $15.26.

Avadel Pharmaceuticals (NASDAQ:AVDL) last released its quarterly earnings data on Thursday, August 8th. The company reported ($0.14) EPS for the quarter, topping analysts’ consensus estimates of ($0.17) by $0.03. The firm had revenue of $41.50 million during the quarter, compared to analysts’ expectations 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 period in the previous year, the business posted ($0.70) earnings per share. Analysts expect that Avadel Pharmaceuticals will post -0.5 earnings per share for the current year.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the company. Creative Planning lifted its stake in Avadel Pharmaceuticals by 8.2% during the third quarter. Creative Planning now owns 12,381 shares of the company’s stock worth $162,000 after purchasing an additional 938 shares during the last quarter. BNP Paribas Financial Markets raised its holdings in shares of Avadel Pharmaceuticals by 60.5% during the 1st quarter. BNP Paribas Financial Markets now owns 4,469 shares of the company’s stock worth $75,000 after buying an additional 1,685 shares in the last quarter. Investors Asset Management of Georgia Inc. GA ADV lifted its position in shares of Avadel Pharmaceuticals by 2.4% during the 2nd quarter. Investors Asset Management of Georgia Inc. GA ADV now owns 89,475 shares of the company’s stock worth $1,258,000 after buying an additional 2,100 shares during the last quarter. Modera Wealth Management LLC boosted its stake in Avadel Pharmaceuticals by 0.4% in the second quarter. Modera Wealth Management LLC now owns 602,608 shares of the company’s stock valued at $8,473,000 after buying an additional 2,159 shares in the last quarter. Finally, Diversify Wealth Management LLC grew its position in Avadel Pharmaceuticals by 8.3% in the third quarter. Diversify Wealth Management LLC now owns 31,637 shares of the company’s stock valued at $418,000 after acquiring an additional 2,432 shares during the last quarter. 69.19% of the stock is owned by 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.