Avadel Pharmaceuticals’ (AVDL) “Buy” Rating Reaffirmed at Needham & Company LLC

Needham & Company LLC restated their buy rating on shares of Avadel Pharmaceuticals (NASDAQ:AVDL) in a research report report published on Thursday, Benzinga reports. Needham & Company LLC currently has a $22.00 price objective on the stock.

Separately, HC Wainwright reiterated a “buy” rating and issued a $27.00 price objective on shares of Avadel Pharmaceuticals in a research note on Monday, October 21st. Seven investment analysts have rated the stock with a buy rating, According to MarketBeat.com, the company has a consensus rating of “Buy” and a consensus price target of $24.71.

Avadel Pharmaceuticals Price Performance

AVDL stock opened at $15.05 on Thursday. Avadel Pharmaceuticals has a twelve month low of $9.98 and a twelve month high of $19.09. The business’s 50-day simple moving average is $13.69 and its 200 day simple moving average is $15.28.

Avadel Pharmaceuticals (NASDAQ:AVDL) last released its earnings results on Thursday, August 8th. The company reported ($0.14) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.17) by $0.03. Avadel Pharmaceuticals had a negative return on equity of 122.64% and a negative net margin of 111.64%. The business had revenue of $41.50 million for the quarter, compared to the consensus estimate of $37.47 million. During the same period last year, the business earned ($0.70) earnings per share. The firm’s revenue for the quarter was up 2666.7% compared to the same quarter last year. As a group, equities research analysts expect that Avadel Pharmaceuticals will post -0.5 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of AVDL. Amalgamated Bank acquired a new position in shares of Avadel Pharmaceuticals in the 2nd quarter worth approximately $45,000. Chilton Capital Management LLC acquired a new position in shares of Avadel Pharmaceuticals in the 1st quarter worth approximately $51,000. Quarry LP acquired a new position in shares of Avadel Pharmaceuticals in the 2nd quarter worth approximately $63,000. BNP Paribas Financial Markets boosted its holdings in shares of Avadel Pharmaceuticals by 60.5% in the 1st quarter. BNP Paribas Financial Markets now owns 4,469 shares of the company’s stock worth $75,000 after acquiring an additional 1,685 shares in the last quarter. Finally, Beverly Hills Private Wealth LLC acquired a new position in shares of Avadel Pharmaceuticals in the 2nd quarter worth approximately $146,000. 69.19% of the stock is owned by institutional investors and hedge funds.

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.