Avadel Pharmaceuticals (NASDAQ:AVDL) Issues Quarterly Earnings Results, Beats Expectations By $0.03 EPS

Avadel Pharmaceuticals (NASDAQ:AVDL) announced its quarterly earnings results on Tuesday. The company reported ($0.03) EPS for the quarter, beating the consensus estimate of ($0.06) by $0.03, Briefing.com reports. Avadel Pharmaceuticals had a negative net margin of 52.53% and a negative return on equity of 92.12%. The company had revenue of $50.00 million for the quarter, compared to analyst estimates of $48.43 million. During the same period in the prior year, the firm posted ($0.41) earnings per share. The firm’s revenue was up 624.6% on a year-over-year basis.

Avadel Pharmaceuticals Stock Performance

AVDL traded up $0.02 on Thursday, hitting $12.04. 353,113 shares of the company were exchanged, compared to its average volume of 1,177,285. The business’s fifty day moving average is $13.62 and its 200 day moving average is $15.09. Avadel Pharmaceuticals has a fifty-two week low of $10.39 and a fifty-two week high of $19.09. The firm has a market capitalization of $1.16 billion, a P/E ratio of -15.21 and a beta of 1.47.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on AVDL shares. Oppenheimer upped their target price on shares of Avadel Pharmaceuticals from $29.00 to $30.00 and gave the company an “outperform” rating in a report on Thursday, October 31st. HC Wainwright dropped their price objective on Avadel Pharmaceuticals from $27.00 to $25.00 and set a “buy” rating on the stock in a report on Wednesday. Finally, Needham & Company LLC reissued a “buy” rating and issued a $22.00 target price on shares of Avadel Pharmaceuticals in a report on Tuesday. Seven research analysts have rated the stock with a buy rating, According to MarketBeat.com, Avadel Pharmaceuticals presently has an average rating of “Buy” and an average target price of $24.43.

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.