Avadel Pharmaceuticals PLC. (NASDAQ:AVDL) Given Consensus Rating of "Buy" by Brokerages

Key Points

• Avadel Pharmaceuticals PLC has received a consensus recommendation of "Buy" from six brokerages, with an average twelve-month target price of $18.67.
• Wall Street Zen upgraded the stock from "Buy" to "Strong-Buy," while Needham & Company set a price objective of $19.00 and HC Wainwright increased it to $24.00.
• The company reported a 64.1% year-over-year increase in revenue, totaling $68.13 million, significantly outperforming analyst expectations.

Avadel Pharmaceuticals PLC. (NASDAQ:AVDL - Get Free Report) has earned an average recommendation of "Buy" from the six ratings firms that are currently covering the firm, Marketbeat Ratings reports. Six analysts have rated the stock with a buy recommendation. The average twelve-month price objective among analysts that have covered the stock in the last year is $18.6667.

A number of equities analysts have issued reports on AVDL shares. Wall Street Zen upgraded Avadel Pharmaceuticals from a "buy" rating to a "strong-buy" rating in a report on Saturday. Needham & Company LLC reaffirmed a "buy" rating and issued a $19.00 target price on shares of Avadel Pharmaceuticals in a research report on Thursday, May 8th. HC Wainwright reaffirmed a "buy" rating and issued a $24.00 target price (up previously from $22.00) on shares of Avadel Pharmaceuticals in a research report on Friday, August 8th. Finally, Deutsche Bank Aktiengesellschaft reaffirmed a "buy" rating on shares of Avadel Pharmaceuticals in a research report on Friday.

Institutional Investors Weigh In On Avadel Pharmaceuticals

A number of institutional investors have recently added to or reduced their stakes in AVDL. Invesco Ltd. boosted its stake in Avadel Pharmaceuticals by 2.3% during the fourth quarter. Invesco Ltd. now owns 52,142 shares of the company's stock worth $548,000 after acquiring an additional 1,177 shares in the last quarter. Kovack Advisors Inc. raised its holdings in shares of Avadel Pharmaceuticals by 13.0% in the second quarter. Kovack Advisors Inc. now owns 13,000 shares of the company's stock valued at $115,000 after purchasing an additional 1,500 shares during the last quarter. Creative Planning raised its holdings in shares of Avadel Pharmaceuticals by 10.0% in the second quarter. Creative Planning now owns 19,376 shares of the company's stock valued at $171,000 after purchasing an additional 1,759 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in shares of Avadel Pharmaceuticals by 3.7% in the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 52,594 shares of the company's stock valued at $553,000 after purchasing an additional 1,882 shares during the last quarter. Finally, Nisa Investment Advisors LLC increased its holdings in Avadel Pharmaceuticals by 164.5% during the second quarter. Nisa Investment Advisors LLC now owns 3,304 shares of the company's stock worth $29,000 after buying an additional 2,055 shares during the last quarter. 69.19% of the stock is owned by institutional investors.

Avadel Pharmaceuticals Stock Up 1.4%

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

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

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.