Leerink Partners Reiterates “Market Perform” Rating for Avadel Pharmaceuticals (NASDAQ:AVDL)

Avadel Pharmaceuticals (NASDAQ:AVDL)‘s stock had its “market perform” rating reaffirmed by investment analysts at Leerink Partners in a report issued on Thursday,Benzinga reports. They presently have a $18.50 price target on the stock. Leerink Partners’ price target indicates a potential downside of 0.32% from the stock’s previous close.

A number of other research firms have also recently commented on AVDL. Wells Fargo & Company raised shares of Avadel Pharmaceuticals to a “hold” rating in a report on Wednesday, September 3rd. Zacks Research cut shares of Avadel Pharmaceuticals from a “strong-buy” rating to a “hold” rating in a report on Tuesday, October 7th. Lifesci Capital raised shares of Avadel Pharmaceuticals to a “strong-buy” rating in a report on Wednesday, September 3rd. Jefferies Financial Group downgraded Avadel Pharmaceuticals from a “buy” rating to a “hold” rating and lowered their price objective for the company from $22.00 to $20.00 in a research note on Wednesday. Finally, Deutsche Bank Aktiengesellschaft reaffirmed a “buy” rating on shares of Avadel Pharmaceuticals in a research note on Friday, August 8th. Three research analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, Avadel Pharmaceuticals presently has a consensus rating of “Hold” and a consensus target price of $18.72.

Avadel Pharmaceuticals Stock Performance

Shares of Avadel Pharmaceuticals stock opened at $18.56 on Thursday. The firm has a 50-day moving average of $15.31 and a 200-day moving average of $11.58. The stock has a market cap of $1.80 billion, a PE ratio of -618.67 and a beta of 1.46. Avadel Pharmaceuticals has a 52-week low of $6.38 and a 52-week high of $18.65.

Avadel Pharmaceuticals (NASDAQ:AVDL) last announced its earnings results on Thursday, August 7th. The company reported $0.10 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.02 by $0.08. Avadel Pharmaceuticals had a negative net margin of 1.32% and a negative return on equity of 3.73%. The company had revenue of $68.13 million during the quarter, compared to analysts’ expectations of $60.28 million. During the same quarter in the previous year, the business posted ($0.14) earnings per share. Avadel Pharmaceuticals’s quarterly revenue was up 64.1% on a year-over-year basis. Avadel Pharmaceuticals has set its FY 2025 guidance at EPS. Equities research analysts predict that Avadel Pharmaceuticals will post -0.51 earnings per share for the current fiscal year.

Institutional Trading of Avadel Pharmaceuticals

Several hedge funds have recently bought and sold shares of AVDL. Two Seas Capital LP grew its position in Avadel Pharmaceuticals by 24.4% in the 2nd quarter. Two Seas Capital LP now owns 6,155,074 shares of the company’s stock valued at $54,472,000 after purchasing an additional 1,208,625 shares during the period. Geode Capital Management LLC grew its position in Avadel Pharmaceuticals by 82.3% in the 2nd quarter. Geode Capital Management LLC now owns 2,169,018 shares of the company’s stock valued at $19,198,000 after purchasing an additional 979,422 shares during the period. Brandes Investment Partners LP grew its position in Avadel Pharmaceuticals by 14.5% in the 2nd quarter. Brandes Investment Partners LP now owns 6,487,642 shares of the company’s stock valued at $57,416,000 after purchasing an additional 820,467 shares during the period. Invesco Ltd. grew its position in Avadel Pharmaceuticals by 1,407.6% in the 2nd quarter. Invesco Ltd. now owns 748,875 shares of the company’s stock valued at $6,628,000 after purchasing an additional 699,201 shares during the period. Finally, Nuveen LLC acquired a new stake in Avadel Pharmaceuticals in the 1st quarter valued at $4,055,000. Institutional investors and hedge funds own 69.19% of the company’s stock.

Avadel Pharmaceuticals Company Profile

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.