Avadel Pharmaceuticals (NASDAQ:AVDL) Upgraded to Buy at ValuEngine

ValuEngine upgraded shares of Avadel Pharmaceuticals (NASDAQ:AVDL) from a hold rating to a buy rating in a report released on Thursday morning, ValuEngine reports.

Several other analysts also recently commented on the stock. LADENBURG THALM/SH SH upgraded shares of Avadel Pharmaceuticals from a neutral rating to a buy rating and set a $6.00 price target for the company in a research report on Friday, June 14th. Zacks Investment Research upgraded shares of Avadel Pharmaceuticals from a sell rating to a hold rating in a research report on Monday, May 20th. Four investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. The stock has a consensus rating of Hold and a consensus price target of $3.75.

Shares of NASDAQ:AVDL traded down $0.05 during trading on Thursday, hitting $2.19. 217,978 shares of the company were exchanged, compared to its average volume of 155,888. The company has a 50 day moving average of $2.50. Avadel Pharmaceuticals has a 12-month low of $1.03 and a 12-month high of $6.43. The company has a current ratio of 3.27, a quick ratio of 3.13 and a debt-to-equity ratio of 41.63.

Avadel Pharmaceuticals (NASDAQ:AVDL) last released its quarterly earnings results on Wednesday, May 8th. The company reported ($0.35) EPS for the quarter, beating the consensus estimate of ($0.40) by $0.05. Avadel Pharmaceuticals had a negative net margin of 111.19% and a negative return on equity of 215.96%. The firm had revenue of $16.44 million during the quarter. As a group, equities research analysts predict that Avadel Pharmaceuticals will post -1.12 EPS for the current fiscal year.

A number of hedge funds have recently added to or reduced their stakes in the stock. HRT Financial LLC purchased a new position in Avadel Pharmaceuticals during the 4th quarter worth $33,000. Wedbush Securities Inc. purchased a new position in Avadel Pharmaceuticals during the 1st quarter worth $51,000. Millennium Management LLC purchased a new position in Avadel Pharmaceuticals during the 4th quarter worth $189,000. Finally, CIBC Private Wealth Group LLC purchased a new position in Avadel Pharmaceuticals during the 2nd quarter worth $434,000. Hedge funds and other institutional investors own 52.80% of the company’s stock.

Avadel Pharmaceuticals Company Profile

Avadel Pharmaceuticals plc operates as a specialty pharmaceutical company in the United States, France, and Ireland. The company primarily develops FT218, which is in a Phase 3 clinical trial for the treatment of narcolepsy patients suffering from excessive daytime sleepiness (EDS) and cataplexy. It also markets three sterile injectable drugs used in the hospital setting, including Akovaz that is indicated for the treatment of clinically important hypotension occurring in the setting of anesthesia; Bloxiverz, a cholinesterase inhibitor indicated for the reversal of the effects of non-depolarizing neuromuscular blocking agents after surgery; and Vazculep, a phenylephrine hydrochloride injection indicated for the treatment of clinically important hypotension.

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