What is Leerink Partnrs' Forecast for AVDL FY2024 Earnings?

Avadel Pharmaceuticals plc (NASDAQ:AVDL - Free Report) - Investment analysts at Leerink Partnrs dropped their FY2024 earnings per share estimates for shares of Avadel Pharmaceuticals in a research report issued to clients and investors on Tuesday, November 12th. Leerink Partnrs analyst M. Goodman now anticipates that the company will post earnings per share of ($0.53) for the year, down from their previous forecast of ($0.45). The consensus estimate for Avadel Pharmaceuticals' current full-year earnings is ($0.50) per share. Leerink Partnrs also issued estimates for Avadel Pharmaceuticals' Q4 2024 earnings at ($0.06) EPS and FY2027 earnings at $2.65 EPS.

Several other research analysts have also recently commented on the stock. 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 report on Wednesday. Oppenheimer upped their price objective on shares of Avadel Pharmaceuticals from $29.00 to $30.00 and gave the stock an "outperform" rating in a research report on Thursday, October 31st. Finally, Needham & Company LLC reiterated a "buy" rating and issued a $22.00 price target on shares of Avadel Pharmaceuticals in a research note on Tuesday. Seven research analysts have rated the stock with a buy rating, Based on data from MarketBeat, Avadel Pharmaceuticals presently has a consensus rating of "Buy" and a consensus price target of $24.43.

Avadel Pharmaceuticals Stock Down 5.9 %

Shares of Avadel Pharmaceuticals stock traded down $0.68 on Friday, hitting $10.91. The stock had a trading volume of 2,076,277 shares, compared to its average volume of 1,191,200. The stock has a market cap of $1.05 billion, a price-to-earnings ratio of -13.81 and a beta of 1.47. The business's 50 day moving average is $13.49 and its two-hundred day moving average is $15.02. Avadel Pharmaceuticals has a twelve month low of $10.39 and a twelve month high of $19.09.

Avadel Pharmaceuticals (NASDAQ:AVDL - Get Free Report) last issued its quarterly earnings results on Tuesday, November 12th. The company reported ($0.03) earnings per share for the quarter, topping the consensus estimate of ($0.06) by $0.03. Avadel Pharmaceuticals had a negative net margin of 52.53% and a negative return on equity of 93.34%. The company had revenue of $50.00 million during the quarter, compared to analysts' expectations of $48.43 million. During the same period last year, the business earned ($0.41) EPS. The business's quarterly revenue was up 624.6% on a year-over-year basis.

Institutional Trading of Avadel Pharmaceuticals

A number of institutional investors have recently modified their holdings of AVDL. FMR LLC purchased a new position in Avadel Pharmaceuticals in the third quarter worth about $31,000. Amalgamated Bank bought a new position in Avadel Pharmaceuticals during the second quarter valued at approximately $45,000. BNP Paribas Financial Markets raised its stake in Avadel Pharmaceuticals by 60.5% during the first quarter. BNP Paribas Financial Markets now owns 4,469 shares of the company's stock valued at $75,000 after purchasing an additional 1,685 shares in the last quarter. Quarry LP purchased a new stake in shares of Avadel Pharmaceuticals during the 2nd quarter valued at about $63,000. Finally, Advisors Asset Management Inc. boosted its holdings in shares of Avadel Pharmaceuticals by 56.1% in the 3rd quarter. Advisors Asset Management Inc. now owns 7,921 shares of the company's stock worth $104,000 after purchasing an additional 2,846 shares during the period. 69.19% of the stock is currently 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.