HC Wainwright Reiterates “Buy” Rating for Avadel Pharmaceuticals (NASDAQ:AVDL)

HC Wainwright reaffirmed their buy rating on shares of Avadel Pharmaceuticals (NASDAQ:AVDL) in a report published on Monday morning, Benzinga reports. They currently have a $27.00 price objective on the stock.

Separately, Needham & Company LLC reissued a “buy” rating and issued a $22.00 target price on shares of Avadel Pharmaceuticals in a research report on Friday. Seven equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock currently has an average rating of “Buy” and an average target price of $24.57.

Avadel Pharmaceuticals Stock Down 1.1 %

Shares of NASDAQ AVDL opened at $13.42 on Monday. Avadel Pharmaceuticals has a fifty-two week low of $9.50 and a fifty-two week high of $19.09. The business has a 50 day moving average price of $14.15 and a two-hundred day moving average price of $15.44. The firm has a market cap of $1.29 billion, a PE ratio of -7.22 and a beta of 1.50.

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

Institutional Trading of Avadel Pharmaceuticals

Institutional investors have recently added to or reduced their stakes in the business. Amalgamated Bank bought a new position in shares of Avadel Pharmaceuticals in the 2nd quarter worth about $45,000. Chilton Capital Management LLC bought a new position in Avadel Pharmaceuticals in the first quarter worth about $51,000. Quarry LP bought a new position in Avadel Pharmaceuticals in the second quarter worth about $63,000. BNP Paribas Financial Markets boosted its stake in Avadel Pharmaceuticals by 60.5% in the first 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, Beverly Hills Private Wealth LLC bought a new position in shares of Avadel Pharmaceuticals during the second quarter valued at approximately $146,000. 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.