Avadel Pharmaceuticals (NASDAQ:AVDL) Receives Buy Rating from Needham & Company LLC

Avadel Pharmaceuticals (NASDAQ:AVDL)‘s stock had its “buy” rating reiterated by equities researchers at Needham & Company LLC in a note issued to investors on Thursday, Benzinga reports. They presently have a $22.00 price objective on the stock. Needham & Company LLC’s price objective suggests a potential upside of 46.18% from the stock’s current price.

Separately, HC Wainwright reissued a “buy” rating and issued a $27.00 target price on shares of Avadel Pharmaceuticals in a report on Monday, October 21st. Seven investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average target price of $24.71.

Avadel Pharmaceuticals Price Performance

Shares of NASDAQ AVDL opened at $15.05 on Thursday. The stock has a market cap of $1.45 billion, a PE ratio of -12.86 and a beta of 1.50. Avadel Pharmaceuticals has a 1 year low of $9.98 and a 1 year high of $19.09. The firm has a fifty day moving average price of $13.72 and a 200-day moving average price of $15.28.

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

Institutional Investors Weigh In On Avadel Pharmaceuticals

Several large investors have recently bought and sold shares of the business. Janus Henderson Group PLC increased its holdings in shares of Avadel Pharmaceuticals by 16.1% in the 1st quarter. Janus Henderson Group PLC now owns 12,915,160 shares of the company’s stock worth $218,182,000 after buying an additional 1,789,830 shares during the last quarter. Gendell Jeffrey L grew its position in Avadel Pharmaceuticals by 1.7% in the first quarter. Gendell Jeffrey L now owns 5,708,118 shares of the company’s stock worth $96,410,000 after acquiring an additional 92,768 shares in the last quarter. Brandes Investment Partners LP raised its position in Avadel Pharmaceuticals by 1.5% during the second quarter. Brandes Investment Partners LP now owns 1,483,439 shares of the company’s stock valued at $20,894,000 after purchasing an additional 21,214 shares during the period. Kennedy Capital Management LLC lifted its stake in shares of Avadel Pharmaceuticals by 1.1% in the 1st quarter. Kennedy Capital Management LLC now owns 653,147 shares of the company’s stock valued at $11,032,000 after purchasing an additional 7,273 shares during the last quarter. Finally, Modera Wealth Management LLC lifted its stake in shares of Avadel Pharmaceuticals by 0.4% in the 2nd quarter. Modera Wealth Management LLC now owns 602,608 shares of the company’s stock valued at $8,473,000 after purchasing an additional 2,159 shares during the last quarter. 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.