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

Avadel Pharmaceuticals (NASDAQ:AVDL) had its price objective boosted by research analysts at Oppenheimer from $29.00 to $30.00 in a research report issued on Thursday, Benzinga reports. The brokerage presently has an “outperform” rating on the stock. Oppenheimer’s price target points to a potential upside of 99.34% from the company’s previous close.

Other research analysts have also recently issued research reports about 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 reaffirmed a “buy” rating and set a $22.00 price target on shares of Avadel Pharmaceuticals in a research report on Thursday. Seven research analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock presently has a consensus rating of “Buy” and an average target price of $24.71.

Avadel Pharmaceuticals Stock Performance

NASDAQ AVDL opened at $15.05 on Thursday. Avadel Pharmaceuticals has a 52-week low of $9.98 and a 52-week high of $19.09. The stock has a market cap of $1.45 billion, a PE ratio of -12.86 and a beta of 1.50. The firm has a 50-day moving average of $13.72 and a 200-day moving average of $15.28.

Avadel Pharmaceuticals (NASDAQ:AVDL) last issued its quarterly earnings data 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 return on equity of 122.64% and a negative net margin of 111.64%. The business’s revenue was up 2666.7% on a year-over-year basis. During the same quarter in the previous year, the company posted ($0.70) earnings per share. As a group, analysts predict that Avadel Pharmaceuticals will post -0.5 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the company. Diversify Advisory Services LLC bought a new position in Avadel Pharmaceuticals during the 1st quarter worth $539,000. BNP Paribas Financial Markets raised its position in shares of Avadel Pharmaceuticals by 60.5% during the first 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 during the last quarter. Iridian Asset Management LLC CT lifted its stake in shares of Avadel Pharmaceuticals by 34.7% in the first quarter. Iridian Asset Management LLC CT now owns 72,025 shares of the company’s stock worth $1,217,000 after acquiring an additional 18,574 shares during the period. Schulhoff & Co. Inc. lifted its stake in shares of Avadel Pharmaceuticals by 42.7% in the first quarter. Schulhoff & Co. Inc. now owns 137,000 shares of the company’s stock worth $2,314,000 after acquiring an additional 41,000 shares during the period. Finally, GSA Capital Partners LLP bought a new stake in Avadel Pharmaceuticals in the first quarter valued at approximately $804,000. 69.19% of the stock is currently owned by institutional investors.

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.