Avadel Pharmaceuticals plc (NASDAQ:AVDL) Receives $24.57 Average PT from Brokerages

Shares of Avadel Pharmaceuticals plc (NASDAQ:AVDL) have received a consensus rating of “Buy” from the seven brokerages that are currently covering the company, MarketBeat.com reports. Seven equities research analysts have rated the stock with a buy recommendation. The average 1 year price objective among brokers that have issued ratings on the stock in the last year is $24.57.

AVDL has been the topic of several recent research reports. Rodman & Renshaw initiated coverage on Avadel Pharmaceuticals in a report on Wednesday, June 12th. They set a “buy” rating and a $27.00 price objective on the stock. HC Wainwright reissued a “buy” rating and set a $27.00 price objective on shares of Avadel Pharmaceuticals in a report on Wednesday, August 28th. Finally, Needham & Company LLC reissued a “buy” rating and set a $22.00 price objective on shares of Avadel Pharmaceuticals in a report on Wednesday, September 4th.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Janus Henderson Group PLC lifted its holdings in Avadel Pharmaceuticals by 16.1% during the 1st 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 during the period. Gendell Jeffrey L raised its position in shares of Avadel Pharmaceuticals by 1.7% in the 1st quarter. Gendell Jeffrey L now owns 5,708,118 shares of the company’s stock worth $96,410,000 after acquiring an additional 92,768 shares in the last quarter. Brandes Investment Partners LP raised its position in shares of Avadel Pharmaceuticals by 1.5% in the 2nd quarter. Brandes Investment Partners LP now owns 1,483,439 shares of the company’s stock worth $20,894,000 after acquiring an additional 21,214 shares in the last quarter. Kennedy Capital Management LLC raised its position in shares of Avadel Pharmaceuticals by 1.1% in the 1st quarter. Kennedy Capital Management LLC now owns 653,147 shares of the company’s stock worth $11,032,000 after acquiring an additional 7,273 shares in the last quarter. Finally, Modera Wealth Management LLC raised its position in shares of Avadel Pharmaceuticals by 0.4% in the 2nd quarter. Modera Wealth Management LLC now owns 602,608 shares of the company’s stock worth $8,473,000 after acquiring an additional 2,159 shares in the last quarter. 69.19% of the stock is owned by institutional investors and hedge funds.

Avadel Pharmaceuticals Stock Performance

Shares of AVDL opened at $12.78 on Wednesday. Avadel Pharmaceuticals has a 52-week low of $9.50 and a 52-week high of $19.09. The business’s fifty day moving average is $15.36 and its 200-day moving average is $15.89. The firm has a market cap of $1.23 billion, a price-to-earnings ratio of -6.87 and a beta of 1.53.

Avadel Pharmaceuticals (NASDAQ:AVDL) last issued its quarterly earnings results on Thursday, August 8th. The company reported ($0.14) earnings per share (EPS) for the quarter, beating the consensus estimate 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 analyst estimates of $37.47 million. During the same quarter last year, the company posted ($0.70) EPS. The company’s revenue for the quarter was up 2666.7% compared to the same quarter last year. As a group, research analysts forecast that Avadel Pharmaceuticals will post -0.5 EPS for the current fiscal year.

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.