Avadel Pharmaceuticals (NASDAQ:AVDL) Earns Buy Rating from Needham & Company LLC

Avadel Pharmaceuticals (NASDAQ:AVDL - Get Free Report)'s stock had its "buy" rating restated by equities research analysts at Needham & Company LLC in a note issued to investors on Thursday,Benzinga reports. They currently have a $19.00 target price on the stock. Needham & Company LLC's price target would indicate a potential upside of 112.29% from the stock's previous close.

Several other research analysts also recently commented on AVDL. Piper Sandler cut their price objective on shares of Avadel Pharmaceuticals from $24.00 to $13.00 and set an "overweight" rating for the company in a report on Friday, January 10th. Deutsche Bank Aktiengesellschaft assumed coverage on shares of Avadel Pharmaceuticals in a report on Tuesday, February 11th. They set a "buy" rating and a $12.00 price objective for the company. UBS Group decreased their price objective on shares of Avadel Pharmaceuticals from $22.00 to $14.00 and set a "buy" rating on the stock in a research report on Monday, January 13th. Finally, HC Wainwright reaffirmed a "buy" rating and set a $21.00 target price on shares of Avadel Pharmaceuticals in a research note on Tuesday, March 4th. Seven research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock currently has an average rating of "Buy" and a consensus target price of $19.43.

Avadel Pharmaceuticals Stock Down 6.7%

AVDL traded down $0.64 during trading on Thursday, reaching $8.95. 741,188 shares of the stock traded hands, compared to its average volume of 1,223,987. The stock has a market capitalization of $864.83 million, a PE ratio of -11.33 and a beta of 1.40. The stock's 50-day moving average is $8.15 and its 200 day moving average is $9.43. Avadel Pharmaceuticals has a 12 month low of $6.38 and a 12 month high of $17.51.

Avadel Pharmaceuticals (NASDAQ:AVDL - Get Free Report) last announced its quarterly earnings results on Wednesday, May 7th. The company reported ($0.05) earnings per share for the quarter, beating the consensus estimate of ($0.07) by $0.02. Avadel Pharmaceuticals had a negative net margin of 52.53% and a negative return on equity of 93.34%. The business had revenue of $52.51 million for the quarter, compared to analysts' expectations of $50.57 million. During the same quarter last year, the firm earned ($0.30) EPS. The firm's revenue for the quarter was up 93.2% compared to the same quarter last year. As a group, equities research analysts anticipate that Avadel Pharmaceuticals will post -0.51 EPS for the current year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the company. Wealth Effects LLC raised its holdings in shares of Avadel Pharmaceuticals by 4.9% during the fourth quarter. Wealth Effects LLC now owns 2,344,130 shares of the company's stock valued at $24,637,000 after purchasing an additional 110,359 shares during the last quarter. SG Americas Securities LLC grew its stake in shares of Avadel Pharmaceuticals by 274.6% in the 4th quarter. SG Americas Securities LLC now owns 46,767 shares of the company's stock worth $492,000 after buying an additional 34,281 shares in the last quarter. Barclays PLC boosted its stake in shares of Avadel Pharmaceuticals by 45.8% during the 3rd quarter. Barclays PLC now owns 392,691 shares of the company's stock worth $5,150,000 after purchasing an additional 123,430 shares during the period. Knott David M Jr purchased a new position in Avadel Pharmaceuticals during the 4th quarter valued at about $3,646,000. Finally, Tri Locum Partners LP increased its position in Avadel Pharmaceuticals by 16.7% during the 4th quarter. Tri Locum Partners LP now owns 1,937,984 shares of the company's stock valued at $20,368,000 after purchasing an additional 277,029 shares during the period. Institutional investors 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.