HC Wainwright Has Lowered Expectations for Avadel Pharmaceuticals (NASDAQ:AVDL) Stock Price

Avadel Pharmaceuticals (NASDAQ:AVDL - Get Free Report) had its price target reduced by research analysts at HC Wainwright from $27.00 to $25.00 in a report issued on Wednesday,Benzinga reports. The brokerage presently has a "buy" rating on the stock. HC Wainwright's target price indicates a potential upside of 107.99% from the stock's current price.

A number of other brokerages have also weighed in on AVDL. Oppenheimer lifted their target price on Avadel Pharmaceuticals from $29.00 to $30.00 and gave the company an "outperform" rating in a research report on Thursday, October 31st. Needham & Company LLC reaffirmed a "buy" rating and set a $22.00 target price 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, Avadel Pharmaceuticals has an average rating of "Buy" and a consensus target price of $24.43.

Avadel Pharmaceuticals Price Performance

AVDL traded down $1.13 during trading hours on Wednesday, reaching $12.02. 4,304,671 shares of the company's stock traded hands, compared to its average volume of 1,181,010. The firm has a 50-day moving average price of $13.67 and a 200 day moving average price of $15.12. Avadel Pharmaceuticals has a 52-week low of $10.39 and a 52-week high of $19.09.

Avadel Pharmaceuticals (NASDAQ:AVDL - Get Free Report) last posted its quarterly earnings data on Tuesday, November 12th. The company reported ($0.03) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.06) by $0.03. The company had revenue of $50.00 million during the quarter, compared to analysts' expectations of $48.43 million. Avadel Pharmaceuticals had a negative return on equity of 92.12% and a negative net margin of 52.53%. Avadel Pharmaceuticals's revenue was up 624.6% compared to the same quarter last year. During the same quarter in the previous year, the business earned ($0.41) EPS. As a group, sell-side analysts anticipate that Avadel Pharmaceuticals will post -0.5 EPS for the current year.

Hedge Funds Weigh In On Avadel Pharmaceuticals

A number of large investors have recently modified their holdings of AVDL. FMR LLC acquired a new stake in shares of Avadel Pharmaceuticals in the 3rd quarter worth approximately $31,000. The Manufacturers Life Insurance Company grew its holdings in Avadel Pharmaceuticals by 34.4% during the 3rd quarter. The Manufacturers Life Insurance Company now owns 56,399 shares of the company's stock valued at $740,000 after buying an additional 14,420 shares during the last quarter. Intech Investment Management LLC acquired a new stake in Avadel Pharmaceuticals during the 3rd quarter valued at $214,000. Advisors Asset Management Inc. grew its holdings in Avadel Pharmaceuticals by 56.1% during the 3rd quarter. Advisors Asset Management Inc. now owns 7,921 shares of the company's stock valued at $104,000 after buying an additional 2,846 shares during the last quarter. Finally, MAI Capital Management boosted its holdings in shares of Avadel Pharmaceuticals by 1.0% during the third quarter. MAI Capital Management now owns 107,533 shares of the company's stock worth $1,410,000 after purchasing an additional 1,031 shares during the last quarter. 69.19% of the stock is owned by hedge funds and other institutional investors.

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.