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

Avadel Pharmaceuticals plc (NASDAQ:AVDL)’s stock price gapped down before the market opened on Wednesday following a weaker than expected earnings announcement. The stock had previously closed at $18.18, but opened at $15.89. Avadel Pharmaceuticals shares last traded at $16.98, with a volume of 1,126,731 shares trading hands.

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

Analyst Ratings Changes

AVDL has been the topic of a number of research reports. HC Wainwright upped their target price on shares of Avadel Pharmaceuticals from $25.00 to $27.00 and gave the company a “buy” rating in a research report on Thursday. UBS Group assumed coverage on shares of Avadel Pharmaceuticals in a research report on Tuesday, February 6th. They issued a “buy” rating and a $21.00 price target on the stock. Oppenheimer increased their price target on shares of Avadel Pharmaceuticals from $27.00 to $29.00 and gave the company an “outperform” rating in a research report on Tuesday, March 5th. Piper Sandler increased their price target 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. Finally, Craig Hallum increased their price target on shares of Avadel Pharmaceuticals from $22.00 to $23.00 and gave the company a “buy” rating in a research report on Thursday. Six equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company currently has a consensus rating of “Buy” and a consensus price target of $24.17.

Institutional Trading of Avadel Pharmaceuticals

Hedge funds have recently bought and sold shares of the stock. Chilton Capital Management LLC acquired a new stake in Avadel Pharmaceuticals during the 1st quarter worth approximately $51,000. BNP Paribas Financial Markets grew its stake in shares of Avadel Pharmaceuticals by 60.5% during 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 in the last quarter. Quantbot Technologies LP bought a new position in shares of Avadel Pharmaceuticals during the 3rd quarter worth approximately $78,000. Quarry LP bought a new position in shares of Avadel Pharmaceuticals during the 4th quarter worth approximately $120,000. Finally, Claro Advisors LLC bought a new position in shares of Avadel Pharmaceuticals during the 1st quarter worth approximately $172,000. 69.19% of the stock is currently owned by institutional investors and hedge funds.

Avadel Pharmaceuticals Trading Down 2.6 %

The company has a market capitalization of $1.43 billion, a P/E ratio of -7.76 and a beta of 1.61. The firm’s 50 day moving average price is $16.75 and its two-hundred day moving average price is $14.39.

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.