Brokerages Set Avadel Pharmaceuticals plc (NASDAQ:AVDL) Price Target at $24.17

Avadel Pharmaceuticals plc (NASDAQ:AVDL) has received an average recommendation of “Buy” from the six research firms that are presently covering the company, Marketbeat Ratings reports. Six research analysts have rated the stock with a buy rating. The average 12-month price target among brokers that have issued ratings on the stock in the last year is $24.17.

A number of brokerages have recently weighed in on AVDL. Craig Hallum raised their price objective on Avadel Pharmaceuticals from $22.00 to $23.00 and gave the company a “buy” rating in a research report on Thursday, May 9th. Needham & Company LLC reaffirmed a “buy” rating and issued a $22.00 price objective on shares of Avadel Pharmaceuticals in a research note on Wednesday, May 8th. Piper Sandler increased their target price on Avadel Pharmaceuticals from $18.00 to $23.00 and gave the company an “overweight” rating in a research report on Tuesday, March 5th. HC Wainwright boosted their price target on shares of Avadel Pharmaceuticals from $25.00 to $27.00 and gave the stock a “buy” rating in a research report on Thursday, May 9th. Finally, Oppenheimer upped their price target on shares of Avadel Pharmaceuticals from $27.00 to $29.00 and gave the company an “outperform” rating in a research note on Tuesday, March 5th.

Avadel Pharmaceuticals Price Performance

AVDL stock opened at $15.82 on Thursday. Avadel Pharmaceuticals has a 1-year low of $9.50 and a 1-year high of $19.09. The business has a 50 day simple moving average of $16.86 and a two-hundred day simple moving average of $14.79. The company has a market capitalization of $1.52 billion, a price-to-earnings ratio of -8.51 and a beta of 1.61.

Avadel Pharmaceuticals (NASDAQ:AVDL) last issued its earnings results on Wednesday, May 8th. The company reported ($0.30) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.25) by ($0.05). The company had revenue of $27.18 million for the quarter, compared to the consensus estimate of $25.89 million. Avadel Pharmaceuticals had a negative return on equity of 139.72% and a negative net margin of 284.42%. Avadel Pharmaceuticals’s revenue was up 2617.8% compared to the same quarter last year. During the same quarter in the prior year, the company posted ($0.48) EPS. Sell-side analysts anticipate that Avadel Pharmaceuticals will post -0.58 EPS for the current fiscal year.

Hedge Funds Weigh In On Avadel Pharmaceuticals

Large investors have recently modified their holdings of the stock. Brandes Investment Partners LP boosted its stake in Avadel Pharmaceuticals by 12.4% during the third quarter. Brandes Investment Partners LP now owns 1,448,772 shares of the company’s stock worth $14,922,000 after buying an additional 159,577 shares during the period. MPM Bioimpact LLC lifted its holdings 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 acquiring an additional 279,234 shares during the last quarter. Vivo Capital LLC boosted its stake in shares of 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 purchasing an additional 266,851 shares during the period. Deutsche Bank AG grew its holdings in Avadel Pharmaceuticals by 95.6% during the 3rd quarter. Deutsche Bank AG now owns 440,000 shares of the company’s stock valued at $4,532,000 after purchasing an additional 215,000 shares during the last quarter. Finally, RTW Investments LP raised its position in Avadel Pharmaceuticals by 4.8% in the 3rd quarter. RTW Investments LP now owns 7,136,415 shares of the company’s stock worth $73,505,000 after purchasing an additional 325,774 shares during the period. Institutional investors own 69.19% of the company’s stock.

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.