Oppenheimer Forecasts Strong Price Appreciation for Avadel Pharmaceuticals (NASDAQ:AVDL) Stock

Avadel Pharmaceuticals (NASDAQ:AVDL) had its price target raised by Oppenheimer from $29.00 to $30.00 in a research report sent to investors on Thursday, Benzinga reports. Oppenheimer currently has an outperform rating on the stock.

A number of other analysts have also recently commented on the company. HC Wainwright reiterated a “buy” rating and set a $27.00 price objective on shares of Avadel Pharmaceuticals in a research report on Monday, October 21st. Needham & Company LLC reissued a “buy” rating and issued a $22.00 target price on shares of Avadel Pharmaceuticals in a research report on Thursday. Seven investment analysts have rated the stock with a buy rating, According to MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus price target of $24.71.

Avadel Pharmaceuticals Price Performance

AVDL opened at $15.05 on Thursday. The stock’s 50 day simple moving average is $13.69 and its 200 day simple moving average is $15.26. The stock has a market cap of $1.45 billion, a P/E ratio of -12.86 and a beta of 1.47. Avadel Pharmaceuticals has a 1-year low of $9.98 and a 1-year high of $19.09.

Avadel Pharmaceuticals (NASDAQ:AVDL) last announced its earnings results on Thursday, August 8th. The company reported ($0.14) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.17) by $0.03. The company 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 firm’s quarterly revenue was up 2666.7% compared to the same quarter last year. During the same quarter in the previous year, the business posted ($0.70) earnings per share. Research analysts expect that Avadel Pharmaceuticals will post -0.5 EPS for the current fiscal year.

Institutional Investors Weigh In On Avadel Pharmaceuticals

Several large investors have recently made changes to their positions in AVDL. Amalgamated Bank acquired a new stake in Avadel Pharmaceuticals in the 2nd quarter valued at $45,000. Chilton Capital Management LLC acquired a new stake in shares of Avadel Pharmaceuticals in the first quarter valued at about $51,000. Quarry LP purchased a new stake in shares of Avadel Pharmaceuticals during the 2nd quarter valued at about $63,000. BNP Paribas Financial Markets lifted its position in 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 acquiring an additional 1,685 shares in the last quarter. Finally, Beverly Hills Private Wealth LLC acquired a new position in Avadel Pharmaceuticals during the 2nd quarter worth approximately $146,000. Institutional investors and hedge funds own 69.19% of the company’s stock.

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.