Avadel Pharmaceuticals (NASDAQ:AVDL) Given Buy Rating at Needham & Company LLC

Needham & Company LLC reaffirmed their buy rating on shares of Avadel Pharmaceuticals (NASDAQ:AVDL) in a research report sent to investors on Friday, Benzinga reports. The brokerage currently has a $22.00 price objective on the stock.

Separately, HC Wainwright reissued a “buy” rating and set a $27.00 price objective on shares of Avadel Pharmaceuticals in a report on Wednesday, August 28th. Seven equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, the company currently has an average rating of “Buy” and a consensus price target of $24.57.

Avadel Pharmaceuticals Stock Performance

AVDL opened at $13.57 on Friday. Avadel Pharmaceuticals has a twelve month low of $9.50 and a twelve month high of $19.09. The firm’s 50-day simple moving average is $14.20 and its 200-day simple moving average is $15.48. The firm has a market cap of $1.30 billion, a price-to-earnings ratio of -7.29 and a beta of 1.50.

Avadel Pharmaceuticals (NASDAQ:AVDL) last issued 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. Avadel Pharmaceuticals had a negative net margin of 111.64% and a negative return on equity of 122.64%. The firm had revenue of $41.50 million for the quarter, compared to analyst estimates of $37.47 million. During the same quarter in the prior year, the firm earned ($0.70) EPS. The company’s revenue was up 2666.7% on a year-over-year basis. As a group, sell-side analysts anticipate that Avadel Pharmaceuticals will post -0.5 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in AVDL. Janus Henderson Group PLC increased its holdings in Avadel Pharmaceuticals by 16.1% in the first quarter. Janus Henderson Group PLC now owns 12,915,160 shares of the company’s stock valued at $218,182,000 after purchasing an additional 1,789,830 shares during the last quarter. Nantahala Capital Management LLC bought a new position in Avadel Pharmaceuticals during the second quarter worth about $4,921,000. Bank of New York Mellon Corp bought a new position in Avadel Pharmaceuticals during the second quarter worth about $4,575,000. Obermeyer Wood Investment Counsel Lllp bought a new position in Avadel Pharmaceuticals during the first quarter worth about $4,721,000. Finally, StemPoint Capital LP bought a new position in Avadel Pharmaceuticals during the first quarter worth about $3,778,000. 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.