Avadel Pharmaceuticals plc (NASDAQ:AVDL) Receives $24.17 Consensus PT from Brokerages

Shares of Avadel Pharmaceuticals plc (NASDAQ:AVDL) have been assigned an average recommendation of “Buy” from the six research firms that are currently covering the stock, MarketBeat reports. Six research analysts have rated the stock with a buy recommendation. The average 12 month price target among brokers that have issued a report on the stock in the last year is $24.17.

A number of brokerages have issued reports on AVDL. Craig Hallum upped their price objective on shares of Avadel Pharmaceuticals from $22.00 to $23.00 and gave the stock a “buy” rating in a research report on Thursday, May 9th. Oppenheimer lifted their price target on shares of Avadel Pharmaceuticals from $27.00 to $29.00 and gave the stock an “outperform” rating in a report on Tuesday, March 5th. UBS Group initiated coverage on Avadel Pharmaceuticals in a research report on Tuesday, February 6th. They issued a “buy” rating and a $21.00 target price for the company. Needham & Company LLC reaffirmed a “buy” rating and set a $22.00 price target on shares of Avadel Pharmaceuticals in a research report on Wednesday, May 8th. Finally, HC Wainwright lifted their price objective on Avadel Pharmaceuticals from $25.00 to $27.00 and gave the stock a “buy” rating in a report on Thursday, May 9th.

Avadel Pharmaceuticals Price Performance

NASDAQ:AVDL opened at $15.82 on Thursday. Avadel Pharmaceuticals has a one year low of $9.50 and a one year high of $19.09. The company has a market cap of $1.52 billion, a PE ratio of -8.51 and a beta of 1.61. The firm has a 50-day moving average of $16.86 and a 200-day moving average of $14.79.

Avadel Pharmaceuticals (NASDAQ:AVDL) last released its quarterly earnings results on Wednesday, May 8th. The company reported ($0.30) EPS for the quarter, missing analysts’ consensus estimates of ($0.25) by ($0.05). The company had revenue of $27.18 million during the quarter, compared to analysts’ expectations of $25.89 million. Avadel Pharmaceuticals had a negative net margin of 284.42% and a negative return on equity of 139.72%. The company’s quarterly revenue was up 2617.8% compared to the same quarter last year. During the same period in the previous year, the company posted ($0.48) earnings per share. On average, equities research analysts expect that Avadel Pharmaceuticals will post -0.58 earnings per share for the current fiscal year.

Institutional Trading of Avadel Pharmaceuticals

Institutional investors have recently added to or reduced their stakes in the stock. Brandes Investment Partners LP boosted its position in shares of Avadel Pharmaceuticals by 12.4% during the 3rd quarter. Brandes Investment Partners LP now owns 1,448,772 shares of the company’s stock valued at $14,922,000 after acquiring an additional 159,577 shares during the last quarter. MPM Bioimpact LLC boosted its holdings in shares of Avadel Pharmaceuticals by 72.5% in the 3rd quarter. MPM Bioimpact LLC now owns 664,224 shares of the company’s stock worth $6,842,000 after purchasing an additional 279,234 shares in the last quarter. Vivo Capital LLC increased its position in shares of Avadel Pharmaceuticals by 7.0% during the 3rd quarter. Vivo Capital LLC now owns 4,096,428 shares of the company’s stock valued at $42,193,000 after purchasing an additional 266,851 shares during the last quarter. Deutsche Bank AG raised its holdings in shares of Avadel Pharmaceuticals by 95.6% during the 3rd quarter. Deutsche Bank AG now owns 440,000 shares of the company’s stock valued at $4,532,000 after buying an additional 215,000 shares in the last quarter. Finally, RTW Investments LP lifted its position in Avadel Pharmaceuticals by 4.8% in the 3rd quarter. RTW Investments LP now owns 7,136,415 shares of the company’s stock worth $73,505,000 after buying an additional 325,774 shares during the last quarter. Hedge funds and other institutional investors own 69.19% of the company’s stock.

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.