HC Wainwright Reaffirms Buy Rating for Avadel Pharmaceuticals (NASDAQ:AVDL)

Avadel Pharmaceuticals (NASDAQ:AVDL)‘s stock had its “buy” rating restated by stock analysts at HC Wainwright in a research report issued to clients and investors on Friday, Marketbeat Ratings reports. They presently have a $24.00 price objective on the stock, up from their previous price objective of $22.00. HC Wainwright’s target price indicates a potential upside of 88.24% from the company’s previous close.

Separately, Needham & Company LLC restated a “buy” rating and set a $19.00 target price on shares of Avadel Pharmaceuticals in a research note on Thursday, May 8th. Six equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Buy” and an average target price of $18.67.

Avadel Pharmaceuticals Stock Up 0.1%

Shares of NASDAQ:AVDL opened at $12.75 on Friday. The business has a 50 day moving average price of $10.05 and a 200 day moving average price of $8.90. Avadel Pharmaceuticals has a twelve month low of $6.38 and a twelve month high of $16.84. The company has a market cap of $1.23 billion, a price-to-earnings ratio of -425.00 and a beta of 1.47.

Avadel Pharmaceuticals (NASDAQ:AVDL) last announced its earnings results on Thursday, August 7th. The company reported $0.10 earnings per share for the quarter, beating the consensus estimate of $0.02 by $0.08. Avadel Pharmaceuticals had a negative return on equity of 3.94% and a negative net margin of 1.32%. The firm had revenue of $68.13 million during the quarter, compared to the consensus estimate of $60.28 million. During the same quarter in the prior year, the company earned ($0.14) EPS. The firm’s revenue for the quarter was up 64.1% compared to the same quarter last year. Analysts anticipate that Avadel Pharmaceuticals will post -0.51 EPS for the current year.

Hedge Funds Weigh In On Avadel Pharmaceuticals

Several large investors have recently added to or reduced their stakes in AVDL. Nisa Investment Advisors LLC raised its holdings in Avadel Pharmaceuticals by 164.5% in the 2nd quarter. Nisa Investment Advisors LLC now owns 3,304 shares of the company’s stock valued at $29,000 after acquiring an additional 2,055 shares in the last quarter. Exencial Wealth Advisors LLC acquired a new position in Avadel Pharmaceuticals in the 1st quarter valued at approximately $82,000. Thoroughbred Financial Services LLC acquired a new position in Avadel Pharmaceuticals in the 1st quarter valued at approximately $82,000. Kovack Advisors Inc. acquired a new position in Avadel Pharmaceuticals in the 1st quarter valued at approximately $90,000. Finally, Quarry LP acquired a new position in Avadel Pharmaceuticals in the 1st quarter valued at approximately $94,000. Institutional investors and hedge funds own 69.19% of the company’s stock.

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.