Leerink Partnrs Has Negative Outlook of AVDL FY2024 Earnings

Avadel Pharmaceuticals plc (NASDAQ:AVDL) – Investment analysts at Leerink Partnrs lowered their FY2024 earnings estimates for Avadel Pharmaceuticals in a research note issued on Tuesday, November 12th. Leerink Partnrs analyst M. Goodman now forecasts that the company will post earnings per share of ($0.53) for the year, down from their prior estimate of ($0.45). The consensus estimate for Avadel Pharmaceuticals’ current full-year earnings is ($0.50) per share. Leerink Partnrs also issued estimates for Avadel Pharmaceuticals’ Q4 2024 earnings at ($0.06) EPS and FY2027 earnings at $2.65 EPS.

AVDL has been the subject of a number of other research reports. Oppenheimer lifted their target price on shares of Avadel Pharmaceuticals from $29.00 to $30.00 and gave the stock an “outperform” rating in a research report on Thursday, October 31st. Needham & Company LLC reiterated a “buy” rating and set a $22.00 target price on shares of Avadel Pharmaceuticals in a report on Tuesday. Finally, HC Wainwright reduced their price objective on Avadel Pharmaceuticals from $27.00 to $25.00 and set a “buy” rating on the stock in a research report on Wednesday. Seven equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Avadel Pharmaceuticals presently has a consensus rating of “Buy” and an average target price of $24.43.

Avadel Pharmaceuticals Stock Down 3.6 %

NASDAQ:AVDL opened at $11.59 on Friday. Avadel Pharmaceuticals has a 52-week low of $10.39 and a 52-week high of $19.09. The stock has a fifty day simple moving average of $13.62 and a 200-day simple moving average of $15.09. The company has a market capitalization of $1.12 billion, a PE ratio of -14.67 and a beta of 1.47.

Avadel Pharmaceuticals (NASDAQ:AVDL) last issued its quarterly earnings data on Tuesday, November 12th. The company reported ($0.03) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.06) by $0.03. The firm had revenue of $50.00 million during the quarter, compared to analysts’ expectations of $48.43 million. Avadel Pharmaceuticals had a negative return on equity of 93.34% and a negative net margin of 52.53%. Avadel Pharmaceuticals’s revenue was up 624.6% on a year-over-year basis. During the same period in the previous year, the firm posted ($0.41) earnings per share.

Hedge Funds Weigh In On Avadel Pharmaceuticals

Several large investors have recently added to or reduced their stakes in the business. Creative Planning grew its holdings in Avadel Pharmaceuticals by 8.2% in the 3rd quarter. Creative Planning now owns 12,381 shares of the company’s stock valued at $162,000 after buying an additional 938 shares during the period. MAI Capital Management grew its holdings in Avadel Pharmaceuticals by 1.0% in the third quarter. MAI Capital Management now owns 107,533 shares of the company’s stock valued at $1,410,000 after purchasing an additional 1,031 shares during the period. BNP Paribas Financial Markets increased its position in Avadel Pharmaceuticals by 60.5% during the first quarter. BNP Paribas Financial Markets now owns 4,469 shares of the company’s stock worth $75,000 after purchasing an additional 1,685 shares during the last quarter. Investors Asset Management of Georgia Inc. GA ADV raised its stake in Avadel Pharmaceuticals by 2.4% during the second quarter. Investors Asset Management of Georgia Inc. GA ADV now owns 89,475 shares of the company’s stock worth $1,258,000 after purchasing an additional 2,100 shares during the period. Finally, Modera Wealth Management LLC boosted its holdings in shares of Avadel Pharmaceuticals by 0.4% in the 2nd quarter. Modera Wealth Management LLC now owns 602,608 shares of the company’s stock valued at $8,473,000 after purchasing an additional 2,159 shares during the last quarter. 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.