Avadel Pharmaceuticals (NASDAQ:AVDL) Earns Buy Rating from HC Wainwright

Avadel Pharmaceuticals (NASDAQ:AVDL - Get Free Report)'s stock had its "buy" rating reissued by HC Wainwright in a research note issued on Monday, Benzinga reports. They currently have a $27.00 target price on the stock. HC Wainwright's price target suggests a potential upside of 101.19% from the stock's current price.

Separately, Needham & Company LLC restated a "buy" rating and set a $22.00 target price on shares of Avadel Pharmaceuticals in a report on Friday. Seven analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock currently has a consensus rating of "Buy" and a consensus target price of $24.57.

Avadel Pharmaceuticals Stock Down 1.1 %

Shares of AVDL stock traded down $0.14 on Monday, reaching $13.42. 397,997 shares of the stock were exchanged, compared to its average volume of 1,154,171. The stock has a market cap of $1.29 billion, a P/E ratio of -7.22 and a beta of 1.50. The firm has a 50 day moving average of $14.15 and a two-hundred day moving average of $15.44. Avadel Pharmaceuticals has a 1-year low of $9.50 and a 1-year high of $19.09.

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 (EPS) for the quarter, beating analysts' consensus estimates of ($0.17) by $0.03. The firm had revenue of $41.50 million during the quarter, compared to the consensus estimate of $37.47 million. Avadel Pharmaceuticals had a negative return on equity of 122.64% and a negative net margin of 111.64%. The firm's quarterly revenue was up 2666.7% compared to the same quarter last year. During the same quarter in the previous year, the business earned ($0.70) earnings per share. On average, equities research analysts predict that Avadel Pharmaceuticals will post -0.5 EPS for the current fiscal year.

Institutional Investors Weigh In On Avadel Pharmaceuticals

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. GSA Capital Partners LLP acquired a new stake in shares of Avadel Pharmaceuticals during the first quarter valued at about $804,000. Lord Abbett & CO. LLC purchased a new stake in Avadel Pharmaceuticals during the 1st quarter worth approximately $3,264,000. Cetera Investment Advisers acquired a new position in shares of Avadel Pharmaceuticals in the 1st quarter valued at approximately $1,925,000. Bank of New York Mellon Corp purchased a new position in shares of Avadel Pharmaceuticals during the 2nd quarter valued at approximately $4,575,000. Finally, Russell Investments Group Ltd. acquired a new stake in shares of Avadel Pharmaceuticals during the first quarter worth approximately $1,943,000. Hedge funds and other institutional investors own 69.19% of the company's stock.

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.