Avadel Pharmaceuticals PLC. (NASDAQ:AVDL - Get Free Report)'s stock price gapped up prior to trading on Thursday following a better than expected earnings announcement. The stock had previously closed at $11.10, but opened at $14.00. Avadel Pharmaceuticals shares last traded at $12.13, with a volume of 837,374 shares.
The company reported $0.10 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.02 by $0.08. The firm had revenue of $68.13 million during the quarter, compared to the consensus estimate of $60.28 million. Avadel Pharmaceuticals had a negative return on equity of 3.73% and a negative net margin of 1.32%. The company's revenue for the quarter was up 64.1% on a year-over-year basis. During the same quarter last year, the company posted ($0.14) EPS.
Wall Street Analyst Weigh In
Several equities analysts have recently issued reports on the company. Deutsche Bank Aktiengesellschaft reissued a "buy" rating on shares of Avadel Pharmaceuticals in a research note on Friday. HC Wainwright reissued a "buy" rating and set a $24.00 target price (up from $22.00) on shares of Avadel Pharmaceuticals in a research note on Friday. Needham & Company LLC restated a "buy" rating and set a $19.00 price target on shares of Avadel Pharmaceuticals in a research report on Thursday, May 8th. Finally, Wall Street Zen upgraded Avadel Pharmaceuticals from a "buy" rating to a "strong-buy" rating in a research report on Saturday. Six research analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of "Buy" and an average price target of $18.67.
View Our Latest Report on Avadel Pharmaceuticals
Institutional Investors Weigh In On Avadel Pharmaceuticals
A number of institutional investors and hedge funds have recently bought and sold shares of AVDL. Nisa Investment Advisors LLC grew its position 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 acquiring an additional 2,055 shares during the period. Exencial Wealth Advisors LLC acquired a new stake in shares of Avadel Pharmaceuticals during the first quarter worth about $82,000. Thoroughbred Financial Services LLC purchased a new position in shares of Avadel Pharmaceuticals during the first quarter worth about $82,000. Kovack Advisors Inc. purchased a new position in shares of Avadel Pharmaceuticals during the first quarter worth about $90,000. Finally, Quarry LP purchased a new stake in Avadel Pharmaceuticals in the 1st quarter valued at approximately $94,000. 69.19% of the stock is owned by institutional investors.
Avadel Pharmaceuticals Trading Down 1.6%
The stock has a fifty day simple moving average of $10.05 and a two-hundred day simple moving average of $8.91. The company has a market cap of $1.21 billion, a PE ratio of -416.73 and a beta of 1.47.
Avadel Pharmaceuticals Company Profile
(
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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.
Further Reading
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