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

Avadel Pharmaceuticals plc (NASDAQ:AVDL) has been assigned an average recommendation of “Buy” from the seven ratings firms that are presently covering the firm, Marketbeat.com reports. Seven analysts have rated the stock with a buy recommendation. The average 12 month target price among brokers that have issued a report on the stock in the last year is $24.57.

Several equities research analysts recently weighed in on the stock. Rodman & Renshaw assumed coverage on shares of Avadel Pharmaceuticals in a report on Wednesday, June 12th. They issued a “buy” rating and a $27.00 price objective for the company. Needham & Company LLC reissued a “buy” rating and issued a $22.00 target price on shares of Avadel Pharmaceuticals in a report on Wednesday, September 4th. Finally, HC Wainwright reaffirmed a “buy” rating and set a $27.00 price target on shares of Avadel Pharmaceuticals in a report on Wednesday, August 28th.

Avadel Pharmaceuticals Trading Up 0.1 %

NASDAQ AVDL opened at $13.83 on Wednesday. Avadel Pharmaceuticals has a 12 month low of $9.50 and a 12 month high of $19.09. The stock’s fifty day moving average price is $15.68 and its 200-day moving average price is $15.98. The stock has a market cap of $1.33 billion, a P/E ratio of -7.44 and a beta of 1.53.

Avadel Pharmaceuticals (NASDAQ:AVDL) last announced its quarterly earnings data on Thursday, August 8th. The company reported ($0.14) EPS for the quarter, beating the consensus estimate of ($0.17) by $0.03. The company had revenue of $41.50 million for 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%. Avadel Pharmaceuticals’s revenue for the quarter was up 2666.7% on a year-over-year basis. During the same period in the prior year, the firm posted ($0.70) EPS. As a group, analysts forecast that Avadel Pharmaceuticals will post -0.5 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Avadel Pharmaceuticals

Hedge funds and other institutional investors have recently modified their holdings of the company. Amalgamated Bank purchased a new stake in Avadel Pharmaceuticals during the second quarter valued at $45,000. Chilton Capital Management LLC bought a new stake in shares of Avadel Pharmaceuticals during the 1st quarter valued at about $51,000. Quarry LP purchased a new stake in shares of Avadel Pharmaceuticals during the 2nd quarter valued at about $63,000. BNP Paribas Financial Markets lifted its stake 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 purchasing an additional 1,685 shares during the period. Finally, Beverly Hills Private Wealth LLC purchased a new position in shares of Avadel Pharmaceuticals in the second quarter worth approximately $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.