Brokerages Set Avadel Pharmaceuticals plc (NASDAQ:AVDL) PT at $24.57

Shares of Avadel Pharmaceuticals plc (NASDAQ:AVDL) have received a consensus rating of “Buy” from the seven analysts that are covering the stock, Marketbeat Ratings reports. Seven investment analysts have rated the stock with a buy rating. The average 1 year target price among analysts that have updated their coverage on the stock in the last year is $24.57.

A number of research firms have commented on AVDL. Needham & Company LLC reaffirmed a “buy” rating and set a $22.00 target price on shares of Avadel Pharmaceuticals in a report on Wednesday, September 4th. HC Wainwright reissued a “buy” rating and issued a $27.00 price target on shares of Avadel Pharmaceuticals in a report on Wednesday, August 28th.

Hedge Funds Weigh In On Avadel Pharmaceuticals

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Janus Henderson Group PLC boosted its stake in 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 purchasing an additional 1,789,830 shares during the period. Gendell Jeffrey L boosted its stake in Avadel Pharmaceuticals by 1.7% in the 1st quarter. Gendell Jeffrey L now owns 5,708,118 shares of the company’s stock worth $96,410,000 after purchasing an additional 92,768 shares during the period. Brandes Investment Partners LP boosted its stake in Avadel Pharmaceuticals by 1.5% in the 2nd quarter. Brandes Investment Partners LP now owns 1,483,439 shares of the company’s stock worth $20,894,000 after purchasing an additional 21,214 shares during the period. Kennedy Capital Management LLC boosted its stake in Avadel Pharmaceuticals by 1.1% in the 1st quarter. Kennedy Capital Management LLC now owns 653,147 shares of the company’s stock worth $11,032,000 after purchasing an additional 7,273 shares during the period. Finally, Modera Wealth Management LLC boosted its stake in Avadel Pharmaceuticals by 0.4% in the 2nd quarter. Modera Wealth Management LLC now owns 602,608 shares of the company’s stock worth $8,473,000 after purchasing an additional 2,159 shares during the period. 69.19% of the stock is owned by institutional investors and hedge funds.

Avadel Pharmaceuticals Stock Performance

AVDL opened at $13.92 on Friday. The company has a fifty day moving average price of $14.27 and a two-hundred day moving average price of $15.50. Avadel Pharmaceuticals has a 52 week low of $9.50 and a 52 week high of $19.09. The firm has a market capitalization of $1.34 billion, a PE ratio of -7.52 and a beta of 1.50.

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