Avadel Pharmaceuticals (NASDAQ:AVDL) Raised to “Hold” at Wells Fargo & Company

Avadel Pharmaceuticals (NASDAQ:AVDL) was upgraded by Wells Fargo & Company to a “hold” rating in a research report issued on Wednesday,Zacks.com reports.

A number of other analysts also recently issued reports on AVDL. Deutsche Bank Aktiengesellschaft reaffirmed a “buy” rating on shares of Avadel Pharmaceuticals in a report on Friday, August 8th. 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. Lifesci Capital raised Avadel Pharmaceuticals to a “strong-buy” rating in a report on Wednesday. Wall Street Zen raised shares of Avadel Pharmaceuticals from a “buy” rating to a “strong-buy” rating in a report on Saturday, August 9th. Finally, HC Wainwright restated a “buy” rating and issued a $24.00 target price (up previously from $22.00) on shares of Avadel Pharmaceuticals in a report on Friday, August 8th. Two research analysts have rated the stock with a Strong Buy rating, six have issued a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Buy” and an average price target of $19.14.

Avadel Pharmaceuticals Trading Up 2.3%

Shares of NASDAQ:AVDL opened at $14.99 on Wednesday. Avadel Pharmaceuticals has a 52 week low of $6.38 and a 52 week high of $16.66. The company’s 50 day moving average is $11.87 and its two-hundred day moving average is $9.69. The company has a market cap of $1.46 billion, a PE ratio of -499.67 and a beta of 1.58.

Avadel Pharmaceuticals (NASDAQ:AVDL) last released its quarterly earnings data on Thursday, August 7th. The company reported $0.10 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.02 by $0.08. The business had revenue of $68.13 million during the quarter, compared to analysts’ expectations of $60.28 million. Avadel Pharmaceuticals had a negative net margin of 1.32% and a negative return on equity of 3.73%. The company’s revenue for the quarter was up 64.1% on a year-over-year basis. During the same period in the previous year, the company earned ($0.14) EPS. Avadel Pharmaceuticals has set its FY 2025 guidance at EPS. As a group, equities research analysts expect that Avadel Pharmaceuticals will post -0.51 EPS for the current year.

Hedge Funds Weigh In On Avadel Pharmaceuticals

A number of hedge funds have recently modified their holdings of the business. Kovack Advisors Inc. grew its holdings in shares of Avadel Pharmaceuticals by 13.0% during the second quarter. Kovack Advisors Inc. now owns 13,000 shares of the company’s stock worth $115,000 after buying an additional 1,500 shares during the last quarter. Creative Planning lifted its position in Avadel Pharmaceuticals by 10.0% during the 2nd quarter. Creative Planning now owns 19,376 shares of the company’s stock worth $171,000 after acquiring an additional 1,759 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in shares of Avadel Pharmaceuticals by 3.7% in the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 52,594 shares of the company’s stock valued at $553,000 after purchasing an additional 1,882 shares during the last quarter. Nisa Investment Advisors LLC grew its stake in shares of 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 purchasing an additional 2,055 shares during the last quarter. Finally, Dynamic Technology Lab Private Ltd increased its holdings in shares of Avadel Pharmaceuticals by 18.8% in the second quarter. Dynamic Technology Lab Private Ltd now owns 17,439 shares of the company’s stock valued at $154,000 after purchasing an additional 2,761 shares during the period. 69.19% of the stock is currently 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.