Rodman & Renshaw Begins Coverage on Avadel Pharmaceuticals (NASDAQ:AVDL)

Rodman & Renshaw assumed coverage on shares of Avadel Pharmaceuticals (NASDAQ:AVDL) in a report released on Wednesday morning, MarketBeat.com reports. The brokerage issued a buy rating and a $27.00 price objective on the stock.

AVDL has been the topic of several other reports. Craig Hallum lifted their target price on Avadel Pharmaceuticals from $22.00 to $23.00 and gave the company a buy rating in a research note on Thursday, May 9th. HC Wainwright upped their target price on Avadel Pharmaceuticals from $25.00 to $27.00 and gave the company a buy rating in a report on Thursday, May 9th. Piper Sandler increased their price objective on Avadel Pharmaceuticals from $18.00 to $23.00 and gave the company an overweight rating in a research note on Tuesday, March 5th. Needham & Company LLC reissued a buy rating and issued a $22.00 price objective on shares of Avadel Pharmaceuticals in a research report on Wednesday, May 8th. Finally, Oppenheimer boosted their price target on Avadel Pharmaceuticals from $27.00 to $29.00 and gave the company an outperform rating in a report on Tuesday, March 5th. Seven analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock currently has an average rating of Buy and an average target price of $24.57.

Avadel Pharmaceuticals Stock Down 0.5 %

Shares of AVDL opened at $15.81 on Wednesday. Avadel Pharmaceuticals has a fifty-two week low of $9.50 and a fifty-two week high of $19.09. The company has a market cap of $1.52 billion, a P/E ratio of -8.50 and a beta of 1.75. The firm’s 50 day moving average price is $16.54 and its 200 day moving average price is $15.29.

Avadel Pharmaceuticals (NASDAQ:AVDL) last released its quarterly earnings data on Wednesday, May 8th. The company reported ($0.30) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.25) by ($0.05). The company had revenue of $27.18 million for the quarter, compared to analyst estimates of $25.89 million. Avadel Pharmaceuticals had a negative return on equity of 139.72% and a negative net margin of 284.42%. The firm’s revenue for the quarter was up 2617.8% compared to the same quarter last year. During the same period in the previous year, the business posted ($0.48) EPS. Research analysts forecast that Avadel Pharmaceuticals will post -0.58 earnings per share for the current year.

Institutional Trading of Avadel Pharmaceuticals

Several large investors have recently bought and sold shares of AVDL. Avantax Advisory Services Inc. lifted its position in shares of Avadel Pharmaceuticals by 3.8% in the 4th quarter. Avantax Advisory Services Inc. now owns 24,900 shares of the company’s stock worth $352,000 after buying an additional 900 shares during the last quarter. Kestra Advisory Services LLC boosted its stake in Avadel Pharmaceuticals by 7.3% in the third quarter. Kestra Advisory Services LLC now owns 21,950 shares of the company’s stock valued at $226,000 after acquiring an additional 1,500 shares during the period. BNP Paribas Financial Markets grew its holdings in shares of Avadel Pharmaceuticals by 60.5% during the first quarter. BNP Paribas Financial Markets now owns 4,469 shares of the company’s stock valued at $75,000 after purchasing an additional 1,685 shares during the last quarter. Chilton Capital Management LLC bought a new position in shares of Avadel Pharmaceuticals during the first quarter worth about $51,000. Finally, Wealth Effects LLC increased its stake in shares of Avadel Pharmaceuticals by 0.3% in the fourth quarter. Wealth Effects LLC now owns 2,416,326 shares of the company’s stock valued at $34,119,000 after purchasing an additional 7,037 shares during the period. Institutional investors and hedge funds 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.