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

Needham & Company LLC reissued their buy rating on shares of Avadel Pharmaceuticals (NASDAQ:AVDL) in a report issued on Wednesday, Benzinga reports. They currently have a $22.00 price objective on the stock.

AVDL has been the topic of a number of other research reports. Craig Hallum lifted their price target on shares of Avadel Pharmaceuticals from $20.00 to $22.00 and gave the company a buy rating in a research note on Tuesday, March 5th. Piper Sandler increased their target price on Avadel Pharmaceuticals from $18.00 to $23.00 and gave the stock an overweight rating in a report on Tuesday, March 5th. Oppenheimer boosted their price target on Avadel Pharmaceuticals from $27.00 to $29.00 and gave the company an outperform rating in a report on Tuesday, March 5th. HC Wainwright increased their price objective on Avadel Pharmaceuticals from $21.00 to $25.00 and gave the stock a buy rating in a report on Tuesday, March 5th. Finally, UBS Group began coverage on Avadel Pharmaceuticals in a research note on Tuesday, February 6th. They issued a buy rating and a $21.00 target price on the stock. Six equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company currently has a consensus rating of Buy and a consensus target price of $23.67.

Avadel Pharmaceuticals Price Performance

AVDL stock opened at $16.25 on Wednesday. Avadel Pharmaceuticals has a fifty-two week low of $9.50 and a fifty-two week high of $19.09. The stock has a market capitalization of $1.47 billion, a PE ratio of -7.97 and a beta of 1.61. The company has a 50 day moving average price of $16.69 and a 200 day moving average price of $14.38.

Avadel Pharmaceuticals (NASDAQ:AVDL) last announced its quarterly earnings data on Wednesday, May 8th. The company reported ($0.30) earnings per share for the quarter, missing the consensus estimate of ($0.25) by ($0.05). The company had revenue of $27.18 million for the quarter, compared to analyst estimates of $25.89 million. During the same quarter in the prior year, the company earned ($0.48) EPS. Avadel Pharmaceuticals’s revenue for the quarter was up 2617.8% compared to the same quarter last year. As a group, equities analysts expect that Avadel Pharmaceuticals will post -0.46 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Avadel Pharmaceuticals

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. RTW Investments LP grew its stake in shares of Avadel Pharmaceuticals by 4.8% in the third quarter. RTW Investments LP now owns 7,136,415 shares of the company’s stock valued at $73,505,000 after buying an additional 325,774 shares in the last quarter. Gendell Jeffrey L increased its stake in shares of Avadel Pharmaceuticals by 4.1% during the 3rd quarter. Gendell Jeffrey L now owns 5,615,350 shares of the company’s stock worth $57,838,000 after purchasing an additional 219,290 shares during the last quarter. Vivo Capital LLC raised its holdings in shares of Avadel Pharmaceuticals by 7.0% in the 3rd quarter. Vivo Capital LLC now owns 4,096,428 shares of the company’s stock valued at $42,193,000 after purchasing an additional 266,851 shares during the period. Wealth Effects LLC lifted its stake in Avadel Pharmaceuticals by 0.3% in the 4th quarter. Wealth Effects LLC now owns 2,416,326 shares of the company’s stock valued at $34,119,000 after purchasing an additional 7,037 shares during the last quarter. Finally, Brandes Investment Partners LP grew its holdings in Avadel Pharmaceuticals by 5.9% during the fourth quarter. Brandes Investment Partners LP now owns 1,533,614 shares of the company’s stock worth $21,655,000 after purchasing an additional 84,842 shares during the period. 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.