Avadel Pharmaceuticals (NASDAQ:AVDL) Lowered to “Strong Sell” Rating by Zacks Research

Avadel Pharmaceuticals (NASDAQ:AVDL) was downgraded by Zacks Research from a “hold” rating to a “strong sell” rating in a report released on Wednesday,Zacks.com reports.

AVDL has been the topic of several other reports. Leerink Partnrs downgraded Avadel Pharmaceuticals from a “strong-buy” rating to a “hold” rating in a report on Thursday, October 23rd. Needham & Company LLC downgraded shares of Avadel Pharmaceuticals from a “buy” rating to a “hold” rating in a research report on Wednesday, October 22nd. Weiss Ratings reissued a “sell (e+)” rating on shares of Avadel Pharmaceuticals in a research report on Wednesday, October 8th. Leerink Partners restated a “market perform” rating and issued a $18.50 target price on shares of Avadel Pharmaceuticals in a research note on Thursday, October 23rd. Finally, Wall Street Zen lowered shares of Avadel Pharmaceuticals from a “strong-buy” rating to a “buy” rating in a report on Saturday, October 25th. One equities research analyst has rated the stock with a Buy rating, ten have given a Hold rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Reduce” and a consensus price target of $17.31.

Avadel Pharmaceuticals Stock Performance

Shares of NASDAQ:AVDL opened at $18.71 on Wednesday. The stock has a 50-day simple moving average of $16.08 and a 200-day simple moving average of $12.31. The stock has a market capitalization of $1.82 billion, a P/E ratio of -623.67 and a beta of 1.47. Avadel Pharmaceuticals has a 1 year low of $6.38 and a 1 year high of $19.06.

Avadel Pharmaceuticals (NASDAQ:AVDL) last posted its quarterly earnings results on Tuesday, November 4th. The company reported $0.00 EPS for the quarter, missing the consensus estimate of $0.04 by ($0.04). Avadel Pharmaceuticals had a negative net margin of 1.32% and a negative return on equity of 3.73%. The business had revenue of $77.47 million during the quarter, compared to analysts’ expectations of $78.05 million. During the same quarter in the previous year, the business posted ($0.03) EPS. The company’s quarterly revenue was up 55.0% on a year-over-year basis. Analysts predict that Avadel Pharmaceuticals will post -0.51 earnings per share for the current year.

Hedge Funds Weigh In On Avadel Pharmaceuticals

A number of hedge funds have recently added to or reduced their stakes in the business. Nisa Investment Advisors LLC increased its stake in Avadel Pharmaceuticals by 164.5% during the second quarter. Nisa Investment Advisors LLC now owns 3,304 shares of the company’s stock valued at $29,000 after purchasing an additional 2,055 shares during the last quarter. Federated Hermes Inc. lifted its position in shares of Avadel Pharmaceuticals by 195.4% in the 3rd quarter. Federated Hermes Inc. now owns 3,471 shares of the company’s stock worth $53,000 after buying an additional 2,296 shares during the last quarter. State of Alaska Department of Revenue acquired a new position in shares of Avadel Pharmaceuticals in the 3rd quarter valued at about $83,000. Raymond James Financial Inc. bought a new stake in shares of Avadel Pharmaceuticals during the 2nd quarter valued at about $65,000. Finally, Tower Research Capital LLC TRC raised its stake in Avadel Pharmaceuticals by 217.5% during the second quarter. Tower Research Capital LLC TRC now owns 8,795 shares of the company’s stock worth $78,000 after acquiring an additional 6,025 shares during the period. Institutional investors and hedge funds own 69.19% of the company’s stock.

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.