Oppenheimer Forecasts Strong Price Appreciation for Avadel Pharmaceuticals (NASDAQ:AVDL) Stock

Avadel Pharmaceuticals (NASDAQ:AVDL) had its price objective raised by research analysts at Oppenheimer from $29.00 to $30.00 in a research report issued on Thursday, Benzinga reports. The brokerage currently has an “outperform” rating on the stock. Oppenheimer’s price objective points to a potential upside of 90.23% from the stock’s current price.

A number of other research analysts have also weighed in on the stock. HC Wainwright reissued a “buy” rating and issued a $27.00 target price on shares of Avadel Pharmaceuticals in a research note on Monday, October 21st. Needham & Company LLC reaffirmed a “buy” rating and set a $22.00 price objective on shares of Avadel Pharmaceuticals in a research report on Thursday. Seven research analysts have rated the stock with a buy rating, According to MarketBeat.com, the company has an average rating of “Buy” and a consensus price target of $24.71.

Avadel Pharmaceuticals Stock Up 22.2 %

Shares of AVDL stock traded up $2.86 during mid-day trading on Thursday, hitting $15.77. 4,122,429 shares of the stock were exchanged, compared to its average volume of 1,144,502. The firm has a fifty day moving average of $13.74 and a 200 day moving average of $15.28. Avadel Pharmaceuticals has a 52-week low of $9.69 and a 52-week high of $19.09. The company has a market cap of $1.52 billion, a PE ratio of -8.62 and a beta of 1.50.

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

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the business. GSA Capital Partners LLP acquired a new position in Avadel Pharmaceuticals in the first quarter valued at $804,000. Lord Abbett & CO. LLC acquired a new position in Avadel Pharmaceuticals during the first quarter worth about $3,264,000. Cetera Investment Advisers acquired a new position in Avadel Pharmaceuticals during the first quarter worth about $1,925,000. Bank of New York Mellon Corp acquired a new position in Avadel Pharmaceuticals during the second quarter worth about $4,575,000. Finally, Russell Investments Group Ltd. acquired a new position in Avadel Pharmaceuticals during the first quarter worth about $1,943,000. 69.19% of the stock is currently owned by institutional investors and hedge funds.

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.