Avadel Pharmaceuticals (NASDAQ:AVDL) Stock Rating Reaffirmed by Needham & Company LLC

Avadel Pharmaceuticals (NASDAQ:AVDL)‘s stock had its “buy” rating restated by analysts at Needham & Company LLC in a report issued on Friday, Benzinga reports. They currently have a $22.00 target price on the stock. Needham & Company LLC’s price objective would suggest a potential upside of 62.18% from the stock’s previous close.

Separately, HC Wainwright reiterated a “buy” rating and set a $27.00 target price on shares of Avadel Pharmaceuticals in a report on Wednesday, August 28th. Seven analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company presently has a consensus rating of “Buy” and a consensus target price of $24.57.

Avadel Pharmaceuticals Stock Down 2.6 %

Avadel Pharmaceuticals stock opened at $13.57 on Friday. The firm has a fifty day simple moving average of $14.20 and a two-hundred day simple moving average of $15.47. Avadel Pharmaceuticals has a twelve month low of $9.50 and a twelve month high of $19.09. The company has a market capitalization of $1.30 billion, a PE ratio of -7.29 and a beta of 1.50.

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

Institutional Trading of Avadel Pharmaceuticals

Large investors have recently bought and sold shares of the company. Amalgamated Bank bought a new stake in shares of Avadel Pharmaceuticals during the second quarter valued at approximately $45,000. Chilton Capital Management LLC purchased a new position in Avadel Pharmaceuticals during the first quarter valued at $51,000. Quarry LP bought a new stake in shares of Avadel Pharmaceuticals during the 2nd quarter valued at $63,000. BNP Paribas Financial Markets grew its position in shares of Avadel Pharmaceuticals by 60.5% in the 1st quarter. BNP Paribas Financial Markets now owns 4,469 shares of the company’s stock worth $75,000 after buying an additional 1,685 shares during the period. Finally, Beverly Hills Private Wealth LLC bought a new position in shares of Avadel Pharmaceuticals in the 2nd quarter worth about $146,000. 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.