Avadel Pharmaceuticals plc (NASDAQ:AVDL) Receives $24.71 Consensus Price Target from Brokerages

Shares of Avadel Pharmaceuticals plc (NASDAQ:AVDL) have been given an average rating of “Buy” by the seven analysts that are covering the company, MarketBeat.com reports. Seven equities research analysts have rated the stock with a buy recommendation. The average 1 year price target among analysts that have issued ratings on the stock in the last year is $24.71.

AVDL has been the subject of a number of research reports. HC Wainwright restated a “buy” rating and issued a $27.00 target price on shares of Avadel Pharmaceuticals in a research note on Thursday, October 31st. Needham & Company LLC restated a “buy” rating and set a $22.00 price objective on shares of Avadel Pharmaceuticals in a research note on Thursday, October 31st. Finally, Oppenheimer raised their target price on Avadel Pharmaceuticals from $29.00 to $30.00 and gave the company an “outperform” rating in a research note on Thursday, October 31st.

Avadel Pharmaceuticals Price Performance

Avadel Pharmaceuticals stock opened at $15.94 on Thursday. Avadel Pharmaceuticals has a 12 month low of $10.25 and a 12 month high of $19.09. The company has a fifty day moving average price of $13.69 and a two-hundred day moving average price of $15.18. The company has a market cap of $1.53 billion, a PE ratio of -13.62 and a beta of 1.47.

Avadel Pharmaceuticals (NASDAQ:AVDL) last announced its quarterly earnings data on Thursday, August 8th. The company reported ($0.14) earnings per share for the quarter, beating 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 company’s revenue for the quarter was up 2666.7% compared to the same quarter last year. During the same quarter in the prior year, the firm earned ($0.70) EPS. Equities research analysts anticipate that Avadel Pharmaceuticals will post -0.5 earnings per share for the current year.

Hedge Funds Weigh In On Avadel Pharmaceuticals

A number of institutional investors and hedge funds 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 first quarter valued at $804,000. Lord Abbett & CO. LLC acquired a new position in Avadel Pharmaceuticals in the 1st quarter worth approximately $3,264,000. Cetera Investment Advisers purchased a new position in Avadel Pharmaceuticals during the 1st quarter worth approximately $1,925,000. Bank of New York Mellon Corp purchased a new stake in shares of Avadel Pharmaceuticals in the second quarter valued at $4,575,000. Finally, Russell Investments Group Ltd. purchased a new stake in shares of Avadel Pharmaceuticals in the first quarter valued at $1,943,000. 69.19% of the stock is 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.