Avadel Pharmaceuticals (NASDAQ:AVDL) Stock Rating Reaffirmed by Needham & Company LLC

Avadel Pharmaceuticals (NASDAQ:AVDL)‘s stock had its “buy” rating reissued by research analysts at Needham & Company LLC in a report released on Thursday, Benzinga reports. They currently have a $22.00 target price on the stock. Needham & Company LLC’s price objective points to a potential upside of 45.02% from the stock’s current price.

Several other brokerages have also issued reports on AVDL. Rodman & Renshaw began coverage on Avadel Pharmaceuticals in a research note on Wednesday, June 12th. They set a “buy” rating and a $27.00 price target for the company. Craig Hallum lifted their price target on Avadel Pharmaceuticals from $22.00 to $23.00 and gave the stock a “buy” rating in a research note on Thursday, May 9th. Finally, HC Wainwright reaffirmed a “buy” rating and set a $27.00 price target on shares of Avadel Pharmaceuticals in a research note on Wednesday. Seven equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock currently has a consensus rating of “Buy” and a consensus price target of $24.57.

Avadel Pharmaceuticals Stock Up 1.9 %

Avadel Pharmaceuticals stock opened at $15.17 on Thursday. Avadel Pharmaceuticals has a 52 week low of $9.50 and a 52 week high of $19.09. The business has a 50-day simple moving average of $15.74 and a 200 day simple moving average of $15.86. The stock has a market cap of $1.46 billion, a price-to-earnings ratio of -8.16 and a beta of 1.53.

Avadel Pharmaceuticals (NASDAQ:AVDL) last posted its earnings results on Thursday, August 8th. The company reported ($0.14) EPS for the quarter, topping the consensus estimate of ($0.17) by $0.03. Avadel Pharmaceuticals had a negative return on equity of 139.72% and a negative net margin of 284.42%. The business had revenue of $41.50 million during the quarter, compared to analysts’ expectations of $37.47 million. During the same period in the previous year, the business earned ($0.70) earnings per share. The firm’s revenue was up 2666.7% on a year-over-year basis. On average, research analysts anticipate that Avadel Pharmaceuticals will post -0.58 earnings per share for the current year.

Institutional Investors Weigh In On Avadel Pharmaceuticals

Several institutional investors have recently bought and sold shares of AVDL. Janus Henderson Group PLC boosted its holdings in Avadel Pharmaceuticals by 16.1% during the 1st quarter. Janus Henderson Group PLC now owns 12,915,160 shares of the company’s stock valued at $218,182,000 after acquiring an additional 1,789,830 shares during the period. Nantahala Capital Management LLC purchased a new stake in Avadel Pharmaceuticals during the 2nd quarter valued at about $4,921,000. Bank of New York Mellon Corp purchased a new stake in Avadel Pharmaceuticals during the 2nd quarter valued at about $4,575,000. Obermeyer Wood Investment Counsel Lllp purchased a new stake in Avadel Pharmaceuticals during the 1st quarter valued at about $4,721,000. Finally, StemPoint Capital LP purchased a new stake in Avadel Pharmaceuticals during the 1st quarter valued at about $3,778,000. 69.19% of the stock is currently 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.