HC Wainwright Begins Coverage on Avadel Pharmaceuticals (NASDAQ:AVDL)

HC Wainwright assumed coverage on shares of Avadel Pharmaceuticals (NASDAQ:AVDL - Free Report) in a research report released on Friday morning, MarketBeat.com reports. The brokerage issued a buy rating and a $22.00 target price on the stock.

Separately, Needham & Company LLC reaffirmed a "buy" rating and issued a $19.00 target price on shares of Avadel Pharmaceuticals in a report on Thursday, May 8th. Six investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company presently has an average rating of "Buy" and a consensus price target of $18.33.

Avadel Pharmaceuticals Price Performance

Avadel Pharmaceuticals stock traded down $0.01 during mid-day trading on Friday, hitting $10.83. The company's stock had a trading volume of 1,242,267 shares, compared to its average volume of 1,235,755. The firm's 50 day moving average is $9.41 and its 200 day moving average is $8.69. The company has a market cap of $1.05 billion, a PE ratio of -40.11 and a beta of 1.42. Avadel Pharmaceuticals has a 52-week low of $6.38 and a 52-week high of $17.30.

Avadel Pharmaceuticals (NASDAQ:AVDL - Get Free Report) last posted its quarterly earnings results on Wednesday, May 7th. The company reported ($0.05) earnings per share for the quarter, topping analysts' consensus estimates of ($0.07) by $0.02. Avadel Pharmaceuticals had a negative return on equity of 36.07% and a negative net margin of 13.58%. The company had revenue of $52.51 million during the quarter, compared to the consensus estimate of $50.57 million. During the same period last year, the business earned ($0.30) EPS. The business's quarterly revenue was up 93.2% on a year-over-year basis. As a group, analysts forecast that Avadel Pharmaceuticals will post -0.51 EPS for the current year.

Hedge Funds Weigh In On Avadel Pharmaceuticals

Hedge funds and other institutional investors have recently modified their holdings of the stock. Invesco Ltd. raised its position in Avadel Pharmaceuticals by 2.3% in the 4th quarter. Invesco Ltd. now owns 52,142 shares of the company's stock valued at $548,000 after purchasing an additional 1,177 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in Avadel Pharmaceuticals by 3.7% in the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 52,594 shares of the company's stock valued at $553,000 after purchasing an additional 1,882 shares during the last quarter. Charles Schwab Investment Management Inc. raised its position in Avadel Pharmaceuticals by 1.1% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 222,798 shares of the company's stock valued at $2,342,000 after purchasing an additional 2,434 shares during the last quarter. Rhumbline Advisers lifted its holdings in Avadel Pharmaceuticals by 2.3% during the 1st quarter. Rhumbline Advisers now owns 127,027 shares of the company's stock worth $995,000 after buying an additional 2,890 shares in the last quarter. Finally, MetLife Investment Management LLC lifted its holdings in Avadel Pharmaceuticals by 6.1% during the 4th quarter. MetLife Investment Management LLC now owns 57,068 shares of the company's stock worth $600,000 after buying an additional 3,271 shares in the last quarter. Institutional investors 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.