Avadel Pharmaceuticals plc (NASDAQ:AVDL) Receives $24.71 Average Price Target from Analysts

Avadel Pharmaceuticals plc (NASDAQ:AVDL) has been assigned a consensus recommendation of “Buy” from the seven brokerages that are currently covering the stock, MarketBeat Ratings reports. Seven investment analysts have rated the stock with a buy rating. The average twelve-month price target among brokers that have updated their coverage on the stock in the last year is $24.43.

A number of equities analysts recently commented on AVDL shares. HC Wainwright lowered their target price on Avadel Pharmaceuticals from $27.00 to $25.00 and set a “buy” rating for the company in a report on Wednesday. Oppenheimer lifted their price objective on shares of Avadel Pharmaceuticals from $29.00 to $30.00 and gave the company an “outperform” rating in a report on Thursday, October 31st. Finally, Needham & Company LLC reiterated a “buy” rating and set a $22.00 target price on shares of Avadel Pharmaceuticals in a report on Tuesday.

Avadel Pharmaceuticals Stock Performance

Avadel Pharmaceuticals stock opened at $12.02 on Thursday. The company has a market capitalization of $1.16 billion, a price-to-earnings ratio of -15.21 and a beta of 1.47. The company’s 50 day simple moving average is $13.62 and its 200-day simple moving average is $15.09. Avadel Pharmaceuticals has a 1 year low of $10.39 and a 1 year high of $19.09.

Avadel Pharmaceuticals (NASDAQ:AVDL) last released its quarterly earnings results on Tuesday, November 12th. The company reported ($0.03) EPS for the quarter, topping analysts’ consensus estimates of ($0.06) by $0.03. Avadel Pharmaceuticals had a negative return on equity of 92.12% and a negative net margin of 52.53%. The company had revenue of $50.00 million for the quarter, compared to analysts’ expectations of $48.43 million. During the same period in the prior year, the firm earned ($0.41) earnings per share. The firm’s revenue was up 624.6% compared to the same quarter last year. Equities analysts expect that Avadel Pharmaceuticals will post -0.5 earnings per share for the current year.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the company. GSA Capital Partners LLP purchased a new stake in shares of Avadel Pharmaceuticals during the 1st quarter worth $804,000. Lord Abbett & CO. LLC purchased a new stake in Avadel Pharmaceuticals during the 1st quarter worth about $3,264,000. Cetera Investment Advisers purchased a new position in shares of Avadel Pharmaceuticals in the 1st quarter valued at about $1,925,000. Bank of New York Mellon Corp purchased a new position in shares of Avadel Pharmaceuticals in the 2nd quarter valued at about $4,575,000. Finally, Russell Investments Group Ltd. acquired a new stake in shares of Avadel Pharmaceuticals during the 1st quarter worth about $1,943,000. Hedge funds and other institutional investors 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.