Avadel Pharmaceuticals (NASDAQ:AVDL) Given Buy Rating at Needham & Company LLC

Needham & Company LLC restated their buy rating on shares of Avadel Pharmaceuticals (NASDAQ:AVDL) in a research report sent to investors on Friday, Benzinga reports. The brokerage currently has a $22.00 price objective on the stock.

Separately, HC Wainwright reaffirmed a “buy” rating and set a $27.00 price target on shares of Avadel Pharmaceuticals in a research note on Wednesday, August 28th. Seven investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Avadel Pharmaceuticals has an average rating of “Buy” and an average price target of $24.57.

Avadel Pharmaceuticals Stock Down 2.6 %

Shares of AVDL opened at $13.57 on Friday. The stock has a market capitalization of $1.30 billion, a P/E ratio of -7.29 and a beta of 1.50. Avadel Pharmaceuticals has a twelve month low of $9.50 and a twelve month high of $19.09. The company has a 50 day moving average of $14.20 and a 200-day moving average of $15.48.

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

Hedge Funds Weigh In On Avadel Pharmaceuticals

Hedge funds and other institutional investors have recently made changes to their positions in the company. Chilton Capital Management LLC bought a new position in shares of Avadel Pharmaceuticals in the first quarter valued at $51,000. Amalgamated Bank acquired a new stake in Avadel Pharmaceuticals during the 2nd quarter valued at $45,000. BNP Paribas Financial Markets lifted its holdings in Avadel Pharmaceuticals by 60.5% during the 1st quarter. BNP Paribas Financial Markets now owns 4,469 shares of the company’s stock valued at $75,000 after purchasing an additional 1,685 shares during the last quarter. Quarry LP acquired a new stake in Avadel Pharmaceuticals during the 2nd quarter valued at $63,000. Finally, Claro Advisors LLC acquired a new stake in Avadel Pharmaceuticals during the 1st quarter valued at $172,000. 69.19% of the stock is owned by institutional investors.

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.