Avadel Pharmaceuticals (NASDAQ:AVDL) Receives Buy Rating from 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 morning, Benzinga reports. They currently have a $22.00 price objective on the stock.

AVDL has been the subject of a number of other research reports. Rodman & Renshaw started coverage on Avadel Pharmaceuticals in a research report on Wednesday, June 12th. They issued a buy rating and a $27.00 target price for the company. HC Wainwright raised their target price on shares of Avadel Pharmaceuticals from $25.00 to $27.00 and gave the stock a buy rating in a report on Thursday, May 9th. Finally, Craig Hallum boosted their target price on shares of Avadel Pharmaceuticals from $22.00 to $23.00 and gave the company a buy rating in a research note on Thursday, May 9th. Seven research analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock presently has an average rating of Buy and an average price target of $24.57.

Avadel Pharmaceuticals Stock Up 3.2 %

NASDAQ:AVDL opened at $16.00 on Friday. The stock has a market cap of $1.54 billion, a price-to-earnings ratio of -8.60 and a beta of 1.53. The company’s 50 day moving average price is $15.61 and its 200-day moving average price is $15.75. Avadel Pharmaceuticals has a 52 week low of $9.50 and a 52 week high of $19.09.

Avadel Pharmaceuticals (NASDAQ:AVDL) last issued its earnings results on Thursday, August 8th. The company reported ($0.14) EPS for the quarter, beating the consensus estimate of ($0.17) by $0.03. Avadel Pharmaceuticals had a negative return on equity of 139.72% and a negative net margin of 284.42%. The business had revenue of $41.50 million for the quarter, compared to the consensus estimate of $37.47 million. During the same period last year, the business posted ($0.70) EPS. The company’s revenue was up 2666.7% compared to the same quarter last year. As a group, sell-side analysts anticipate that Avadel Pharmaceuticals will post -0.58 earnings per share for the current year.

Institutional Investors Weigh In On Avadel Pharmaceuticals

Hedge funds and other institutional investors have recently modified their holdings of the stock. Amalgamated Bank purchased a new stake in Avadel Pharmaceuticals in the second quarter worth about $45,000. Beverly Hills Private Wealth LLC purchased a new stake in Avadel Pharmaceuticals in the 2nd quarter worth approximately $146,000. Rhumbline Advisers raised its stake in Avadel Pharmaceuticals by 7,840.1% during the 2nd quarter. Rhumbline Advisers now owns 122,675 shares of the company’s stock worth $1,725,000 after acquiring an additional 121,130 shares during the period. Commonwealth Equity Services LLC lifted its holdings in Avadel Pharmaceuticals by 13.9% during the second quarter. Commonwealth Equity Services LLC now owns 44,767 shares of the company’s stock valued at $629,000 after purchasing an additional 5,460 shares in the last quarter. Finally, Modera Wealth Management LLC boosted its position in shares of Avadel Pharmaceuticals by 0.4% in the second quarter. Modera Wealth Management LLC now owns 602,608 shares of the company’s stock worth $8,473,000 after purchasing an additional 2,159 shares during the period. 69.19% of the stock is currently owned by hedge funds and other 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.