Avadel Pharmaceuticals (AVDL) Downgraded by Zacks Investment Research to “Sell”

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Avadel Pharmaceuticals (NASDAQ:AVDL) was downgraded by Zacks Investment Research from a “buy” rating to a “sell” rating in a research note issued to investors on Thursday.

According to Zacks, “Avadel Pharmaceuticals plc is a specialty pharmaceutical company. Its product pipeline consists of hospital and paediatrics. Hospital segment provides Bloxiverz(R), Vazculep(R) and Akovaz(TM). Paediatrics segment provides Karbinal (TM) ER, AcipHex(R) Sprinkle and Flexichamber(TM). The company operates primarily in Ireland, USA and France. Avadel Pharmaceuticals plc, formerly known as Flamel Technologies SA, is headquartered in Lyon, France. “

A number of other brokerages have also weighed in on AVDL. ValuEngine raised Avadel Pharmaceuticals from a “sell” rating to a “hold” rating in a research report on Friday, August 3rd. SunTrust Banks lowered Avadel Pharmaceuticals from a “buy” rating to a “hold” rating in a research report on Tuesday, August 7th. JMP Securities lowered Avadel Pharmaceuticals from an “outperform” rating to a “market perform” rating in a research report on Tuesday, August 7th. Laidlaw lowered Avadel Pharmaceuticals from a “buy” rating to a “hold” rating and set a $6.00 target price for the company. in a research report on Tuesday. Finally, LADENBURG THALM/SH SH set a $10.00 target price on Avadel Pharmaceuticals and gave the stock a “buy” rating in a research report on Tuesday. Two research analysts have rated the stock with a sell rating, four have assigned a hold rating and two have issued a buy rating to the stock. The company presently has a consensus rating of “Hold” and an average price target of $8.31.

Shares of Avadel Pharmaceuticals stock opened at $3.59 on Thursday. The stock has a market capitalization of $118.01 million, a P/E ratio of 11.58 and a beta of 1.75. Avadel Pharmaceuticals has a 1 year low of $2.80 and a 1 year high of $11.93. The company has a current ratio of 3.15, a quick ratio of 3.28 and a debt-to-equity ratio of 1.74.

Avadel Pharmaceuticals (NASDAQ:AVDL) last issued its earnings results on Monday, November 5th. The company reported ($0.43) earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.53) by $0.10. Avadel Pharmaceuticals had a negative return on equity of 86.08% and a negative net margin of 34.91%. The business had revenue of $19.83 million during the quarter, compared to analyst estimates of $20.11 million. As a group, analysts expect that Avadel Pharmaceuticals will post -2 earnings per share for the current fiscal year.

A number of large investors have recently modified their holdings of the business. Brandes Investment Partners LP raised its position in Avadel Pharmaceuticals by 27.5% in the 3rd quarter. Brandes Investment Partners LP now owns 6,335,548 shares of the company’s stock worth $27,813,000 after buying an additional 1,365,442 shares during the last quarter. Acadian Asset Management LLC purchased a new position in Avadel Pharmaceuticals in the 2nd quarter worth about $8,157,000. Renaissance Technologies LLC increased its position in shares of Avadel Pharmaceuticals by 34.2% during the 2nd quarter. Renaissance Technologies LLC now owns 1,049,070 shares of the company’s stock valued at $6,431,000 after purchasing an additional 267,270 shares during the last quarter. Janney Montgomery Scott LLC increased its position in shares of Avadel Pharmaceuticals by 14.8% during the 3rd quarter. Janney Montgomery Scott LLC now owns 227,573 shares of the company’s stock valued at $999,000 after purchasing an additional 29,350 shares during the last quarter. Finally, California Public Employees Retirement System increased its position in shares of Avadel Pharmaceuticals by 10.8% during the 1st quarter. California Public Employees Retirement System now owns 93,638 shares of the company’s stock valued at $683,000 after purchasing an additional 9,138 shares during the last quarter. 54.53% of the stock is owned by institutional investors and hedge funds.

About Avadel Pharmaceuticals

Avadel Pharmaceuticals plc develops and commercializes pharmaceutical products primarily for treating urology and sleep medicines in the United States, France, and Ireland. Its commercial products that are used in the hospital setting include Bloxiverz, a drug used in the operating room for the reversal of the effects of non-depolarizing neuromuscular blocking agents after surgery; Vazculep, a phenylephrine hydrochloride injection that is used for the treatment of hypotension occurring in the setting of anesthesia; and Akovaz, an ephedrine sulfate injection for treating hypotension, as well as Noctiva for treating nocturia due to nocturnal polyuria.

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