Avadel Pharmaceuticals (NASDAQ:AVDL) Price Target Raised to $27.00

Avadel Pharmaceuticals (NASDAQ:AVDL) had its price objective raised by equities research analysts at HC Wainwright from $25.00 to $27.00 in a note issued to investors on Thursday, Benzinga reports. The firm presently has a “buy” rating on the stock. HC Wainwright’s price target would indicate a potential upside of 70.56% from the company’s current price.

Several other analysts have also issued reports on AVDL. Craig Hallum boosted their target price on Avadel Pharmaceuticals from $22.00 to $23.00 and gave the company a “buy” rating in a research note on Thursday. Oppenheimer boosted their price objective on Avadel Pharmaceuticals from $27.00 to $29.00 and gave the company an “outperform” rating in a research note on Tuesday, March 5th. Needham & Company LLC reiterated a “buy” rating and set a $22.00 price objective on shares of Avadel Pharmaceuticals in a research note on Wednesday. UBS Group started coverage on Avadel Pharmaceuticals in a research note on Tuesday, February 6th. They set a “buy” rating and a $21.00 price objective on the stock. Finally, Piper Sandler lifted their target price on shares of Avadel Pharmaceuticals from $18.00 to $23.00 and gave the company an “overweight” rating in a research report on Tuesday, March 5th. Six equities research analysts have rated the stock with a buy rating, According to MarketBeat, the company has an average rating of “Buy” and a consensus target price of $24.17.

Avadel Pharmaceuticals Trading Down 2.6 %

Shares of NASDAQ:AVDL traded down $0.42 during mid-day trading on Thursday, hitting $15.83. 2,362,421 shares of the company traded hands, compared to its average volume of 1,231,947. The stock has a market cap of $1.43 billion, a P/E ratio of -7.82 and a beta of 1.61. Avadel Pharmaceuticals has a 12-month low of $9.50 and a 12-month high of $19.09. The stock has a 50-day moving average price of $16.69 and a two-hundred day moving average price of $14.38.

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

Institutional Trading of Avadel Pharmaceuticals

Hedge funds have recently modified their holdings of the business. Avantax Advisory Services Inc. lifted its stake in shares of Avadel Pharmaceuticals by 3.8% during the 4th quarter. Avantax Advisory Services Inc. now owns 24,900 shares of the company’s stock valued at $352,000 after buying an additional 900 shares in the last quarter. Kestra Advisory Services LLC boosted its stake in Avadel Pharmaceuticals by 7.3% during the third quarter. Kestra Advisory Services LLC now owns 21,950 shares of the company’s stock worth $226,000 after buying an additional 1,500 shares during the period. BNP Paribas Financial Markets raised its stake in shares of Avadel Pharmaceuticals by 60.5% in the 1st quarter. BNP Paribas Financial Markets now owns 4,469 shares of the company’s stock valued at $75,000 after acquiring an additional 1,685 shares during the period. Commonwealth Equity Services LLC boosted its position in shares of Avadel Pharmaceuticals by 3.3% during the 3rd quarter. Commonwealth Equity Services LLC now owns 79,213 shares of the company’s stock worth $816,000 after purchasing an additional 2,528 shares during the period. Finally, Chilton Capital Management LLC acquired a new stake in Avadel Pharmaceuticals in the 1st quarter valued at approximately $51,000. 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.