Avadel Pharmaceuticals (NASDAQ:AVDL) Announces Quarterly Earnings Results

Avadel Pharmaceuticals (NASDAQ:AVDL) announced its quarterly earnings results on Wednesday. The company reported ($0.30) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.25) by ($0.05), Briefing.com reports. The firm had revenue of $27.18 million for the quarter, compared to analysts’ expectations of $25.89 million. During the same quarter in the previous year, the firm posted ($0.48) earnings per share. The firm’s revenue was up 2617.8% on a year-over-year basis.

Avadel Pharmaceuticals Stock Up 1.9 %

NASDAQ:AVDL traded up $0.30 on Friday, reaching $16.13. 539,671 shares of the company’s stock traded hands, compared to its average volume of 1,225,261. Avadel Pharmaceuticals has a 12 month low of $9.50 and a 12 month high of $19.09. The firm has a market cap of $1.46 billion, a PE ratio of -7.76 and a beta of 1.61. The stock has a 50-day simple moving average of $16.75 and a 200-day simple moving average of $14.39.

Analyst Ratings Changes

A number of equities research analysts have commented on AVDL shares. Piper Sandler lifted their target price on shares of Avadel Pharmaceuticals from $18.00 to $23.00 and gave the stock an “overweight” rating in a research report on Tuesday, March 5th. HC Wainwright increased their target price on Avadel Pharmaceuticals from $25.00 to $27.00 and gave the company a “buy” rating in a report on Thursday. UBS Group assumed coverage on shares of Avadel Pharmaceuticals in a research report on Tuesday, February 6th. They set a “buy” rating and a $21.00 price target for the company. Oppenheimer raised their price objective on shares of Avadel Pharmaceuticals from $27.00 to $29.00 and gave the stock an “outperform” rating in a report on Tuesday, March 5th. Finally, Craig Hallum upped their target price on shares of Avadel Pharmaceuticals from $22.00 to $23.00 and gave the company a “buy” rating in a report on Thursday. Six investment analysts have rated the stock with a buy rating, According to MarketBeat, Avadel Pharmaceuticals has a consensus rating of “Buy” and an average target price of $24.17.

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.