Avadel Pharmaceuticals (NASDAQ:AVDL) Stock Rating Upgraded by Wall Street Zen

Wall Street Zen upgraded shares of Avadel Pharmaceuticals (NASDAQ:AVDL) from a buy rating to a strong-buy rating in a research note issued to investors on Saturday.

Several other brokerages also recently weighed in on AVDL. HC Wainwright reiterated a “buy” rating and issued a $24.00 price objective (up previously from $22.00) on shares of Avadel Pharmaceuticals in a research report on Friday. Needham & Company LLC reiterated a “buy” rating and issued a $19.00 price objective on shares of Avadel Pharmaceuticals in a research report on Thursday, May 8th. Six equities research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, Avadel Pharmaceuticals currently has an average rating of “Buy” and an average target price of $18.67.

Avadel Pharmaceuticals Price Performance

Shares of AVDL opened at $12.79 on Friday. The firm has a market cap of $1.24 billion, a P/E ratio of -426.33 and a beta of 1.47. The stock has a 50 day simple moving average of $10.12 and a two-hundred day simple moving average of $8.94. Avadel Pharmaceuticals has a 1 year low of $6.38 and a 1 year high of $16.84.

Avadel Pharmaceuticals (NASDAQ:AVDL) last issued its earnings results on Thursday, August 7th. The company reported $0.10 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.02 by $0.08. The business had revenue of $68.13 million during the quarter, compared to analyst estimates of $60.28 million. Avadel Pharmaceuticals had a negative return on equity of 3.73% and a negative net margin of 1.32%. Avadel Pharmaceuticals’s revenue for the quarter was up 64.1% on a year-over-year basis. During the same quarter in the prior year, the firm earned ($0.14) earnings per share. On average, equities analysts anticipate that Avadel Pharmaceuticals will post -0.51 earnings per share for the current year.

Hedge Funds Weigh In On Avadel Pharmaceuticals

Institutional investors have recently added to or reduced their stakes in the company. Nisa Investment Advisors LLC raised its holdings in Avadel Pharmaceuticals by 164.5% in the second quarter. Nisa Investment Advisors LLC now owns 3,304 shares of the company’s stock worth $29,000 after purchasing an additional 2,055 shares in the last quarter. Exencial Wealth Advisors LLC bought a new position in Avadel Pharmaceuticals in the first quarter worth $82,000. Thoroughbred Financial Services LLC bought a new position in Avadel Pharmaceuticals in the first quarter worth $82,000. Kovack Advisors Inc. bought a new position in Avadel Pharmaceuticals in the first quarter worth $90,000. Finally, Quarry LP bought a new position in Avadel Pharmaceuticals in the first quarter worth $94,000. 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.