Avadel Pharmaceuticals plc (NASDAQ:AVDL) Receives Consensus Rating of “Buy” from Analysts

Shares of Avadel Pharmaceuticals plc (NASDAQ:AVDL) have earned a consensus rating of “Buy” from the seven research firms that are presently covering the firm, MarketBeat.com reports. Seven research analysts have rated the stock with a buy recommendation. The average 12 month target price among analysts that have updated their coverage on the stock in the last year is $24.57.

A number of brokerages have recently issued reports on AVDL. Craig Hallum lifted their price target on Avadel Pharmaceuticals from $22.00 to $23.00 and gave the company a “buy” rating in a research report on Thursday, May 9th. Needham & Company LLC reiterated a “buy” rating and set a $22.00 price target on shares of Avadel Pharmaceuticals in a research report on Wednesday, May 8th. Rodman & Renshaw assumed coverage on Avadel Pharmaceuticals in a research report on Wednesday, June 12th. They issued a “buy” rating and a $27.00 target price for the company. Finally, HC Wainwright boosted their target price on Avadel Pharmaceuticals from $25.00 to $27.00 and gave the stock a “buy” rating in a research report on Thursday, May 9th.

Hedge Funds Weigh In On Avadel Pharmaceuticals

Several hedge funds have recently made changes to their positions in AVDL. Chilton Capital Management LLC purchased a new position in shares of Avadel Pharmaceuticals during the first quarter valued at approximately $51,000. BNP Paribas Financial Markets increased its stake 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 buying an additional 1,685 shares during the period. Quarry LP purchased a new position in shares of Avadel Pharmaceuticals during the fourth quarter valued at approximately $120,000. China Universal Asset Management Co. Ltd. increased its stake in shares of Avadel Pharmaceuticals by 349.4% during the fourth quarter. China Universal Asset Management Co. Ltd. now owns 10,327 shares of the company’s stock valued at $146,000 after buying an additional 8,029 shares during the period. Finally, Claro Advisors LLC purchased a new position in shares of Avadel Pharmaceuticals during the first quarter valued at approximately $172,000. 69.19% of the stock is owned by hedge funds and other institutional investors.

Avadel Pharmaceuticals Stock Down 1.2 %

Shares of NASDAQ AVDL opened at $16.13 on Tuesday. Avadel Pharmaceuticals has a 52 week low of $9.50 and a 52 week high of $19.09. The business has a 50-day simple moving average of $15.57 and a two-hundred day simple moving average of $15.70. The company has a market cap of $1.55 billion, a P/E ratio of -8.67 and a beta of 1.53.

Avadel Pharmaceuticals (NASDAQ:AVDL) last issued its earnings results on Wednesday, May 8th. The company reported ($0.30) EPS for the quarter, missing the consensus estimate of ($0.25) by ($0.05). The company had revenue of $27.18 million during the quarter, compared to the consensus estimate 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 quarter in the prior year, the business earned ($0.48) EPS. Equities research analysts anticipate that Avadel Pharmaceuticals will post -0.58 EPS for the current year.

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.