Avadel Pharmaceuticals' (AVDL) Buy Rating Reaffirmed at Needham & Company LLC

Avadel Pharmaceuticals (NASDAQ:AVDL - Get Free Report)'s stock had its "buy" rating restated by Needham & Company LLC in a research report issued on Wednesday, Benzinga reports. They presently have a $22.00 price target on the stock. Needham & Company LLC's price objective would suggest a potential upside of 35.38% from the stock's previous close.

Several other analysts also recently commented on the company. Craig Hallum raised their target price on Avadel Pharmaceuticals from $20.00 to $22.00 and gave the company a "buy" rating in a research note on Tuesday, March 5th. Oppenheimer upped their target price on Avadel Pharmaceuticals from $27.00 to $29.00 and gave the stock an "outperform" rating in a research report on Tuesday, March 5th. UBS Group began coverage on Avadel Pharmaceuticals in a report on Tuesday, February 6th. They issued a "buy" rating and a $21.00 target price on the stock. Piper Sandler boosted their price target on shares of Avadel Pharmaceuticals from $18.00 to $23.00 and gave the company an "overweight" rating in a research note on Tuesday, March 5th. Finally, HC Wainwright upped their price objective on shares of Avadel Pharmaceuticals from $21.00 to $25.00 and gave the stock a "buy" rating in a report on Tuesday, March 5th. Six equities research analysts have rated the stock with a buy rating, According to MarketBeat, the company currently has an average rating of "Buy" and a consensus target price of $23.67.

Avadel Pharmaceuticals Trading Down 10.6 %

NASDAQ AVDL traded down $1.93 during trading on Wednesday, hitting $16.25. 4,207,070 shares of the company's stock were exchanged, compared to its average volume of 1,219,241. Avadel Pharmaceuticals has a fifty-two week low of $9.50 and a fifty-two week high of $19.09. The stock's 50 day moving average price is $16.63 and its two-hundred day moving average price is $14.33. The company has a market cap of $1.47 billion, a PE ratio of -8.27 and a beta of 1.61.

Avadel Pharmaceuticals (NASDAQ:AVDL - Get Free Report) last posted its quarterly earnings results on Monday, March 4th. The company reported ($0.32) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.28) by ($0.04). The business had revenue of $19.45 million during the quarter, compared to analysts' expectations of $17.41 million. During the same quarter last year, the firm earned ($0.44) EPS. Analysts forecast that Avadel Pharmaceuticals will post -0.46 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Avadel Pharmaceuticals

Several large investors have recently modified their holdings of AVDL. Chilton Capital Management LLC purchased a new stake in Avadel Pharmaceuticals in the first quarter worth $51,000. BNP Paribas Financial Markets increased its holdings in Avadel Pharmaceuticals by 60.5% in the 1st quarter. BNP Paribas Financial Markets now owns 4,469 shares of the company's stock worth $75,000 after acquiring an additional 1,685 shares during the last quarter. Quantbot Technologies LP bought a new stake in Avadel Pharmaceuticals in the 3rd quarter valued at about $78,000. Quarry LP purchased a new stake in Avadel Pharmaceuticals during the fourth quarter valued at about $120,000. Finally, Exencial Wealth Advisors LLC purchased a new stake in Avadel Pharmaceuticals during the third quarter valued at about $124,000. Hedge funds and other institutional investors 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.