Avadel Pharmaceuticals (NASDAQ:AVDL) Rating Increased to Strong-Buy at Wall Street Zen

Key Points

• Wall Street Zen has upgraded Avadel Pharmaceuticals from a "buy" rating to a "strong-buy" rating, indicating increased analyst confidence in the stock.
• HC Wainwright and Needham & Company, among other analysts, have reaffirmed their "buy" ratings with price targets ranging from $19 to $24, reflecting positive market sentiment.
• Avadel reported a 64.1% year-over-year revenue increase, surpassing estimates by generating $68.13 million during its last quarterly earnings.

Wall Street Zen upgraded shares of Avadel Pharmaceuticals (NASDAQ:AVDL - Free Report) from a buy rating to a strong-buy rating in a research note issued to investors on Saturday.

Several other brokerages have also recently weighed in on AVDL. HC Wainwright reiterated a "buy" rating and issued a $24.00 price objective (up previously from $22.00) on shares of Avadel Pharmaceuticals in a research note on Friday, August 8th. Needham & Company LLC reiterated a "buy" rating and issued a $19.00 price objective on shares of Avadel Pharmaceuticals in a research note on Thursday, May 8th. Six analysts have rated the stock with a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat.com, the company presently has a consensus rating of "Buy" and a consensus price target of $18.67.

Avadel Pharmaceuticals Stock Up 1.4%

Shares of NASDAQ AVDL traded up $0.19 during mid-day trading on Friday, reaching $13.59. 285,054 shares of the company were exchanged, compared to its average volume of 1,343,244. The company's 50-day simple moving average is $10.20 and its 200-day simple moving average is $8.97. The stock has a market capitalization of $1.31 billion, a P/E ratio of -453.03 and a beta of 1.47. Avadel Pharmaceuticals has a twelve month low of $6.38 and a twelve month high of $16.66.

Avadel Pharmaceuticals (NASDAQ:AVDL - Get Free Report) last posted its earnings results on Thursday, August 7th. The company reported $0.10 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.02 by $0.08. The company had revenue of $68.13 million during the quarter, compared to analysts' expectations of $60.28 million. Avadel Pharmaceuticals had a negative net margin of 1.32% and a negative return on equity of 3.73%. Avadel Pharmaceuticals's quarterly revenue was up 64.1% compared to the same quarter last year. During the same quarter last year, the company posted ($0.14) EPS. As a group, equities research analysts expect that Avadel Pharmaceuticals will post -0.51 EPS for the current year.

Hedge Funds Weigh In On Avadel Pharmaceuticals

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Janus Henderson Group PLC raised its position in shares of Avadel Pharmaceuticals by 5.7% in the 4th quarter. Janus Henderson Group PLC now owns 14,080,219 shares of the company's stock valued at $148,117,000 after buying an additional 753,332 shares in the last quarter. Two Seas Capital LP raised its position in shares of Avadel Pharmaceuticals by 15.1% in the 1st quarter. Two Seas Capital LP now owns 4,946,449 shares of the company's stock valued at $38,731,000 after buying an additional 650,000 shares in the last quarter. Braidwell LP raised its position in shares of Avadel Pharmaceuticals by 21.2% in the 4th quarter. Braidwell LP now owns 4,105,726 shares of the company's stock valued at $43,151,000 after buying an additional 716,787 shares in the last quarter. Vanguard Group Inc. raised its position in shares of Avadel Pharmaceuticals by 2.3% in the 4th quarter. Vanguard Group Inc. now owns 3,953,247 shares of the company's stock valued at $41,549,000 after buying an additional 90,147 shares in the last quarter. Finally, Wealth Effects LLC raised its position in shares of Avadel Pharmaceuticals by 1.1% in the 1st quarter. Wealth Effects LLC now owns 2,369,122 shares of the company's stock valued at $18,550,000 after buying an additional 24,992 shares in the last quarter. 69.19% of the stock is currently owned by institutional investors and hedge funds.

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.