Avadel Pharmaceuticals plc (NASDAQ:AVDL) Receives Average Rating of “Buy” from Analysts

Avadel Pharmaceuticals plc (NASDAQ:AVDL) has received an average recommendation of “Buy” from the seven brokerages that are currently covering the stock, Marketbeat.com reports. Seven analysts have rated the stock with a buy rating. The average 12 month price target among brokers that have issued a report on the stock in the last year is $24.57.

AVDL has been the topic of a number of recent analyst reports. Needham & Company LLC restated a “buy” rating and set a $22.00 price target on shares of Avadel Pharmaceuticals in a research note on Wednesday, September 4th. HC Wainwright restated a “buy” rating and set a $27.00 price target on shares of Avadel Pharmaceuticals in a research note on Wednesday, August 28th.

Institutional Trading of Avadel Pharmaceuticals

A number of hedge funds have recently added to or reduced their stakes in AVDL. Amalgamated Bank purchased a new stake in Avadel Pharmaceuticals during the second quarter worth $45,000. Chilton Capital Management LLC acquired a new stake in shares of Avadel Pharmaceuticals in the first quarter valued at about $51,000. Quarry LP acquired a new stake in shares of Avadel Pharmaceuticals in the second quarter valued at about $63,000. BNP Paribas Financial Markets grew its position in shares of Avadel Pharmaceuticals by 60.5% in the first quarter. BNP Paribas Financial Markets now owns 4,469 shares of the company’s stock valued at $75,000 after purchasing an additional 1,685 shares during the period. Finally, Beverly Hills Private Wealth LLC acquired a new stake in shares of Avadel Pharmaceuticals in the second quarter valued at about $146,000. 69.19% of the stock is owned by hedge funds and other institutional investors.

Avadel Pharmaceuticals Trading Up 1.2 %

Shares of NASDAQ:AVDL opened at $13.12 on Friday. The company has a market capitalization of $1.26 billion, a price-to-earnings ratio of -7.05 and a beta of 1.50. Avadel Pharmaceuticals has a 12 month low of $9.50 and a 12 month high of $19.09. The firm’s 50-day moving average is $14.46 and its 200 day moving average is $15.59.

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

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.