Brokerages Set Avadel Pharmaceuticals plc (NASDAQ:AVDL) PT at $24.57

Shares of Avadel Pharmaceuticals plc (NASDAQ:AVDL) have earned an average recommendation of “Buy” from the seven research firms that are currently covering the company, MarketBeat.com reports. Seven research analysts have rated the stock with a buy recommendation. The average 1 year price target among brokers that have issued a report on the stock in the last year is $24.57.

AVDL has been the topic of several recent research reports. Rodman & Renshaw assumed coverage on Avadel Pharmaceuticals in a report on Wednesday, June 12th. They set a “buy” rating and a $27.00 price target on the stock. HC Wainwright reiterated a “buy” rating and issued a $27.00 price objective on shares of Avadel Pharmaceuticals in a report on Wednesday, August 28th. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $22.00 price objective on shares of Avadel Pharmaceuticals in a report on Wednesday, September 4th.

Institutional Trading of Avadel Pharmaceuticals

Hedge funds have recently modified their holdings of the business. Nantahala Capital Management LLC bought a new position in Avadel Pharmaceuticals during the second quarter valued at about $4,921,000. Brandes Investment Partners LP raised its stake in shares of Avadel Pharmaceuticals by 1.5% in the second quarter. Brandes Investment Partners LP now owns 1,483,439 shares of the company’s stock valued at $20,894,000 after acquiring an additional 21,214 shares during the last quarter. Quarry LP bought a new position in shares of Avadel Pharmaceuticals in the second quarter valued at approximately $63,000. The Manufacturers Life Insurance Company bought a new position in Avadel Pharmaceuticals in the 2nd quarter worth approximately $590,000. Finally, Troluce Capital Advisors LLC acquired a new stake in Avadel Pharmaceuticals during the 2nd quarter worth $2,109,000. Hedge funds and other institutional investors own 69.19% of the company’s stock.

Avadel Pharmaceuticals Stock Performance

Shares of NASDAQ AVDL opened at $13.40 on Wednesday. Avadel Pharmaceuticals has a fifty-two week low of $9.50 and a fifty-two week high of $19.09. The company has a market cap of $1.29 billion, a PE ratio of -7.20 and a beta of 1.53. The business has a 50-day simple moving average of $15.51 and a two-hundred day simple moving average of $15.94.

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

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.