Avadel Pharmaceuticals (NASDAQ:AVDL) Stock Rating Reaffirmed by HC Wainwright

Avadel Pharmaceuticals (NASDAQ:AVDL)‘s stock had its “buy” rating restated by equities research analysts at HC Wainwright in a note issued to investors on Monday, Benzinga reports. They presently have a $27.00 price target on the stock. HC Wainwright’s target price suggests a potential upside of 97.37% from the stock’s previous close.

Separately, Needham & Company LLC reissued a “buy” rating and set a $22.00 price objective on shares of Avadel Pharmaceuticals in a report on Friday, October 18th. Seven equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock currently has an average rating of “Buy” and an average price target of $24.57.

Avadel Pharmaceuticals Stock Up 1.9 %

Shares of NASDAQ:AVDL opened at $13.68 on Monday. The company has a market cap of $1.31 billion, a price-to-earnings ratio of -7.35 and a beta of 1.50. The firm’s 50-day simple moving average is $14.09 and its 200-day simple moving average is $15.42. Avadel Pharmaceuticals has a fifty-two week low of $9.50 and a fifty-two week high of $19.09.

Avadel Pharmaceuticals (NASDAQ:AVDL) last issued its earnings results on Thursday, August 8th. The company reported ($0.14) earnings per share for the quarter, beating the consensus estimate of ($0.17) by $0.03. The business 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%. The business’s quarterly revenue was up 2666.7% compared to the same quarter last year. During the same quarter in the previous year, the firm earned ($0.70) earnings per share. On average, research analysts forecast that Avadel Pharmaceuticals will post -0.5 EPS for the current year.

Hedge Funds Weigh In On Avadel Pharmaceuticals

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in AVDL. Claro Advisors LLC acquired a new position in Avadel Pharmaceuticals during the first quarter worth about $172,000. Diversify Advisory Services LLC acquired a new position in Avadel Pharmaceuticals during the first quarter worth about $539,000. BNP Paribas Financial Markets raised its position in Avadel Pharmaceuticals by 60.5% during the first quarter. BNP Paribas Financial Markets now owns 4,469 shares of the company’s stock worth $75,000 after acquiring an additional 1,685 shares during the last quarter. Iridian Asset Management LLC CT raised its position in Avadel Pharmaceuticals by 34.7% during the first quarter. Iridian Asset Management LLC CT now owns 72,025 shares of the company’s stock worth $1,217,000 after acquiring an additional 18,574 shares during the last quarter. Finally, Schulhoff & Co. Inc. raised its position in Avadel Pharmaceuticals by 42.7% during the first quarter. Schulhoff & Co. Inc. now owns 137,000 shares of the company’s stock worth $2,314,000 after acquiring an additional 41,000 shares during 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.