Avadel Pharmaceuticals plc (NASDAQ:AVDL) Given Average Recommendation of “Buy” by Brokerages

Avadel Pharmaceuticals plc (NASDAQ:AVDL) has been given a consensus recommendation of “Buy” by the seven analysts that are currently covering the company, MarketBeat.com reports. Seven equities research analysts have rated the stock with a buy recommendation. The average 12-month target price among brokerages that have covered the stock in the last year is $24.57.

A number of brokerages have recently issued reports on AVDL. Rodman & Renshaw started coverage on shares of Avadel Pharmaceuticals in a research note on Wednesday, June 12th. They issued a “buy” rating and a $27.00 price objective for the company. 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, September 4th. Finally, HC Wainwright restated a “buy” rating and issued a $27.00 price target on shares of Avadel Pharmaceuticals in a report on Wednesday, August 28th.

Avadel Pharmaceuticals Trading Down 1.5 %

Shares of AVDL opened at $13.40 on Wednesday. The stock’s 50 day moving average is $15.51 and its two-hundred day moving average is $15.94. Avadel Pharmaceuticals has a twelve month low of $9.50 and a twelve month high of $19.09. The firm has a market capitalization of $1.29 billion, a PE ratio of -7.20 and a beta of 1.53.

Avadel Pharmaceuticals (NASDAQ:AVDL) last posted 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 the consensus estimate of $37.47 million. Avadel Pharmaceuticals had a negative return on equity of 122.64% and a negative net margin of 111.64%. The company’s revenue for the quarter was up 2666.7% compared to the same quarter last year. During the same period in the previous year, the business earned ($0.70) earnings per share. On average, sell-side analysts predict that Avadel Pharmaceuticals will post -0.5 EPS for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the business. Avantax Advisory Services Inc. raised its holdings in shares of Avadel Pharmaceuticals by 3.8% in the fourth quarter. Avantax Advisory Services Inc. now owns 24,900 shares of the company’s stock worth $352,000 after acquiring an additional 900 shares during the last quarter. BNP Paribas Financial Markets raised its stake in Avadel Pharmaceuticals by 60.5% in the 1st 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. Investors Asset Management of Georgia Inc. GA ADV lifted its holdings in Avadel Pharmaceuticals by 2.4% in the 2nd quarter. Investors Asset Management of Georgia Inc. GA ADV now owns 89,475 shares of the company’s stock valued at $1,258,000 after purchasing an additional 2,100 shares in the last quarter. Modera Wealth Management LLC boosted its stake in shares of Avadel Pharmaceuticals by 0.4% during the 2nd quarter. Modera Wealth Management LLC now owns 602,608 shares of the company’s stock worth $8,473,000 after purchasing an additional 2,159 shares during the last quarter. Finally, Chilton Capital Management LLC purchased a new stake in shares of Avadel Pharmaceuticals during the first quarter worth about $51,000. 69.19% of the stock is owned by hedge funds and other institutional investors.

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.