Avadel Pharmaceuticals (NASDAQ:AVDL) Announces Earnings Results

Avadel Pharmaceuticals (NASDAQ:AVDL - Get Free Report) announced its earnings results on Tuesday. The company reported ($0.03) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.06) by $0.03, Briefing.com reports. Avadel Pharmaceuticals had a negative net margin of 52.53% and a negative return on equity of 92.12%. The company had revenue of $50.00 million for the quarter, compared to analysts' expectations of $48.43 million. During the same quarter in the previous year, the company posted ($0.41) EPS. The firm's quarterly revenue was up 624.6% on a year-over-year basis.

Avadel Pharmaceuticals Trading Down 8.6 %

Shares of AVDL stock traded down $1.13 on Wednesday, hitting $12.02. 4,489,562 shares of the stock traded hands, compared to its average volume of 1,181,850. The firm's 50-day moving average price is $13.67 and its two-hundred day moving average price is $15.12. Avadel Pharmaceuticals has a twelve month low of $10.39 and a twelve month high of $19.09.

Wall Street Analyst Weigh In

Several brokerages have issued reports on AVDL. Oppenheimer lifted their target price on shares of Avadel Pharmaceuticals from $29.00 to $30.00 and gave the stock an "outperform" rating in a research note on Thursday, October 31st. HC Wainwright lowered their target price on shares of Avadel Pharmaceuticals from $27.00 to $25.00 and set a "buy" rating on the stock in a research note on Wednesday. Finally, Needham & Company LLC reissued a "buy" rating and set a $22.00 price target on shares of Avadel Pharmaceuticals in a research report on Tuesday. Seven investment analysts have rated the stock with a buy rating, According to MarketBeat, the company has an average rating of "Buy" and a consensus price target of $24.43.

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.