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

Avadel Pharmaceuticals (NASDAQ:AVDL)‘s stock had its “buy” rating reaffirmed by analysts at Needham & Company LLC in a report released on Wednesday, Benzinga reports. They presently have a $22.00 price target on the stock. Needham & Company LLC’s target price would indicate a potential upside of 38.98% from the stock’s previous close.

A number of other analysts also recently issued reports on AVDL. Oppenheimer raised their price objective on shares of Avadel Pharmaceuticals from $27.00 to $29.00 and gave the stock an “outperform” rating in a report on Tuesday, March 5th. Piper Sandler upped their price target on Avadel Pharmaceuticals from $18.00 to $23.00 and gave the company an “overweight” rating in a research report on Tuesday, March 5th. Craig Hallum raised their price objective on shares of Avadel Pharmaceuticals from $20.00 to $22.00 and gave the company a “buy” rating in a research report on Tuesday, March 5th. UBS Group started coverage on Avadel Pharmaceuticals in a research report on Tuesday, February 6th. They issued a “buy” rating and a $21.00 price objective on the stock. Finally, HC Wainwright raised their target price on shares of Avadel Pharmaceuticals from $21.00 to $25.00 and gave the company a “buy” rating in a research note on Tuesday, March 5th. Six research analysts have rated the stock with a buy rating, According to MarketBeat, the company presently has an average rating of “Buy” and a consensus target price of $24.17.

Avadel Pharmaceuticals Stock Performance

Shares of AVDL opened at $15.83 on Wednesday. Avadel Pharmaceuticals has a 52 week low of $9.50 and a 52 week high of $19.09. The stock has a 50 day moving average price of $16.75 and a two-hundred day moving average price of $14.39. The firm has a market capitalization of $1.43 billion, a P/E ratio of -7.76 and a beta of 1.61.

Avadel Pharmaceuticals (NASDAQ:AVDL) last released its quarterly earnings results on Wednesday, May 8th. The company reported ($0.30) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.25) by ($0.05). The company had revenue of $27.18 million for the quarter, compared to the consensus estimate of $25.89 million. During the same quarter in the prior year, the firm earned ($0.48) earnings per share. Avadel Pharmaceuticals’s quarterly revenue was up 2617.8% compared to the same quarter last year. On average, equities analysts forecast that Avadel Pharmaceuticals will post -0.46 earnings per share for the current year.

Institutional Trading of Avadel Pharmaceuticals

Several hedge funds and other institutional investors have recently bought and sold shares of AVDL. Brandes Investment Partners LP lifted its stake in Avadel Pharmaceuticals by 12.4% in the third quarter. Brandes Investment Partners LP now owns 1,448,772 shares of the company’s stock worth $14,922,000 after purchasing an additional 159,577 shares during the last quarter. MPM Bioimpact LLC raised its holdings in shares of Avadel Pharmaceuticals by 72.5% during the third quarter. MPM Bioimpact LLC now owns 664,224 shares of the company’s stock valued at $6,842,000 after acquiring an additional 279,234 shares in the last quarter. Vivo Capital LLC lifted its stake in Avadel Pharmaceuticals by 7.0% in the third quarter. Vivo Capital LLC now owns 4,096,428 shares of the company’s stock worth $42,193,000 after acquiring an additional 266,851 shares during the period. Deutsche Bank AG increased its position in shares of Avadel Pharmaceuticals by 95.6% during the third quarter. Deutsche Bank AG now owns 440,000 shares of the company’s stock valued at $4,532,000 after buying an additional 215,000 shares during the period. Finally, RTW Investments LP raised its stake in Avadel Pharmaceuticals by 4.8% in the third quarter. RTW Investments LP now owns 7,136,415 shares of the company’s stock worth $73,505,000 after buying an additional 325,774 shares in the last quarter. 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.