Analysts Set Avadel Pharmaceuticals PLC. (NASDAQ:AVDL) Target Price at $18.17

Avadel Pharmaceuticals PLC. (NASDAQ:AVDL - Get Free Report) has been given a consensus recommendation of "Buy" by the six ratings firms that are presently covering the firm, Marketbeat reports. Six analysts have rated the stock with a buy recommendation. The average 1-year price objective among analysts that have updated their coverage on the stock in the last year is $18.33.

Several research firms have weighed in on AVDL. Needham & Company LLC reissued a "buy" rating and set a $19.00 price target on shares of Avadel Pharmaceuticals in a research report on Thursday, May 8th. HC Wainwright began coverage on Avadel Pharmaceuticals in a research report on Friday. They set a "buy" rating and a $22.00 price target for the company.

Institutional Investors Weigh In On Avadel Pharmaceuticals

Hedge funds and other institutional investors have recently made changes to their positions in the business. BNP Paribas Financial Markets purchased a new stake in shares of Avadel Pharmaceuticals in the fourth quarter valued at $245,000. Knott David M Jr purchased a new stake in shares of Avadel Pharmaceuticals in the fourth quarter valued at $3,646,000. Tri Locum Partners LP grew its position in Avadel Pharmaceuticals by 16.7% during the fourth quarter. Tri Locum Partners LP now owns 1,937,984 shares of the company's stock valued at $20,368,000 after acquiring an additional 277,029 shares during the period. California State Teachers Retirement System grew its position in Avadel Pharmaceuticals by 10.2% during the fourth quarter. California State Teachers Retirement System now owns 81,448 shares of the company's stock valued at $856,000 after acquiring an additional 7,544 shares during the period. Finally, Intech Investment Management LLC grew its position in Avadel Pharmaceuticals by 259.6% during the fourth quarter. Intech Investment Management LLC now owns 58,758 shares of the company's stock valued at $618,000 after acquiring an additional 42,418 shares during the period. Hedge funds and other institutional investors own 69.19% of the company's stock.

Avadel Pharmaceuticals Stock Performance

AVDL stock traded up $0.06 during midday trading on Tuesday, hitting $10.90. 523,011 shares of the stock were exchanged, compared to its average volume of 1,231,052. The stock's 50-day moving average price is $9.38 and its 200-day moving average price is $8.69. The stock has a market cap of $1.05 billion, a price-to-earnings ratio of -40.40 and a beta of 1.42. Avadel Pharmaceuticals has a fifty-two week low of $6.38 and a fifty-two week high of $17.30.

Avadel Pharmaceuticals (NASDAQ:AVDL - Get Free Report) last released its quarterly earnings results on Wednesday, May 7th. The company reported ($0.05) earnings per share for the quarter, topping the consensus estimate of ($0.07) by $0.02. The company had revenue of $52.51 million during the quarter, compared to the consensus estimate of $50.57 million. Avadel Pharmaceuticals had a negative return on equity of 36.07% and a negative net margin of 13.58%. Avadel Pharmaceuticals's revenue was up 93.2% compared to the same quarter last year. During the same quarter last year, the business posted ($0.30) earnings per share. Research analysts anticipate that Avadel Pharmaceuticals will post -0.51 EPS for the current year.

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.