Needham & Company LLC Reiterates “Buy” Rating for Avadel Pharmaceuticals (NASDAQ:AVDL)

Avadel Pharmaceuticals (NASDAQ:AVDL)‘s stock had its “buy” rating restated by stock analysts at Needham & Company LLC in a note issued to investors on Thursday, Benzinga reports. They currently have a $22.00 price objective on the stock. Needham & Company LLC’s price target indicates a potential upside of 70.41% from the stock’s previous close.

Separately, HC Wainwright restated a “buy” rating and issued a $27.00 price objective on shares of Avadel Pharmaceuticals in a research note on Monday, October 21st. Seven equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, Avadel Pharmaceuticals currently has a consensus rating of “Buy” and a consensus target price of $24.57.

Avadel Pharmaceuticals Price Performance

Avadel Pharmaceuticals stock opened at $12.91 on Thursday. Avadel Pharmaceuticals has a fifty-two week low of $9.69 and a fifty-two week high of $19.09. The firm has a fifty day moving average price of $13.80 and a two-hundred day moving average price of $15.30. The firm has a market cap of $1.24 billion, a price-to-earnings ratio of -6.94 and a beta of 1.50.

Avadel Pharmaceuticals (NASDAQ:AVDL) last posted its quarterly earnings data on Thursday, August 8th. The company reported ($0.14) earnings per share for the quarter, topping the consensus estimate of ($0.17) by $0.03. The business had revenue of $41.50 million during the quarter, compared to analysts’ expectations of $37.47 million. Avadel Pharmaceuticals had a negative return on equity of 122.64% and a negative net margin of 111.64%. The firm’s revenue was up 2666.7% compared to the same quarter last year. During the same quarter in the previous year, the firm earned ($0.70) EPS. As a group, sell-side analysts expect that Avadel Pharmaceuticals will post -0.5 earnings per share for the current year.

Institutional Investors Weigh In On Avadel Pharmaceuticals

A number of institutional investors have recently added to or reduced their stakes in AVDL. Chilton Capital Management LLC bought a new position in shares of Avadel Pharmaceuticals during the 1st quarter worth approximately $51,000. Amalgamated Bank bought a new position in shares of Avadel Pharmaceuticals during the second quarter valued at $45,000. BNP Paribas Financial Markets boosted 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 purchasing an additional 1,685 shares in the last quarter. Quarry LP bought a new stake in shares of Avadel Pharmaceuticals in the 2nd quarter worth about $63,000. Finally, Beverly Hills Private Wealth LLC acquired a new stake in shares of Avadel Pharmaceuticals during the 2nd quarter worth about $146,000. 69.19% of the stock is owned by institutional investors and hedge funds.

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.