Avadel Pharmaceuticals (NASDAQ:AVDL) Stock Price Down 7.3% on Disappointing Earnings

Avadel Pharmaceuticals plc (NASDAQ:AVDL) was down 7.3% during trading on Thursday following a weaker than expected earnings announcement. The stock traded as low as $14.77 and last traded at $15.06. Approximately 1,090,626 shares traded hands during mid-day trading, a decline of 10% from the average daily volume of 1,217,203 shares. The stock had previously closed at $16.25.

The company reported ($0.30) earnings per share for the quarter, missing the consensus estimate of ($0.25) by ($0.05). The company had revenue of $27.18 million for the quarter, compared to analyst estimates of $25.89 million. During the same quarter in the prior year, the business posted ($0.48) EPS. The firm’s quarterly revenue was up 2617.8% compared to the same quarter last year.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on AVDL shares. UBS Group started coverage on shares of Avadel Pharmaceuticals in a report on Tuesday, February 6th. They set a “buy” rating and a $21.00 target price for the company. Piper Sandler increased their target price on Avadel Pharmaceuticals from $18.00 to $23.00 and gave the stock an “overweight” rating in a research note on Tuesday, March 5th. HC Wainwright raised their price target on Avadel Pharmaceuticals from $25.00 to $27.00 and gave the company a “buy” rating in a report on Thursday. Oppenheimer upped their price target on shares of Avadel Pharmaceuticals from $27.00 to $29.00 and gave the stock an “outperform” rating in a research note on Tuesday, March 5th. Finally, Needham & Company LLC reaffirmed a “buy” rating and issued a $22.00 target price on shares of Avadel Pharmaceuticals in a report on Wednesday. Six investment analysts have rated the stock with a buy rating, According to data from MarketBeat, Avadel Pharmaceuticals currently has a consensus rating of “Buy” and a consensus target price of $24.17.

Hedge Funds Weigh In On Avadel Pharmaceuticals

A number of hedge funds have recently bought and sold shares of the business. Chilton Capital Management LLC bought a new stake in shares of Avadel Pharmaceuticals in the first quarter worth approximately $51,000. BNP Paribas Financial Markets lifted its holdings in shares of 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 buying an additional 1,685 shares during the period. Quantbot Technologies LP purchased a new position in shares of Avadel Pharmaceuticals in the 3rd quarter worth $78,000. Quarry LP bought a new stake in shares of Avadel Pharmaceuticals in the fourth quarter worth $120,000. Finally, Exencial Wealth Advisors LLC purchased a new stake in Avadel Pharmaceuticals during the third quarter valued at $124,000. Hedge funds and other institutional investors own 69.19% of the company’s stock.

Avadel Pharmaceuticals Stock Down 2.6 %

The business has a fifty day simple moving average of $16.75 and a two-hundred day simple moving average of $14.39. The company has a market cap of $1.43 billion, a P/E ratio of -7.76 and a beta of 1.61.

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.