Avadel Pharmaceuticals (NASDAQ:AVDL) Issues Earnings Results

Avadel Pharmaceuticals (NASDAQ:AVDL) released its earnings results on Wednesday. The company reported ($0.30) EPS for the quarter, missing analysts’ consensus estimates of ($0.25) by ($0.05), Briefing.com reports. The firm had revenue of $27.18 million during the quarter, compared to analysts’ expectations of $25.89 million. The business’s revenue was up 2617.8% on a year-over-year basis. During the same quarter last year, the company posted ($0.48) earnings per share.

Avadel Pharmaceuticals Trading Down 2.8 %

Shares of NASDAQ:AVDL traded down $0.46 on Thursday, reaching $15.79. The company had a trading volume of 1,322,127 shares, compared to its average volume of 1,219,714. Avadel Pharmaceuticals has a 52-week low of $9.50 and a 52-week high of $19.09. The firm’s 50 day simple moving average is $16.69 and its 200-day simple moving average is $14.38. The firm has a market capitalization of $1.43 billion, a PE ratio of -7.53 and a beta of 1.61.

Analyst Ratings Changes

A number of research firms have recently commented on AVDL. HC Wainwright upped their target price on Avadel Pharmaceuticals from $21.00 to $25.00 and gave the company a “buy” rating in a research note on Tuesday, March 5th. UBS Group began coverage on Avadel Pharmaceuticals in a research note on Tuesday, February 6th. They set a “buy” rating and a $21.00 target price on the stock. Craig Hallum upped their target price on Avadel Pharmaceuticals from $22.00 to $23.00 and gave the company a “buy” rating in a research note on Thursday. Oppenheimer increased their price objective on Avadel Pharmaceuticals from $27.00 to $29.00 and gave the stock an “outperform” rating in a research note on Tuesday, March 5th. Finally, Needham & Company LLC reissued a “buy” rating and issued a $22.00 price objective on shares of Avadel Pharmaceuticals in a research note on Wednesday. Six investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, Avadel Pharmaceuticals presently has a consensus rating of “Buy” and an average target price of $23.83.

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.