Lifesci Capital Has Strong Forecast for AVDL FY2024 Earnings

Avadel Pharmaceuticals plc (NASDAQ:AVDL) – Research analysts at Lifesci Capital lifted their FY2024 earnings per share estimates for shares of Avadel Pharmaceuticals in a note issued to investors on Tuesday, November 12th. Lifesci Capital analyst M. Belghiti now forecasts that the company will post earnings per share of ($0.38) for the year, up from their prior estimate of ($0.46). The consensus estimate for Avadel Pharmaceuticals’ current full-year earnings is ($0.50) per share. Lifesci Capital also issued estimates for Avadel Pharmaceuticals’ Q4 2024 earnings at $0.03 EPS.

Several other equities analysts have also commented on the company. Needham & Company LLC reiterated a “buy” rating and set a $22.00 price objective on shares of Avadel Pharmaceuticals in a research report on Tuesday. Oppenheimer lifted their price target on shares of Avadel Pharmaceuticals from $29.00 to $30.00 and gave the stock an “outperform” rating in a research note on Thursday, October 31st. Finally, HC Wainwright lowered their price objective on shares of Avadel Pharmaceuticals from $27.00 to $25.00 and set a “buy” rating for the company in a report on Wednesday. Seven analysts have rated the stock with a buy rating, According to data from MarketBeat, the company presently has a consensus rating of “Buy” and an average price target of $24.43.

Avadel Pharmaceuticals Stock Performance

NASDAQ AVDL opened at $11.59 on Friday. The stock’s 50-day simple moving average is $13.62 and its two-hundred day simple moving average is $15.09. Avadel Pharmaceuticals has a twelve month low of $10.39 and a twelve month high of $19.09.

Avadel Pharmaceuticals (NASDAQ:AVDL) last issued 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 net margin of 52.53% and a negative return on equity of 93.34%. The firm had revenue of $50.00 million for the quarter, compared to analyst estimates of $48.43 million. During the same quarter in the prior year, the firm earned ($0.41) EPS. The business’s revenue for the quarter was up 624.6% compared to the same quarter last year.

Institutional Investors Weigh In On Avadel Pharmaceuticals

Hedge funds have recently made changes to their positions in the company. FMR LLC purchased a new stake in Avadel Pharmaceuticals during the 3rd quarter valued at $31,000. Amalgamated Bank purchased a new stake in shares of Avadel Pharmaceuticals during the second quarter valued at $45,000. Quarry LP purchased a new position in Avadel Pharmaceuticals in the 2nd quarter worth about $63,000. BNP Paribas Financial Markets lifted its stake in Avadel Pharmaceuticals by 60.5% during the 1st quarter. BNP Paribas Financial Markets now owns 4,469 shares of the company’s stock valued at $75,000 after acquiring an additional 1,685 shares during the period. Finally, Advisors Asset Management Inc. boosted its holdings in shares of Avadel Pharmaceuticals by 56.1% during the 3rd quarter. Advisors Asset Management Inc. now owns 7,921 shares of the company’s stock valued at $104,000 after acquiring an additional 2,846 shares during the last quarter. 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.