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

Avadel Pharmaceuticals (NASDAQ:AVDL) released its quarterly earnings results on Tuesday. The company reported ($0.03) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.06) by $0.03, Briefing.com reports. The business had revenue of $50.00 million during the quarter, compared to the consensus estimate of $48.43 million. Avadel Pharmaceuticals had a negative return on equity of 122.64% and a negative net margin of 111.64%. The firm’s quarterly revenue was up 624.6% on a year-over-year basis. During the same period in the previous year, the company posted ($0.41) EPS.

Avadel Pharmaceuticals Stock Performance

Shares of AVDL stock traded down $0.54 on Wednesday, hitting $12.61. The company had a trading volume of 160,116 shares, compared to its average volume of 1,162,171. The firm has a market cap of $1.21 billion, a P/E ratio of -10.78 and a beta of 1.47. The stock’s 50-day moving average is $13.67 and its two-hundred day moving average is $15.12. Avadel Pharmaceuticals has a twelve month low of $10.39 and a twelve month high of $19.09.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on the company. Oppenheimer upped their target price on Avadel Pharmaceuticals from $29.00 to $30.00 and gave the company an “outperform” rating in a research report on Thursday, October 31st. Needham & Company LLC reiterated a “buy” rating and set a $22.00 target price on shares of Avadel Pharmaceuticals in a research report on Tuesday. Finally, HC Wainwright cut their target price on Avadel Pharmaceuticals from $27.00 to $25.00 and set a “buy” rating for the company in a research report on Wednesday. Seven research analysts have rated the stock with a buy rating, According to data from MarketBeat, the company currently has an average rating of “Buy” and a consensus price target 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.