Avadel Pharmaceuticals plc (NASDAQ:AVDL) Given Average Rating of “Buy” by Brokerages

Shares of Avadel Pharmaceuticals plc (NASDAQ:AVDL) have earned an average rating of “Buy” from the seven ratings firms that are currently covering the company, MarketBeat reports. Seven analysts have rated the stock with a buy rating. The average 1-year price objective among analysts that have issued a report on the stock in the last year is $24.71.

Several research analysts have recently weighed in on AVDL shares. Oppenheimer upped their price target 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. HC Wainwright reaffirmed a “buy” rating and issued a $27.00 target price on shares of Avadel Pharmaceuticals in a research note on Thursday, October 31st. Finally, Needham & Company LLC reissued a “buy” rating and issued a $22.00 price target on shares of Avadel Pharmaceuticals in a research note on Thursday, October 31st.

Avadel Pharmaceuticals Price Performance

Shares of AVDL stock opened at $15.30 on Thursday. The stock has a 50-day moving average of $13.65 and a 200-day moving average of $15.20. Avadel Pharmaceuticals has a one year low of $10.25 and a one year high of $19.09. The stock has a market cap of $1.47 billion, a PE ratio of -13.08 and a beta of 1.47.

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

Institutional Investors Weigh In On Avadel Pharmaceuticals

Institutional investors and hedge funds have recently modified their holdings of the company. Oppenheimer & Co. Inc. increased its holdings in shares of Avadel Pharmaceuticals by 9.2% during the 3rd quarter. Oppenheimer & Co. Inc. now owns 33,105 shares of the company’s stock worth $434,000 after acquiring an additional 2,780 shares during the last quarter. Aigen Investment Management LP acquired a new position in shares of Avadel Pharmaceuticals in the third quarter valued at $160,000. Crossmark Global Holdings Inc. acquired a new position in shares of Avadel Pharmaceuticals in the third quarter valued at $350,000. Investors Asset Management of Georgia Inc. GA ADV raised its position in shares of Avadel Pharmaceuticals by 10.7% in the third quarter. Investors Asset Management of Georgia Inc. GA ADV now owns 99,075 shares of the company’s stock valued at $1,299,000 after purchasing an additional 9,600 shares during the period. Finally, Iridian Asset Management LLC CT lifted its stake in shares of Avadel Pharmaceuticals by 42.5% during the 3rd quarter. Iridian Asset Management LLC CT now owns 167,700 shares of the company’s stock worth $2,199,000 after buying an additional 50,000 shares during the last quarter. 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.