Avadel Pharmaceuticals (NASDAQ:AVDL) Raised to "Hold" at Wells Fargo & Company

Key Points

• Wells Fargo & Company upgraded Avadel Pharmaceuticals to a "hold" rating, amidst positive movements from other analysts.
• UBS Group raised Avadel's price target from $13.00 to $20.00, contributing to a current consensus price target of $19.14.
• Avadel Pharmaceuticals reported a revenue increase of 64.1% year-on-year, with quarterly earnings exceeding expectations by $0.08.

Avadel Pharmaceuticals (NASDAQ:AVDL - Get Free Report) was upgraded by research analysts at Wells Fargo & Company to a "hold" rating in a report issued on Wednesday,Zacks.com reports.

Several other research firms have also commented on AVDL. HC Wainwright restated a "buy" rating and issued a $24.00 price target (up previously from $22.00) on shares of Avadel Pharmaceuticals in a report on Friday, August 8th. UBS Group raised their price target on shares of Avadel Pharmaceuticals from $13.00 to $20.00 and gave the company a "buy" rating in a report on Thursday, August 21st. Lifesci Capital upgraded shares of Avadel Pharmaceuticals to a "strong-buy" rating in a report on Wednesday, September 3rd. Zacks Research upgraded shares of Avadel Pharmaceuticals to a "strong-buy" rating in a report on Friday, August 8th. Finally, Wall Street Zen upgraded shares of Avadel Pharmaceuticals from a "buy" rating to a "strong-buy" rating in a report on Saturday, August 9th. Two analysts have rated the stock with a Strong Buy rating, six have issued a Buy rating and one has assigned a Hold rating to the company's stock. According to MarketBeat.com, the stock presently has a consensus rating of "Buy" and a consensus price target of $20.86.

Avadel Pharmaceuticals Stock Down 2.4%

Shares of AVDL stock traded down $0.38 during trading hours on Wednesday, hitting $15.38. 2,003,484 shares of the company were exchanged, compared to its average volume of 1,353,015. The firm has a market cap of $1.49 billion, a PE ratio of -512.67 and a beta of 1.57. Avadel Pharmaceuticals has a 1 year low of $6.38 and a 1 year high of $16.66. The firm has a fifty day moving average of $12.00 and a 200 day moving average of $9.76.

Avadel Pharmaceuticals (NASDAQ:AVDL - Get Free Report) last announced its quarterly earnings data on Thursday, August 7th. The company reported $0.10 earnings per share for the quarter, topping the consensus estimate of $0.02 by $0.08. The business had revenue of $68.13 million for the quarter, compared to analyst estimates of $60.28 million. Avadel Pharmaceuticals had a negative net margin of 1.32% and a negative return on equity of 3.73%. The company's revenue was up 64.1% on a year-over-year basis. During the same period in the prior year, the firm posted ($0.14) EPS. Avadel Pharmaceuticals has set its FY 2025 guidance at EPS. Analysts expect that Avadel Pharmaceuticals will post -0.51 earnings per share for the current year.

Hedge Funds Weigh In On Avadel Pharmaceuticals

Hedge funds have recently added to or reduced their stakes in the business. Nisa Investment Advisors LLC boosted its holdings in Avadel Pharmaceuticals by 164.5% in the second quarter. Nisa Investment Advisors LLC now owns 3,304 shares of the company's stock worth $29,000 after purchasing an additional 2,055 shares during the period. Raymond James Financial Inc. acquired a new position in Avadel Pharmaceuticals in the second quarter worth $65,000. Tower Research Capital LLC TRC lifted its stake in Avadel Pharmaceuticals by 217.5% in the second quarter. Tower Research Capital LLC TRC now owns 8,795 shares of the company's stock valued at $78,000 after buying an additional 6,025 shares during the last quarter. Exencial Wealth Advisors LLC bought a new stake in Avadel Pharmaceuticals in the first quarter valued at $82,000. Finally, Thoroughbred Financial Services LLC bought a new stake in Avadel Pharmaceuticals in the first quarter valued at $82,000. 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.