Avadel Pharmaceuticals (NASDAQ:AVDL) Shares Down 7.3% on Disappointing Earnings

Avadel Pharmaceuticals plc (NASDAQ:AVDL) shares dropped 7.3% on Thursday following a dissappointing earnings announcement. The company traded as low as $14.77 and last traded at $15.06. Approximately 1,090,626 shares were traded during trading, a decline of 10% from the average daily volume of 1,217,203 shares. The stock had previously closed at $16.25.

The company reported ($0.30) EPS for the quarter, missing analysts’ consensus estimates of ($0.25) by ($0.05). The firm had revenue of $27.18 million for the quarter, compared to analysts’ expectations of $25.89 million. During the same quarter last year, the firm earned ($0.48) earnings per share. Avadel Pharmaceuticals’s revenue was up 2617.8% on a year-over-year basis.

Analyst Ratings Changes

A number of equities analysts recently commented on the stock. Craig Hallum lifted their target price on shares of Avadel Pharmaceuticals from $22.00 to $23.00 and gave the stock a “buy” rating in a research report on Thursday. HC Wainwright raised their target price 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. UBS Group started coverage on shares of Avadel Pharmaceuticals in a research note on Tuesday, February 6th. They set a “buy” rating and a $21.00 price objective for the company. Piper Sandler lifted their price objective on Avadel Pharmaceuticals from $18.00 to $23.00 and gave the stock an “overweight” rating in a research report on Tuesday, March 5th. Finally, Oppenheimer lifted their price target on shares of Avadel Pharmaceuticals from $27.00 to $29.00 and gave the company an “outperform” rating in a report on Tuesday, March 5th. Six equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Avadel Pharmaceuticals presently has a consensus rating of “Buy” and an average target price of $23.83.

Hedge Funds Weigh In On Avadel Pharmaceuticals

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. RTW Investments LP grew its holdings in Avadel Pharmaceuticals by 4.8% during the 3rd quarter. RTW Investments LP now owns 7,136,415 shares of the company’s stock valued at $73,505,000 after purchasing an additional 325,774 shares during the last quarter. Obermeyer Wood Investment Counsel Lllp purchased a new stake in shares of Avadel Pharmaceuticals during the 1st quarter worth $4,721,000. MPM Bioimpact LLC grew its position in shares of Avadel Pharmaceuticals by 72.5% in the 3rd quarter. MPM Bioimpact LLC now owns 664,224 shares of the company’s stock worth $6,842,000 after buying an additional 279,234 shares during the last quarter. Kennedy Capital Management LLC grew its holdings in Avadel Pharmaceuticals by 60.2% in the third quarter. Kennedy Capital Management LLC now owns 715,424 shares of the company’s stock worth $7,369,000 after purchasing an additional 268,704 shares during the last quarter. Finally, Vivo Capital LLC grew its stake in Avadel Pharmaceuticals by 7.0% during the 3rd quarter. Vivo Capital LLC now owns 4,096,428 shares of the company’s stock worth $42,193,000 after buying an additional 266,851 shares during the last quarter. Institutional investors own 69.19% of the company’s stock.

Avadel Pharmaceuticals Trading Down 5.5 %

The company has a 50-day moving average of $16.69 and a 200-day moving average of $14.38. The company has a market capitalization of $1.39 billion, a price-to-earnings ratio of -7.36 and a beta of 1.61.

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.