Avadel Pharmaceuticals PLC. (NASDAQ:AVDL) Given Average Recommendation of "Buy" by Brokerages

Avadel Pharmaceuticals PLC. (NASDAQ:AVDL - Get Free Report) has received an average rating of "Buy" from the six brokerages that are currently covering the firm, Marketbeat.com reports. Six analysts have rated the stock with a buy rating. The average 1-year target price among brokerages that have updated their coverage on the stock in the last year is $18.17.

AVDL has been the topic of a number of research reports. Needham & Company LLC reiterated a "buy" rating and issued a $19.00 target price on shares of Avadel Pharmaceuticals in a report on Thursday, May 8th. HC Wainwright reiterated a "buy" rating and issued a $21.00 target price on shares of Avadel Pharmaceuticals in a research report on Tuesday, March 4th.

Avadel Pharmaceuticals Stock Performance

Shares of NASDAQ:AVDL traded up $0.36 during midday trading on Friday, hitting $9.54. 1,517,153 shares of the company's stock traded hands, compared to its average volume of 1,297,457. Avadel Pharmaceuticals has a twelve month low of $6.38 and a twelve month high of $17.30. The company has a market cap of $922.90 million, a PE ratio of -35.33 and a beta of 1.45. The firm's fifty day moving average price is $9.05 and its two-hundred day moving average price is $8.78.

Avadel Pharmaceuticals (NASDAQ:AVDL - Get Free Report) last issued its earnings results on Wednesday, May 7th. The company reported ($0.05) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.07) by $0.02. Avadel Pharmaceuticals had a negative net margin of 13.58% and a negative return on equity of 36.07%. The business had revenue of $52.51 million for the quarter, compared to analyst estimates of $50.57 million. During the same quarter in the prior year, the business posted ($0.30) EPS. The company's revenue for the quarter was up 93.2% on a year-over-year basis. As a group, equities research analysts anticipate that Avadel Pharmaceuticals will post -0.51 EPS for the current fiscal year.

Institutional Trading of Avadel Pharmaceuticals

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

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.