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

Avadel Pharmaceuticals plc (NASDAQ:AVDL) has earned an average rating of “Buy” from the seven analysts that are covering the company, Marketbeat reports. Seven investment analysts have rated the stock with a buy rating. The average 1 year price target among brokers that have updated their coverage on the stock in the last year is $24.43.

Several brokerages recently commented on AVDL. HC Wainwright dropped their price target on shares of Avadel Pharmaceuticals from $27.00 to $25.00 and set a “buy” rating for the company in a research report on Wednesday, November 13th. Needham & Company LLC reissued a “buy” rating and set a $22.00 target price on shares of Avadel Pharmaceuticals in a research report on Tuesday, November 12th. Finally, Oppenheimer lifted their target price on shares of Avadel Pharmaceuticals from $29.00 to $30.00 and gave the company an “outperform” rating in a report on Thursday, October 31st.

Avadel Pharmaceuticals Stock Performance

Shares of NASDAQ AVDL opened at $11.06 on Monday. The firm has a market cap of $1.07 billion, a P/E ratio of -14.00 and a beta of 1.47. Avadel Pharmaceuticals has a 1 year low of $10.41 and a 1 year high of $19.09. The firm’s 50 day moving average price is $12.95 and its 200 day moving average price is $14.55.

Avadel Pharmaceuticals (NASDAQ:AVDL) last posted its quarterly earnings data on Tuesday, November 12th. The company reported ($0.03) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.06) by $0.03. The business had revenue of $50.00 million for the quarter, compared to analysts’ expectations of $48.43 million. Avadel Pharmaceuticals had a negative return on equity of 93.34% and a negative net margin of 52.53%. The business’s revenue was up 624.6% on a year-over-year basis. During the same quarter last year, the firm earned ($0.41) earnings per share. As a group, equities analysts predict that Avadel Pharmaceuticals will post -0.48 EPS for the current year.

Institutional Investors Weigh In On Avadel Pharmaceuticals

Large investors have recently made changes to their positions in the company. Cetera Investment Advisers acquired a new position in shares of Avadel Pharmaceuticals during the first quarter worth approximately $1,925,000. Cetera Advisors LLC boosted its position in Avadel Pharmaceuticals by 8.9% during the 1st quarter. Cetera Advisors LLC now owns 92,017 shares of the company’s stock worth $1,554,000 after acquiring an additional 7,531 shares during the period. Krilogy Financial LLC bought a new position in shares of Avadel Pharmaceuticals in the second quarter worth $243,000. Bank of New York Mellon Corp acquired a new position in shares of Avadel Pharmaceuticals during the second quarter valued at $4,575,000. Finally, Iridian Asset Management LLC CT raised its stake in shares of Avadel Pharmaceuticals by 63.4% during the second quarter. Iridian Asset Management LLC CT now owns 117,700 shares of the company’s stock valued at $1,655,000 after purchasing an additional 45,675 shares in the last quarter. Institutional investors and hedge funds 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.