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

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

A number of other research firms also recently commented on AVDL. Needham & Company LLC restated a “buy” rating and set a $22.00 price objective on shares of Avadel Pharmaceuticals in a research note on Thursday. HC Wainwright restated a “buy” rating and set a $27.00 price objective on shares of Avadel Pharmaceuticals in a research report on Monday, October 21st. Seven investment analysts have rated the stock with a buy rating, According to MarketBeat, the stock presently has an average rating of “Buy” and an average price target of $24.71.

Avadel Pharmaceuticals Trading Up 22.2 %

AVDL traded up $2.86 on Thursday, hitting $15.77. 4,122,429 shares of the stock traded hands, compared to its average volume of 1,144,502. Avadel Pharmaceuticals has a 52 week low of $9.69 and a 52 week high of $19.09. The firm has a market capitalization of $1.52 billion, a PE ratio of -8.62 and a beta of 1.50. The business has a fifty day moving average price of $13.74 and a two-hundred day moving average price of $15.28.

Avadel Pharmaceuticals (NASDAQ:AVDL) last posted its quarterly earnings data on Thursday, August 8th. The company reported ($0.14) earnings per share (EPS) for the quarter, topping the consensus estimate 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 business’s revenue for the quarter was up 2666.7% compared to the same quarter last year. During the same quarter in the prior year, the business earned ($0.70) EPS. On average, equities research analysts forecast that Avadel Pharmaceuticals will post -0.5 EPS for the current fiscal year.

Hedge Funds Weigh In On Avadel Pharmaceuticals

A number of hedge funds and other institutional investors have recently modified their holdings of AVDL. Janus Henderson Group PLC grew its holdings in shares of Avadel Pharmaceuticals by 16.1% during the 1st quarter. Janus Henderson Group PLC now owns 12,915,160 shares of the company’s stock worth $218,182,000 after acquiring an additional 1,789,830 shares during the period. Nantahala Capital Management LLC bought a new position in Avadel Pharmaceuticals in the 2nd quarter worth $4,921,000. Bank of New York Mellon Corp bought a new position in Avadel Pharmaceuticals in the 2nd quarter worth $4,575,000. Obermeyer Wood Investment Counsel Lllp bought a new stake in Avadel Pharmaceuticals during the first quarter valued at about $4,721,000. Finally, StemPoint Capital LP bought a new stake in Avadel Pharmaceuticals during the first quarter valued at about $3,778,000. 69.19% of the stock is currently owned by hedge funds and other institutional investors.

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.