Brokerages Set Avadel Pharmaceuticals plc (NASDAQ:AVDL) Target Price at $24.57

Shares of Avadel Pharmaceuticals plc (NASDAQ:AVDL) have earned a consensus recommendation of “Buy” from the seven analysts that are covering the company, MarketBeat reports. Seven analysts have rated the stock with a buy recommendation. The average twelve-month price target among brokerages that have updated their coverage on the stock in the last year is $24.57.

A number of analysts have recently issued reports on the stock. Needham & Company LLC reissued a “buy” rating and issued a $22.00 price target on shares of Avadel Pharmaceuticals in a research report on Wednesday, May 8th. Craig Hallum raised their price objective on shares of Avadel Pharmaceuticals from $22.00 to $23.00 and gave the company a “buy” rating in a research report on Thursday, May 9th. Rodman & Renshaw assumed coverage on shares of Avadel Pharmaceuticals in a research report on Wednesday, June 12th. They set a “buy” rating and a $27.00 price objective on the stock. Finally, HC Wainwright raised their price objective on shares of Avadel Pharmaceuticals from $25.00 to $27.00 and gave the company a “buy” rating in a research report on Thursday, May 9th.

Avadel Pharmaceuticals Price Performance

Shares of AVDL opened at $15.89 on Friday. Avadel Pharmaceuticals has a one year low of $9.50 and a one year high of $19.09. The company has a 50-day moving average of $15.68 and a two-hundred day moving average of $15.47. The stock has a market cap of $1.53 billion, a price-to-earnings ratio of -8.54 and a beta of 1.52.

Avadel Pharmaceuticals (NASDAQ:AVDL) last posted its quarterly earnings results on Wednesday, May 8th. The company reported ($0.30) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.25) by ($0.05). The company had revenue of $27.18 million during the quarter, compared to analysts’ expectations 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 for the quarter was up 2617.8% compared to the same quarter last year. During the same period last year, the company earned ($0.48) earnings per share. Analysts anticipate that Avadel Pharmaceuticals will post -0.58 earnings per share for the current year.

Hedge Funds Weigh In On Avadel Pharmaceuticals

Institutional investors have recently modified their holdings of the company. Chilton Capital Management LLC bought a new position in shares of Avadel Pharmaceuticals in the first quarter valued at approximately $51,000. BNP Paribas Financial Markets grew its stake in shares of Avadel Pharmaceuticals by 60.5% in the first 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 during the last quarter. Quarry LP acquired a new stake in shares of Avadel Pharmaceuticals in the fourth quarter worth $120,000. China Universal Asset Management Co. Ltd. grew its stake in shares of Avadel Pharmaceuticals by 349.4% in the fourth quarter. China Universal Asset Management Co. Ltd. now owns 10,327 shares of the company’s stock worth $146,000 after acquiring an additional 8,029 shares during the last quarter. Finally, Claro Advisors LLC acquired a new stake in shares of Avadel Pharmaceuticals in the first quarter worth $172,000. 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.