Avadel Pharmaceuticals (NASDAQ:AVDL) Given “Buy” Rating at HC Wainwright

Avadel Pharmaceuticals (NASDAQ:AVDL)‘s stock had its “buy” rating restated by equities researchers at HC Wainwright in a report issued on Thursday, Benzinga reports. They currently have a $27.00 target price on the stock. HC Wainwright’s target price suggests a potential upside of 79.40% from the stock’s current price.

Other equities research analysts have also issued research reports about the company. Oppenheimer upped their price target on Avadel Pharmaceuticals from $29.00 to $30.00 and gave the company an “outperform” rating in a research report on Thursday. Needham & Company LLC restated a “buy” rating and set a $22.00 target price on shares of Avadel Pharmaceuticals in a research report on Thursday. Seven investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company presently has an average rating of “Buy” and an average target price of $24.71.

Avadel Pharmaceuticals Stock Down 2.7 %

Shares of AVDL stock opened at $15.05 on Thursday. The firm has a market capitalization of $1.45 billion, a P/E ratio of -12.86 and a beta of 1.50. Avadel Pharmaceuticals has a twelve month low of $9.98 and a twelve month high of $19.09. The stock’s fifty day simple moving average is $13.72 and its 200 day simple moving average is $15.28.

Avadel Pharmaceuticals (NASDAQ:AVDL) last issued its quarterly earnings data on Thursday, August 8th. The company reported ($0.14) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.17) by $0.03. Avadel Pharmaceuticals had a negative return on equity of 122.64% and a negative net margin of 111.64%. The business had revenue of $41.50 million for the quarter, compared to analyst estimates of $37.47 million. During the same quarter in the previous year, the company posted ($0.70) EPS. Avadel Pharmaceuticals’s quarterly revenue was up 2666.7% compared to the same quarter last year. As a group, equities research analysts expect that Avadel Pharmaceuticals will post -0.5 EPS for the current fiscal year.

Hedge Funds Weigh In On Avadel Pharmaceuticals

Large investors have recently made changes to their positions in the stock. Chilton Capital Management LLC bought a new position in shares of Avadel Pharmaceuticals in the first quarter worth $51,000. Amalgamated Bank bought a new position in shares of Avadel Pharmaceuticals in the second quarter worth $45,000. BNP Paribas Financial Markets boosted its holdings 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 worth $75,000 after acquiring an additional 1,685 shares during the period. Quarry LP bought a new position in shares of Avadel Pharmaceuticals in the second quarter worth $63,000. Finally, Beverly Hills Private Wealth LLC bought a new position in shares of Avadel Pharmaceuticals in the second quarter worth $146,000. 69.19% of the stock is owned by institutional investors.

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.