Avadel Pharmaceuticals (NASDAQ:AVDL) Earns “Buy” Rating from HC Wainwright

Avadel Pharmaceuticals (NASDAQ:AVDL)‘s stock had its “buy” rating reaffirmed by investment analysts at HC Wainwright in a research note issued on Thursday, Benzinga reports. They presently have a $27.00 price objective on the stock. HC Wainwright’s price target suggests a potential upside of 79.40% from the company’s previous close.

AVDL has been the subject of several other reports. Needham & Company LLC reiterated a “buy” rating and set a $22.00 target price on shares of Avadel Pharmaceuticals in a research note on Thursday. Oppenheimer lifted their target price on Avadel Pharmaceuticals from $29.00 to $30.00 and gave the stock an “outperform” rating in a research note on Thursday. Seven research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock currently has an average rating of “Buy” and a consensus target price of $24.71.

Avadel Pharmaceuticals Stock Down 2.7 %

AVDL stock opened at $15.05 on Thursday. The business has a 50 day moving average price of $13.72 and a two-hundred day moving average price of $15.28. The company has a market cap of $1.45 billion, a price-to-earnings ratio of -12.86 and a beta of 1.50. Avadel Pharmaceuticals has a twelve month low of $9.98 and a twelve month high of $19.09.

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

Institutional Trading of Avadel Pharmaceuticals

Institutional investors have recently added to or reduced their stakes in the company. Amalgamated Bank bought a new stake in Avadel Pharmaceuticals in the 2nd quarter valued at $45,000. Chilton Capital Management LLC bought a new stake in Avadel Pharmaceuticals in the 1st quarter valued at $51,000. Quarry LP bought a new stake in Avadel Pharmaceuticals in the 2nd quarter valued at $63,000. BNP Paribas Financial Markets raised its holdings in Avadel Pharmaceuticals by 60.5% in 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 in the last quarter. Finally, Beverly Hills Private Wealth LLC acquired a new position in Avadel Pharmaceuticals in the 2nd quarter valued at $146,000. 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.