Leerink Partners Reaffirms Market Perform Rating for Avadel Pharmaceuticals (NASDAQ:AVDL)

Key Points

• Leerink Partners has reaffirmed a market perform rating for Avadel Pharmaceuticals (NASDAQ: AVDL) with a price target of $18.50, indicating a potential downside of 0.32% from its current price.
• Avadel Pharmaceuticals reported earnings of $0.10 EPS, exceeding expectations, with a revenue increase of 64.1% year-over-year to $68.13 million.
• Analyst ratings for Avadel Pharmaceuticals vary, with one strong-buy, four buy, six hold, and one sell rating, resulting in an average rating of "hold" and an average target price of $18.72.

Avadel Pharmaceuticals (NASDAQ:AVDL - Get Free Report)'s stock had its "market perform" rating reaffirmed by stock analysts at Leerink Partners in a research report issued to clients and investors on Thursday,Benzinga reports. They presently have a $18.50 price target on the stock. Leerink Partners' target price suggests a potential downside of 0.32% from the stock's current price.

Other equities analysts have also recently issued reports about the stock. Weiss Ratings reaffirmed a "sell (e+)" rating on shares of Avadel Pharmaceuticals in a research note on Wednesday, October 8th. Needham & Company LLC cut shares of Avadel Pharmaceuticals from a "buy" rating to a "hold" rating in a research note on Wednesday. UBS Group raised their price target on shares of Avadel Pharmaceuticals from $13.00 to $20.00 and gave the stock a "buy" rating in a research note on Thursday, August 21st. Lifesci Capital raised shares of Avadel Pharmaceuticals to a "strong-buy" rating in a research note on Wednesday, September 3rd. Finally, Zacks Research cut shares of Avadel Pharmaceuticals from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, October 7th. One analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, six have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of "Hold" and an average target price of $18.72.

Avadel Pharmaceuticals Stock Performance

NASDAQ AVDL traded up $0.04 during trading hours on Thursday, reaching $18.56. 15,971,598 shares of the company's stock were exchanged, compared to its average volume of 1,645,449. The company's 50-day moving average is $15.11 and its two-hundred day moving average is $11.41. Avadel Pharmaceuticals has a one year low of $6.38 and a one year high of $18.65. The company has a market capitalization of $1.80 billion, a price-to-earnings ratio of -618.67 and a beta of 1.46.

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. Avadel Pharmaceuticals had a negative return on equity of 3.73% and a negative net margin of 1.32%.The business had revenue of $68.13 million during the quarter, compared to analysts' expectations of $60.28 million. During the same period in the prior year, the business earned ($0.14) EPS. Avadel Pharmaceuticals's revenue for the quarter was up 64.1% compared to the same quarter last year. Avadel Pharmaceuticals has set its FY 2025 guidance at EPS. Research analysts predict that Avadel Pharmaceuticals will post -0.51 earnings per share 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. Nisa Investment Advisors LLC lifted its holdings in Avadel Pharmaceuticals by 164.5% during the 2nd quarter. Nisa Investment Advisors LLC now owns 3,304 shares of the company's stock valued at $29,000 after purchasing an additional 2,055 shares during the last quarter. Raymond James Financial Inc. acquired a new stake in Avadel Pharmaceuticals during the 2nd quarter valued at $65,000. Tower Research Capital LLC TRC lifted its holdings in Avadel Pharmaceuticals by 217.5% during the 2nd quarter. Tower Research Capital LLC TRC now owns 8,795 shares of the company's stock valued at $78,000 after purchasing an additional 6,025 shares during the last quarter. Exencial Wealth Advisors LLC acquired a new stake in Avadel Pharmaceuticals during the 1st quarter valued at $82,000. Finally, Thoroughbred Financial Services LLC acquired a new stake in Avadel Pharmaceuticals during the 1st quarter valued at $82,000. Institutional investors and hedge funds own 69.19% of the company's stock.

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.

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