Avadel Pharmaceuticals’ (AVDL) “Buy” Rating Reaffirmed at Needham & Company LLC

Needham & Company LLC reissued their buy rating on shares of Avadel Pharmaceuticals (NASDAQ:AVDL) in a research note published on Thursday, Benzinga reports. The brokerage currently has a $22.00 price objective on the stock.

Separately, HC Wainwright reiterated a “buy” rating and set a $27.00 price objective on shares of Avadel Pharmaceuticals in a research note on Monday, October 21st. Seven investment analysts have rated the stock with a buy rating, According to data from MarketBeat, the company currently has an average rating of “Buy” and an average price target of $24.71.

Avadel Pharmaceuticals Stock Performance

AVDL traded down $0.06 on Thursday, hitting $15.41. 190,489 shares of the company were exchanged, compared to its average volume of 1,144,672. The stock has a market capitalization of $1.48 billion, a PE ratio of -13.22 and a beta of 1.50. Avadel Pharmaceuticals has a 12 month low of $9.98 and a 12 month high of $19.09. The firm has a fifty day simple moving average of $13.74 and a two-hundred day simple moving average of $15.28.

Avadel Pharmaceuticals (NASDAQ:AVDL) last posted its quarterly earnings results on Thursday, August 8th. The company reported ($0.14) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.17) by $0.03. Avadel Pharmaceuticals had a negative return on equity of 122.64% and a negative net margin of 111.64%. The firm had revenue of $41.50 million during the quarter, compared to analyst estimates of $37.47 million. During the same quarter in the previous year, the firm earned ($0.70) EPS. Avadel Pharmaceuticals’s quarterly revenue was up 2666.7% compared to the same quarter last year. On average, equities analysts expect that Avadel Pharmaceuticals will post -0.5 earnings per share for the current year.

Institutional Investors Weigh In On Avadel Pharmaceuticals

Several large investors have recently bought and sold shares of the business. Janus Henderson Group PLC boosted its stake in Avadel Pharmaceuticals by 16.1% during the first quarter. Janus Henderson Group PLC now owns 12,915,160 shares of the company’s stock worth $218,182,000 after buying an additional 1,789,830 shares during the period. Gendell Jeffrey L boosted its stake in Avadel Pharmaceuticals by 1.7% during the first quarter. Gendell Jeffrey L now owns 5,708,118 shares of the company’s stock worth $96,410,000 after buying an additional 92,768 shares during the period. Brandes Investment Partners LP boosted its stake in Avadel Pharmaceuticals by 1.5% during the second quarter. Brandes Investment Partners LP now owns 1,483,439 shares of the company’s stock worth $20,894,000 after buying an additional 21,214 shares during the period. Kennedy Capital Management LLC boosted its stake in Avadel Pharmaceuticals by 1.1% during the first quarter. Kennedy Capital Management LLC now owns 653,147 shares of the company’s stock worth $11,032,000 after buying an additional 7,273 shares during the period. Finally, Modera Wealth Management LLC boosted its stake in Avadel Pharmaceuticals by 0.4% during the second quarter. Modera Wealth Management LLC now owns 602,608 shares of the company’s stock worth $8,473,000 after buying an additional 2,159 shares during the period. Institutional investors 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.