Avadel Pharmaceuticals (NASDAQ:AVDL) Earns Buy Rating from Analysts at HC Wainwright

HC Wainwright started coverage on shares of Avadel Pharmaceuticals (NASDAQ:AVDL) in a note issued to investors on Friday, MarketBeat.com reports. The firm set a “buy” rating and a $22.00 price target on the stock. HC Wainwright’s target price indicates a potential upside of 101.74% from the stock’s current price.

Separately, Needham & Company LLC reaffirmed a “buy” rating and set a $19.00 target price on shares of Avadel Pharmaceuticals in a research report on Thursday, May 8th. Six investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company presently has an average rating of “Buy” and an average target price of $18.33.

Avadel Pharmaceuticals Stock Performance

Shares of Avadel Pharmaceuticals stock traded up $0.07 on Friday, reaching $10.91. 117,859 shares of the company’s stock were exchanged, compared to its average volume of 1,229,517. Avadel Pharmaceuticals has a 52 week low of $6.38 and a 52 week high of $17.30. The firm’s 50-day moving average is $9.38 and its two-hundred day moving average is $8.69. The company has a market capitalization of $1.05 billion, a P/E ratio of -40.56 and a beta of 1.42.

Avadel Pharmaceuticals (NASDAQ:AVDL) last issued its earnings results on Wednesday, May 7th. The company reported ($0.05) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.07) by $0.02. Avadel Pharmaceuticals had a negative return on equity of 36.07% and a negative net margin of 13.58%. The company had revenue of $52.51 million for the quarter, compared to analysts’ expectations of $50.57 million. During the same period last year, the business earned ($0.30) EPS. Avadel Pharmaceuticals’s quarterly revenue was up 93.2% compared to the same quarter last year. On average, analysts expect that Avadel Pharmaceuticals will post -0.51 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of AVDL. Exencial Wealth Advisors LLC bought a new stake in Avadel Pharmaceuticals in the 1st quarter worth approximately $82,000. Thoroughbred Financial Services LLC bought a new position in shares of Avadel Pharmaceuticals during the first quarter valued at approximately $82,000. Kovack Advisors Inc. bought a new position in shares of Avadel Pharmaceuticals during the first quarter valued at approximately $90,000. Quarry LP bought a new position in Avadel Pharmaceuticals in the first quarter worth $94,000. Finally, Pekin Hardy Strauss Inc. purchased a new stake in shares of Avadel Pharmaceuticals during the first quarter valued at $110,000. Hedge funds and other institutional investors 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.