Avadel Pharmaceuticals PLC. (NASDAQ:AVDL - Get Free Report) shares were up 7.4% on Wednesday . The stock traded as high as $9.70 and last traded at $9.71. Approximately 418,838 shares changed hands during trading, a decline of 66% from the average daily volume of 1,226,976 shares. The stock had previously closed at $9.04.
Wall Street Analysts Forecast Growth
Separately, Needham & Company LLC reaffirmed a "buy" rating and set a $19.00 price target on shares of Avadel Pharmaceuticals in a research note on Thursday, May 8th. Six research analysts have rated the stock with a buy rating, According to data from MarketBeat, the company has an average rating of "Buy" and an average target price of $18.17.
Check Out Our Latest Research Report on AVDL
Avadel Pharmaceuticals Price Performance
The firm's 50 day moving average is $9.22 and its two-hundred day moving average is $8.69. The firm has a market capitalization of $923.87 million, a P/E ratio of -35.37 and a beta of 1.42.
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 (EPS) for the quarter, beating the consensus estimate 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 business had revenue of $52.51 million during the quarter, compared to the consensus estimate of $50.57 million. During the same quarter last year, the firm posted ($0.30) EPS. The company's quarterly revenue was up 93.2% on a year-over-year basis. Analysts anticipate that Avadel Pharmaceuticals PLC. will post -0.51 EPS for the current fiscal year.
Institutional Investors Weigh In On Avadel Pharmaceuticals
Hedge funds have recently added to or reduced their stakes in the business. Thoroughbred Financial Services LLC acquired a new stake in Avadel Pharmaceuticals during the 1st quarter valued at $82,000. Exencial Wealth Advisors LLC acquired a new stake in shares of Avadel Pharmaceuticals during the first quarter worth $82,000. Kovack Advisors Inc. acquired a new stake in shares of Avadel Pharmaceuticals during the first quarter worth $90,000. Quarry LP acquired a new stake in shares of Avadel Pharmaceuticals during the first quarter worth $94,000. Finally, Pekin Hardy Strauss Inc. acquired a new stake in shares of Avadel Pharmaceuticals during the first quarter worth $110,000. Institutional investors and hedge funds own 69.19% of the company's stock.
About Avadel Pharmaceuticals
(
Get Free Report)
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.
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