Avadel Pharmaceuticals (NASDAQ:AVDL) Earns “Buy” Rating from Needham & Company LLC

Needham & Company LLC reaffirmed their buy rating on shares of Avadel Pharmaceuticals (NASDAQ:AVDL) in a research note issued to investors on Wednesday morning, Benzinga reports. They currently have a $22.00 target price on the stock.

AVDL has been the subject of a number of other reports. Craig Hallum increased their price target on Avadel Pharmaceuticals from $22.00 to $23.00 and gave the stock a buy rating in a report on Thursday, May 9th. HC Wainwright reaffirmed a buy rating and set a $27.00 target price on shares of Avadel Pharmaceuticals in a research note on Wednesday, August 28th. Finally, Rodman & Renshaw began coverage on Avadel Pharmaceuticals in a research note on Wednesday, June 12th. They issued a buy rating and a $27.00 price target on the stock. Seven equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, Avadel Pharmaceuticals has a consensus rating of Buy and an average price target of $24.57.

Avadel Pharmaceuticals Price Performance

Shares of AVDL opened at $14.72 on Wednesday. The business has a 50-day moving average of $15.78 and a 200-day moving average of $15.90. The company has a market capitalization of $1.41 billion, a price-to-earnings ratio of -7.91 and a beta of 1.53. Avadel Pharmaceuticals has a 1 year low of $9.50 and a 1 year high of $19.09.

Avadel Pharmaceuticals (NASDAQ:AVDL) last released its quarterly earnings results on Thursday, August 8th. The company reported ($0.14) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.17) by $0.03. Avadel Pharmaceuticals had a negative net margin of 111.64% and a negative return on equity of 122.64%. The firm had revenue of $41.50 million during the quarter, compared to analyst estimates of $37.47 million. During the same quarter last year, the business earned ($0.70) EPS. The company’s revenue was up 2666.7% compared to the same quarter last year. As a group, sell-side analysts anticipate that Avadel Pharmaceuticals will post -0.5 EPS for the current year.

Institutional Investors Weigh In On Avadel Pharmaceuticals

Several hedge funds and other institutional investors have recently modified their holdings of AVDL. Nantahala Capital Management LLC acquired a new stake in Avadel Pharmaceuticals in the 2nd quarter valued at $4,921,000. Brandes Investment Partners LP lifted its stake in shares of Avadel Pharmaceuticals by 1.5% in the second quarter. Brandes Investment Partners LP now owns 1,483,439 shares of the company’s stock valued at $20,894,000 after buying an additional 21,214 shares in the last quarter. Quarry LP acquired a new position in shares of Avadel Pharmaceuticals during the second quarter valued at about $63,000. The Manufacturers Life Insurance Company bought a new stake in shares of Avadel Pharmaceuticals during the second quarter worth about $590,000. Finally, Troluce Capital Advisors LLC acquired a new stake in shares of Avadel Pharmaceuticals in the 2nd quarter worth about $2,109,000. 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.