Avadel Pharmaceuticals plc (NASDAQ:AVDL) Given Consensus Recommendation of "Buy" by Analysts

Shares of Avadel Pharmaceuticals plc (NASDAQ:AVDL - Get Free Report) have earned an average rating of "Buy" from the seven research firms that are presently covering the company, MarketBeat.com reports. Seven equities research analysts have rated the stock with a buy rating. The average 12-month target price among brokerages that have covered the stock in the last year is $24.71.

A number of brokerages have recently issued reports on AVDL. Oppenheimer lifted their price target 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 reiterated a "buy" rating and set a $22.00 target price on shares of Avadel Pharmaceuticals in a research report on Thursday, October 31st. Finally, HC Wainwright reissued a "buy" rating and issued a $27.00 price target on shares of Avadel Pharmaceuticals in a research note on Thursday, October 31st.

Avadel Pharmaceuticals Stock Up 2.7 %

NASDAQ AVDL traded up $0.42 during trading hours on Thursday, hitting $15.72. The company had a trading volume of 284,632 shares, compared to its average volume of 1,145,340. Avadel Pharmaceuticals has a 52 week low of $10.25 and a 52 week high of $19.09. The firm has a 50 day simple moving average of $13.65 and a 200 day simple moving average of $15.20.

Avadel Pharmaceuticals (NASDAQ:AVDL - Get Free Report) last issued its earnings results on Thursday, August 8th. The company reported ($0.14) EPS for the quarter, topping the consensus estimate 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 during the quarter, compared to the consensus estimate of $37.47 million. During the same quarter last year, the company earned ($0.70) EPS. The firm's revenue was up 2666.7% compared to the same quarter last year. Research analysts anticipate that Avadel Pharmaceuticals will post -0.5 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in the business. Chilton Capital Management LLC purchased a new position in Avadel Pharmaceuticals in the 1st quarter worth $51,000. Amalgamated Bank bought a new stake in shares of Avadel Pharmaceuticals in the 2nd quarter valued at about $45,000. BNP Paribas Financial Markets grew its position in Avadel Pharmaceuticals by 60.5% during 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 during the last quarter. Quarry LP purchased a new position in Avadel Pharmaceuticals in the 2nd quarter worth approximately $63,000. Finally, Beverly Hills Private Wealth LLC bought a new stake in Avadel Pharmaceuticals in the second quarter valued at approximately $146,000. 69.19% of the stock is owned by hedge funds and other institutional investors.

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.