Avadel Pharmaceuticals' (AVDL) "Buy" Rating Reiterated at Needham & Company LLC

Avadel Pharmaceuticals (NASDAQ:AVDL - Get Free Report)'s stock had its "buy" rating restated by equities researchers at Needham & Company LLC in a research note issued on Friday, Benzinga reports. They presently have a $22.00 price objective on the stock. Needham & Company LLC's price objective would suggest a potential upside of 62.18% from the company's current price.

Separately, HC Wainwright reissued a "buy" rating and set a $27.00 price objective on shares of Avadel Pharmaceuticals in a report on Wednesday, August 28th. Seven investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company currently has an average rating of "Buy" and a consensus target price of $24.57.

Avadel Pharmaceuticals Trading Down 2.6 %

NASDAQ AVDL traded down $0.36 on Friday, reaching $13.57. The company's stock had a trading volume of 667,649 shares, compared to its average volume of 1,157,915. The firm has a market cap of $1.30 billion, a PE ratio of -7.48 and a beta of 1.50. Avadel Pharmaceuticals has a 52 week low of $9.50 and a 52 week high of $19.09. The business has a 50-day moving average price of $14.24 and a 200 day moving average price of $15.49.

Avadel Pharmaceuticals (NASDAQ:AVDL - Get Free Report) last released its quarterly earnings data on Thursday, August 8th. The company reported ($0.14) earnings per share for the quarter, beating the consensus estimate of ($0.17) by $0.03. The company had revenue of $41.50 million for the quarter, compared to analyst estimates of $37.47 million. Avadel Pharmaceuticals had a negative return on equity of 122.64% and a negative net margin of 111.64%. The company's revenue was up 2666.7% compared to the same quarter last year. During the same period in the prior year, the company posted ($0.70) EPS. Analysts anticipate that Avadel Pharmaceuticals will post -0.5 earnings per share for the current fiscal year.

Institutional Trading of Avadel Pharmaceuticals

A number of hedge funds and other institutional investors have recently made changes to their positions in AVDL. Claro Advisors LLC lifted its position in Avadel Pharmaceuticals by 379.2% during the 3rd quarter. Claro Advisors LLC now owns 49,080 shares of the company's stock worth $644,000 after buying an additional 38,837 shares in the last quarter. Edge Wealth Management LLC bought a new position in shares of Avadel Pharmaceuticals in the third quarter worth about $262,000. Creative Planning lifted its position in shares of 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 in the last quarter. SG Americas Securities LLC bought a new stake in shares of Avadel Pharmaceuticals during the third quarter valued at approximately $164,000. Finally, Nantahala Capital Management LLC acquired a new stake in shares of Avadel Pharmaceuticals in the second quarter valued at approximately $4,921,000. 69.19% of the stock is currently owned by institutional investors and hedge funds.

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.