Avadel Pharmaceuticals (AVDL) Upgraded to “Hold” by BidaskClub

BidaskClub upgraded shares of Avadel Pharmaceuticals (NASDAQ:AVDL) from a sell rating to a hold rating in a report released on Wednesday morning.

AVDL has been the topic of several other reports. Zacks Investment Research lowered Avadel Pharmaceuticals from a hold rating to a sell rating in a research note on Tuesday, January 9th. Roth Capital set a $14.00 price objective on Avadel Pharmaceuticals and gave the company a buy rating in a research note on Wednesday, January 3rd. ValuEngine upgraded Avadel Pharmaceuticals from a sell rating to a hold rating in a research note on Monday, April 2nd. TheStreet lowered Avadel Pharmaceuticals from a c rating to a d+ rating in a research note on Thursday, March 8th. Finally, Ladenburg Thalmann Financial Services lowered their price objective on Avadel Pharmaceuticals to $24.00 and set a buy rating on the stock in a research note on Friday, March 9th. Three research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. The company has a consensus rating of Buy and an average target price of $20.00.

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AVDL stock opened at $7.38 on Wednesday. Avadel Pharmaceuticals has a 1-year low of $6.71 and a 1-year high of $11.93. The company has a market capitalization of $296.62, a PE ratio of 28.46 and a beta of 1.55.

Avadel Pharmaceuticals (NASDAQ:AVDL) last released its quarterly earnings data on Thursday, March 8th. The company reported ($0.28) earnings per share for the quarter, missing the consensus estimate of ($0.23) by ($0.05). Avadel Pharmaceuticals had a net margin of 38.64% and a return on equity of 15.40%. The company had revenue of $34.20 million during the quarter, compared to the consensus estimate of $34.16 million. The company’s quarterly revenue was down 20.6% on a year-over-year basis. sell-side analysts predict that Avadel Pharmaceuticals will post -1.29 earnings per share for the current year.

Avadel Pharmaceuticals announced that its board has approved a share buyback program on Tuesday, March 27th that allows the company to buyback $7.00 million in outstanding shares. This buyback authorization allows the company to repurchase up to 2.7% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s board of directors believes its shares are undervalued.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Cubist Systematic Strategies LLC bought a new stake in Avadel Pharmaceuticals during the 3rd quarter worth approximately $184,000. Dynamic Technology Lab Private Ltd bought a new stake in Avadel Pharmaceuticals during the 3rd quarter worth approximately $205,000. State Street Corp grew its position in Avadel Pharmaceuticals by 1.7% during the 2nd quarter. State Street Corp now owns 31,782 shares of the company’s stock worth $351,000 after acquiring an additional 523 shares during the last quarter. Janney Montgomery Scott LLC bought a new stake in Avadel Pharmaceuticals during the 3rd quarter worth approximately $2,100,000. Finally, Ameriprise Financial Inc. grew its position in Avadel Pharmaceuticals by 9.4% during the 3rd quarter. Ameriprise Financial Inc. now owns 204,168 shares of the company’s stock worth $2,143,000 after acquiring an additional 17,551 shares during the last quarter. Institutional investors and hedge funds own 65.76% of the company’s stock.

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Avadel Pharmaceuticals Company Profile

Avadel Pharmaceuticals plc develops and commercializes pharmaceutical products primarily for treating urology and sleep medicines in the United States, France, and Ireland. Its commercial products that are used in the hospital setting include Bloxiverz, a drug used in the operating room for the reversal of the effects of non-depolarizing neuromuscular blocking agents after surgery; Vazculep, a phenylephrine hydrochloride injection that is used for the treatment of hypotension occurring in the setting of anesthesia; and Akovaz, an ephedrine sulfate injection for treating hypotension, as well as Noctiva for treating nocturia due to nocturnal polyuria.

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