Needham & Company LLC Reiterates “Buy” Rating for Avadel Pharmaceuticals (NASDAQ:AVDL)

Avadel Pharmaceuticals (NASDAQ:AVDL)‘s stock had its “buy” rating reissued by stock analysts at Needham & Company LLC in a report issued on Thursday, Benzinga reports. They currently have a $22.00 price objective on the stock. Needham & Company LLC’s target price would suggest a potential upside of 70.41% from the company’s current price.

Separately, HC Wainwright restated a “buy” rating and issued a $27.00 target price on shares of Avadel Pharmaceuticals in a research report on Monday, October 21st. Seven research analysts have rated the stock with a buy rating, According to MarketBeat.com, Avadel Pharmaceuticals presently has a consensus rating of “Buy” and an average target price of $24.57.

Avadel Pharmaceuticals Trading Down 0.1 %

NASDAQ:AVDL opened at $12.91 on Thursday. The stock has a 50-day moving average price of $13.80 and a two-hundred day moving average price of $15.30. Avadel Pharmaceuticals has a 1 year low of $9.69 and a 1 year high of $19.09. The stock has a market cap of $1.24 billion, a price-to-earnings ratio of -6.94 and a beta of 1.50.

Avadel Pharmaceuticals (NASDAQ:AVDL) last announced its quarterly earnings data on Thursday, August 8th. The company reported ($0.14) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.17) by $0.03. Avadel Pharmaceuticals had a negative return on equity of 122.64% and a negative net margin of 111.64%. The company had revenue of $41.50 million for the quarter, compared to analysts’ expectations of $37.47 million. During the same quarter in the prior year, the business posted ($0.70) EPS. The business’s revenue was up 2666.7% compared to the same quarter last year. Sell-side analysts forecast that Avadel Pharmaceuticals will post -0.5 earnings per share for the current year.

Institutional Trading of Avadel Pharmaceuticals

Several institutional investors have recently added to or reduced their stakes in AVDL. Chilton Capital Management LLC bought a new stake in Avadel Pharmaceuticals during the 1st quarter valued at $51,000. Amalgamated Bank purchased a new stake in Avadel Pharmaceuticals in the second quarter worth $45,000. BNP Paribas Financial Markets lifted its position in Avadel Pharmaceuticals by 60.5% during 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. Quarry LP bought a new position in Avadel Pharmaceuticals during the 2nd quarter valued at approximately $63,000. Finally, Beverly Hills Private Wealth LLC purchased a new position in shares of Avadel Pharmaceuticals in the 2nd quarter worth about $146,000. 69.19% of the stock is currently owned by hedge funds and other institutional investors.

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.