Avadel Pharmaceuticals (NASDAQ:AVDL) Shares Gap Up - Still a Buy?

Avadel Pharmaceuticals plc (NASDAQ:AVDL - Get Free Report) shares gapped up before the market opened on Thursday . The stock had previously closed at $12.91, but opened at $16.48. Avadel Pharmaceuticals shares last traded at $15.03, with a volume of 2,090,891 shares.

Analyst Ratings Changes

Several research analysts have weighed in on the stock. HC Wainwright restated a "buy" rating and set a $27.00 target price on shares of Avadel Pharmaceuticals in a research report on Thursday. Oppenheimer increased their price target on shares of Avadel Pharmaceuticals from $29.00 to $30.00 and gave the company an "outperform" rating in a research report on Thursday. Finally, Needham & Company LLC reiterated a "buy" rating and issued a $22.00 price target on shares of Avadel Pharmaceuticals in a research report on Thursday. Seven equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, Avadel Pharmaceuticals has an average rating of "Buy" and a consensus price target of $24.71.

Avadel Pharmaceuticals Stock Up 19.8 %

The firm has a market cap of $1.49 billion, a PE ratio of -13.22 and a beta of 1.50. The firm's 50 day moving average is $13.74 and its 200-day moving average is $15.28.

Avadel Pharmaceuticals (NASDAQ:AVDL - Get Free Report) last posted its quarterly earnings results on Thursday, August 8th. The company reported ($0.14) earnings per share for the quarter, topping analysts' consensus estimates of ($0.17) by $0.03. The company had revenue of $41.50 million for the quarter, compared to the consensus estimate of $37.47 million. Avadel Pharmaceuticals had a negative net margin of 111.64% and a negative return on equity of 122.64%. Avadel Pharmaceuticals's revenue was up 2666.7% on a year-over-year basis. During the same quarter last year, the firm posted ($0.70) earnings per share. On average, analysts forecast that Avadel Pharmaceuticals plc will post -0.5 earnings per share for the current year.

Hedge Funds Weigh In On Avadel Pharmaceuticals

A number of large investors have recently bought and sold shares of the stock. Creative Planning raised its stake in Avadel Pharmaceuticals by 8.2% during the third quarter. Creative Planning now owns 12,381 shares of the company's stock worth $162,000 after purchasing an additional 938 shares during the period. BNP Paribas Financial Markets raised its stake in shares of Avadel Pharmaceuticals by 60.5% in the 1st quarter. BNP Paribas Financial Markets now owns 4,469 shares of the company's stock valued at $75,000 after acquiring an additional 1,685 shares during the period. Investors Asset Management of Georgia Inc. GA ADV raised its stake in shares of Avadel Pharmaceuticals by 2.4% in the 2nd quarter. Investors Asset Management of Georgia Inc. GA ADV now owns 89,475 shares of the company's stock valued at $1,258,000 after acquiring an additional 2,100 shares during the period. Modera Wealth Management LLC raised its stake in shares of Avadel Pharmaceuticals by 0.4% in the 2nd quarter. Modera Wealth Management LLC now owns 602,608 shares of the company's stock valued at $8,473,000 after acquiring an additional 2,159 shares during the period. Finally, Diversify Wealth Management LLC raised its stake in shares of Avadel Pharmaceuticals by 8.3% in the 3rd quarter. Diversify Wealth Management LLC now owns 31,637 shares of the company's stock valued at $418,000 after acquiring an additional 2,432 shares during the period. Hedge funds and other institutional investors own 69.19% of the company's stock.

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.