Avadel Pharmaceuticals (NASDAQ:AVDL) Announces Quarterly Earnings Results, Beats Estimates By $0.03 EPS

Avadel Pharmaceuticals (NASDAQ:AVDL) released its quarterly earnings data on Thursday. The company reported ($0.14) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.17) by $0.03, Briefing.com reports. The business had revenue of $41.50 million during the quarter, compared to analyst estimates of $37.47 million. Avadel Pharmaceuticals had a negative net margin of 284.42% and a negative return on equity of 139.72%. Avadel Pharmaceuticals’s revenue was up 2666.7% compared to the same quarter last year. During the same period in the previous year, the business earned ($0.70) EPS.

Avadel Pharmaceuticals Trading Down 1.5 %

Shares of NASDAQ AVDL traded down $0.23 during midday trading on Friday, hitting $15.51. 1,323,336 shares of the company’s stock were exchanged, compared to its average volume of 1,240,268. The business’s fifty day moving average price is $15.60 and its two-hundred day moving average price is $15.72. The company has a market cap of $1.49 billion, a price-to-earnings ratio of -8.34 and a beta of 1.53. Avadel Pharmaceuticals has a 12-month low of $9.50 and a 12-month high of $19.09.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on AVDL shares. Needham & Company LLC reiterated a “buy” rating and issued a $22.00 price target on shares of Avadel Pharmaceuticals in a research report on Friday. Craig Hallum lifted their target price on Avadel Pharmaceuticals from $22.00 to $23.00 and gave the company a “buy” rating in a report on Thursday, May 9th. Rodman & Renshaw started coverage on shares of Avadel Pharmaceuticals in a report on Wednesday, June 12th. They issued a “buy” rating and a $27.00 price target on the stock. Finally, HC Wainwright raised their price objective on shares of Avadel Pharmaceuticals from $25.00 to $27.00 and gave the company a “buy” rating in a research report on Thursday, May 9th. Seven research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company presently has a consensus rating of “Buy” and an average target price of $24.57.

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.