Needham & Company LLC Reaffirms Buy Rating for Avadel Pharmaceuticals (NASDAQ:AVDL)

Needham & Company LLC restated their buy rating on shares of Avadel Pharmaceuticals (NASDAQ:AVDL) in a research report sent to investors on Friday, Benzinga reports. The firm currently has a $22.00 price target on the stock.

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

Avadel Pharmaceuticals Trading Down 2.6 %

AVDL opened at $13.56 on Friday. Avadel Pharmaceuticals has a 12 month low of $9.50 and a 12 month high of $19.09. The stock has a fifty day moving average price of $14.20 and a 200-day moving average price of $15.46. The firm has a market cap of $1.30 billion, a price-to-earnings ratio of -7.29 and a beta of 1.50.

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

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the company. Creative Planning raised its holdings in shares of Avadel Pharmaceuticals by 8.2% during the third quarter. Creative Planning now owns 12,381 shares of the company’s stock worth $162,000 after purchasing an additional 938 shares during the last quarter. BNP Paribas Financial Markets raised its stake in shares of Avadel Pharmaceuticals by 60.5% during the 1st quarter. BNP Paribas Financial Markets now owns 4,469 shares of the company’s stock valued at $75,000 after buying an additional 1,685 shares during the last quarter. Investors Asset Management of Georgia Inc. GA ADV lifted its holdings in shares of Avadel Pharmaceuticals by 2.4% in the 2nd quarter. Investors Asset Management of Georgia Inc. GA ADV now owns 89,475 shares of the company’s stock valued at $1,258,000 after buying an additional 2,100 shares during the period. Modera Wealth Management LLC grew its holdings in Avadel Pharmaceuticals by 0.4% during the second quarter. Modera Wealth Management LLC now owns 602,608 shares of the company’s stock worth $8,473,000 after acquiring an additional 2,159 shares during the period. Finally, Chilton Capital Management LLC purchased a new position in Avadel Pharmaceuticals during the first quarter valued at approximately $51,000. 69.19% of the stock is currently owned by hedge funds and other 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.