Avadel Pharmaceuticals plc (NASDAQ:AVDL) Receives Consensus Recommendation of “Buy” from Analysts

Shares of Avadel Pharmaceuticals plc (NASDAQ:AVDL) have received an average rating of “Buy” from the seven research firms that are presently covering the company, MarketBeat.com reports. Seven research analysts have rated the stock with a buy recommendation. The average 12-month price objective among brokers that have covered the stock in the last year is $24.57.

A number of research firms have commented on AVDL. Craig Hallum raised their price target on Avadel Pharmaceuticals from $22.00 to $23.00 and gave the company a “buy” rating in a report on Thursday, May 9th. HC Wainwright lifted their target price on Avadel Pharmaceuticals from $25.00 to $27.00 and gave the company a “buy” rating in a research note on Thursday, May 9th. Needham & Company LLC reissued a “buy” rating and issued a $22.00 price target on shares of Avadel Pharmaceuticals in a report on Wednesday, May 8th. Finally, Rodman & Renshaw initiated coverage on shares of Avadel Pharmaceuticals in a report on Wednesday, June 12th. They set a “buy” rating and a $27.00 price objective for the company.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the business. Chilton Capital Management LLC purchased a new stake in Avadel Pharmaceuticals during the first quarter valued at approximately $51,000. BNP Paribas Financial Markets increased its position in shares of 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 purchasing an additional 1,685 shares during the last quarter. Quarry LP purchased a new stake in Avadel Pharmaceuticals during the 4th quarter valued at $120,000. China Universal Asset Management Co. Ltd. lifted its position in Avadel Pharmaceuticals by 349.4% in the fourth quarter. China Universal Asset Management Co. Ltd. now owns 10,327 shares of the company’s stock worth $146,000 after buying an additional 8,029 shares during the last quarter. Finally, Claro Advisors LLC purchased a new position in Avadel Pharmaceuticals during the first quarter worth $172,000. Institutional investors own 69.19% of the company’s stock.

Avadel Pharmaceuticals Trading Up 4.6 %

Shares of NASDAQ:AVDL opened at $14.53 on Friday. Avadel Pharmaceuticals has a 12-month low of $9.50 and a 12-month high of $19.09. The company has a market cap of $1.40 billion, a PE ratio of -7.81 and a beta of 1.52. The stock has a 50 day moving average of $15.84 and a 200 day moving average of $15.43.

Avadel Pharmaceuticals (NASDAQ:AVDL) last posted its quarterly earnings results on Wednesday, May 8th. The company reported ($0.30) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.25) by ($0.05). The firm had revenue of $27.18 million during the quarter, compared to the consensus estimate of $25.89 million. Avadel Pharmaceuticals had a negative return on equity of 139.72% and a negative net margin of 284.42%. The business’s revenue for the quarter was up 2617.8% compared to the same quarter last year. During the same quarter in the previous year, the company earned ($0.48) earnings per share. Equities research analysts predict that Avadel Pharmaceuticals will post -0.58 earnings per share for the current fiscal year.

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.