Leerink Partnrs Has Negative Outlook of AVDL FY2024 Earnings

Avadel Pharmaceuticals plc (NASDAQ:AVDL) – Equities research analysts at Leerink Partnrs reduced their FY2024 earnings per share (EPS) estimates for Avadel Pharmaceuticals in a report issued on Tuesday, November 12th. Leerink Partnrs analyst M. Goodman now forecasts that the company will earn ($0.53) per share for the year, down from their previous forecast of ($0.45). The consensus estimate for Avadel Pharmaceuticals’ current full-year earnings is ($0.50) per share. Leerink Partnrs also issued estimates for Avadel Pharmaceuticals’ Q4 2024 earnings at ($0.06) EPS and FY2027 earnings at $2.65 EPS.

Avadel Pharmaceuticals (NASDAQ:AVDL) last issued its earnings results on Tuesday, November 12th. The company reported ($0.03) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.06) by $0.03. Avadel Pharmaceuticals had a negative return on equity of 93.34% and a negative net margin of 52.53%. The business had revenue of $50.00 million during the quarter, compared to analysts’ expectations of $48.43 million. During the same quarter in the previous year, the business earned ($0.41) EPS. The company’s revenue for the quarter was up 624.6% on a year-over-year basis.

Other equities analysts have also issued research reports about the stock. Needham & Company LLC restated a “buy” rating and set a $22.00 target price on shares of Avadel Pharmaceuticals in a report on Tuesday, November 12th. Oppenheimer raised their price objective on Avadel Pharmaceuticals from $29.00 to $30.00 and gave the company an “outperform” rating in a research report on Thursday, October 31st. Finally, HC Wainwright decreased their target price on Avadel Pharmaceuticals from $27.00 to $25.00 and set a “buy” rating for the company in a research report on Wednesday. Seven research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock currently has a consensus rating of “Buy” and an average price target of $24.43.

Avadel Pharmaceuticals Stock Down 5.9 %

AVDL opened at $10.91 on Friday. Avadel Pharmaceuticals has a 52-week low of $10.39 and a 52-week high of $19.09. The company has a 50 day moving average of $13.49 and a two-hundred day moving average of $15.00. The company has a market cap of $1.05 billion, a P/E ratio of -13.81 and a beta of 1.47.

Institutional Trading of Avadel Pharmaceuticals

Hedge funds and other institutional investors have recently modified their holdings of the business. Creative Planning lifted its holdings in Avadel Pharmaceuticals by 8.2% during the 3rd quarter. Creative Planning now owns 12,381 shares of the company’s stock worth $162,000 after buying an additional 938 shares during the last quarter. MAI Capital Management grew its position in Avadel Pharmaceuticals by 1.0% in the 3rd quarter. MAI Capital Management now owns 107,533 shares of the company’s stock worth $1,410,000 after purchasing an additional 1,031 shares during the last quarter. BNP Paribas Financial Markets increased its stake 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. Investors Asset Management of Georgia Inc. GA ADV raised its holdings in shares of Avadel Pharmaceuticals by 2.4% during the second quarter. Investors Asset Management of Georgia Inc. GA ADV now owns 89,475 shares of the company’s stock valued at $1,258,000 after buying an additional 2,100 shares during the last quarter. Finally, Modera Wealth Management LLC boosted its position in shares of Avadel Pharmaceuticals by 0.4% during the second quarter. Modera Wealth Management LLC now owns 602,608 shares of the company’s stock worth $8,473,000 after buying an additional 2,159 shares during the period. 69.19% of the stock is owned by hedge funds and other 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.