Avadel Pharmaceuticals (NASDAQ:AVDL) Issues Earnings Results

Avadel Pharmaceuticals (NASDAQ:AVDL) posted its quarterly earnings data on Tuesday. The company reported ($0.03) earnings per share for the quarter, topping the consensus estimate of ($0.06) by $0.03, Briefing.com reports. The firm had revenue of $50.00 million for the quarter, compared to analysts’ expectations of $48.43 million. Avadel Pharmaceuticals had a negative return on equity of 122.64% and a negative net margin of 111.64%. The company’s quarterly revenue was up 624.6% compared to the same quarter last year. During the same quarter last year, the business earned ($0.41) EPS.

Avadel Pharmaceuticals Stock Performance

Shares of Avadel Pharmaceuticals stock traded down $0.52 on Wednesday, reaching $12.63. 346,059 shares of the stock were exchanged, compared to its average volume of 1,163,017. The firm has a market cap of $1.22 billion, a PE ratio of -10.78 and a beta of 1.47. The firm’s 50 day moving average is $13.67 and its 200-day moving average is $15.12. Avadel Pharmaceuticals has a one year low of $10.39 and a one year high of $19.09.

Analysts Set New Price Targets

A number of equities analysts recently commented on AVDL shares. Oppenheimer raised their price target on shares of Avadel Pharmaceuticals from $29.00 to $30.00 and gave the stock an “outperform” rating in a research report on Thursday, October 31st. Needham & Company LLC reaffirmed a “buy” rating and set a $22.00 target price on shares of Avadel Pharmaceuticals in a report on Tuesday. Finally, HC Wainwright dropped their price target on shares of Avadel Pharmaceuticals from $27.00 to $25.00 and set a “buy” rating for the company in a research report on Wednesday. Seven equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and a consensus target price of $24.43.

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.