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

Avadel Pharmaceuticals (NASDAQ:AVDL - Get Free Report)'s stock had its "buy" rating reiterated by stock analysts at HC Wainwright in a note issued to investors on Thursday, Benzinga reports. They presently have a $27.00 price target on the stock. HC Wainwright's target price indicates a potential upside of 72.86% from the company's previous close.

Several other equities research analysts have also issued reports on AVDL. Oppenheimer raised their target price on Avadel Pharmaceuticals from $29.00 to $30.00 and gave the company an "outperform" rating in a research report on Thursday. Needham & Company LLC reaffirmed a "buy" rating and issued a $22.00 price objective on shares of Avadel Pharmaceuticals in a research report on Thursday. Seven research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Avadel Pharmaceuticals currently has an average rating of "Buy" and a consensus price target of $24.71.

Avadel Pharmaceuticals Trading Up 21.0 %

Shares of NASDAQ:AVDL traded up $2.71 during mid-day trading on Thursday, hitting $15.62. 4,533,292 shares of the company traded hands, compared to its average volume of 1,146,449. The stock has a market cap of $1.50 billion, a P/E ratio of -8.40 and a beta of 1.50. The stock has a 50-day moving average price of $13.74 and a two-hundred day moving average price of $15.28. Avadel Pharmaceuticals has a 12-month low of $9.69 and a 12-month high of $19.09.

Avadel Pharmaceuticals (NASDAQ:AVDL - Get Free Report) last released its quarterly earnings results on Thursday, August 8th. The company reported ($0.14) earnings per share for the quarter, beating analysts' consensus estimates 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 net margin of 111.64% and a negative return on equity of 122.64%. The firm's revenue was up 2666.7% on a year-over-year basis. During the same period last year, the firm earned ($0.70) earnings per share. As a group, analysts expect that Avadel Pharmaceuticals will post -0.5 earnings per share for the current year.

Hedge Funds Weigh In On Avadel Pharmaceuticals

Several large investors have recently modified their holdings of AVDL. Janus Henderson Group PLC raised its position in shares of Avadel Pharmaceuticals by 16.1% in the first quarter. Janus Henderson Group PLC now owns 12,915,160 shares of the company's stock worth $218,182,000 after buying an additional 1,789,830 shares in the last quarter. Nantahala Capital Management LLC purchased a new stake in Avadel Pharmaceuticals in the second quarter valued at approximately $4,921,000. Bank of New York Mellon Corp purchased a new position in Avadel Pharmaceuticals in the 2nd quarter worth approximately $4,575,000. Obermeyer Wood Investment Counsel Lllp bought a new position in shares of Avadel Pharmaceuticals in the 1st quarter worth $4,721,000. Finally, StemPoint Capital LP purchased a new stake in shares of Avadel Pharmaceuticals during the 1st quarter valued at $3,778,000. 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.

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