Avadel Pharmaceuticals plc (NASDAQ:AVDL) Receives Consensus Recommendation of “Buy” from Brokerages

Avadel Pharmaceuticals plc (NASDAQ:AVDL) has received a consensus rating of “Buy” from the seven brokerages that are presently covering the firm, Marketbeat reports. Seven research analysts have rated the stock with a buy recommendation. The average 1 year price target among brokers that have updated their coverage on the stock in the last year is $24.57.

A number of brokerages have commented on AVDL. HC Wainwright restated a “buy” rating and set a $27.00 price target on shares of Avadel Pharmaceuticals in a research note on Wednesday, August 28th. Needham & Company LLC restated a “buy” rating and set a $22.00 price target on shares of Avadel Pharmaceuticals in a research note on Wednesday, September 4th.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of AVDL. Janus Henderson Group PLC raised its position in Avadel Pharmaceuticals by 16.1% in the 1st quarter. Janus Henderson Group PLC now owns 12,915,160 shares of the company’s stock worth $218,182,000 after purchasing an additional 1,789,830 shares during the last quarter. Nantahala Capital Management LLC bought a new position in Avadel Pharmaceuticals in the 2nd quarter worth approximately $4,921,000. Bank of New York Mellon Corp bought a new position in Avadel Pharmaceuticals in the 2nd quarter worth approximately $4,575,000. Obermeyer Wood Investment Counsel Lllp bought a new position in Avadel Pharmaceuticals in the 1st quarter worth approximately $4,721,000. Finally, StemPoint Capital LP bought a new position in Avadel Pharmaceuticals in the 1st quarter worth approximately $3,778,000. Institutional investors own 69.19% of the company’s stock.

Avadel Pharmaceuticals Stock Up 5.1 %

AVDL stock opened at $13.92 on Friday. Avadel Pharmaceuticals has a twelve month low of $9.50 and a twelve month high of $19.09. The company has a market cap of $1.34 billion, a PE ratio of -7.52 and a beta of 1.50. The business’s 50-day simple moving average is $14.27 and its 200 day simple moving average is $15.50.

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