Avadel Pharmaceuticals (NASDAQ:AVDL) Receives Buy Rating from Needham & Company LLC

Avadel Pharmaceuticals (NASDAQ:AVDL)‘s stock had its “buy” rating restated by Needham & Company LLC in a research note issued to investors on Wednesday, Benzinga reports. They presently have a $22.00 target price on the stock. Needham & Company LLC’s price objective would indicate a potential upside of 30.10% from the stock’s current price.

Other analysts also recently issued research reports about the company. HC Wainwright raised their price objective on Avadel Pharmaceuticals from $21.00 to $25.00 and gave the stock a “buy” rating in a research note on Tuesday, March 5th. UBS Group assumed coverage on shares of Avadel Pharmaceuticals in a research report on Tuesday, February 6th. They issued a “buy” rating and a $21.00 target price on the stock. Craig Hallum boosted their target price on shares of Avadel Pharmaceuticals from $20.00 to $22.00 and gave the company a “buy” rating in a report on Tuesday, March 5th. Piper Sandler increased their price target on shares of Avadel Pharmaceuticals from $18.00 to $23.00 and gave the company an “overweight” rating in a research report on Tuesday, March 5th. Finally, Oppenheimer raised their price target on Avadel Pharmaceuticals from $27.00 to $29.00 and gave the stock an “outperform” rating in a report on Tuesday, March 5th. Six investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Avadel Pharmaceuticals has an average rating of “Buy” and a consensus price target of $23.67.

Avadel Pharmaceuticals Price Performance

AVDL stock traded down $1.27 during trading on Wednesday, reaching $16.91. 773,406 shares of the stock traded hands, compared to its average volume of 1,179,115. The business’s 50 day moving average price is $16.63 and its 200-day moving average price is $14.33. The firm has a market capitalization of $1.53 billion, a PE ratio of -8.29 and a beta of 1.61. Avadel Pharmaceuticals has a 52-week low of $9.50 and a 52-week high of $19.09.

Avadel Pharmaceuticals (NASDAQ:AVDL) last issued its quarterly earnings results on Monday, March 4th. The company reported ($0.32) EPS for the quarter, missing the consensus estimate of ($0.28) by ($0.04). The business had revenue of $19.45 million for the quarter, compared to analysts’ expectations of $17.41 million. During the same quarter in the previous year, the business posted ($0.44) EPS. On average, equities research analysts predict that Avadel Pharmaceuticals will post -0.46 earnings per share for the current year.

Institutional Investors Weigh In On Avadel Pharmaceuticals

A number of large investors have recently made changes to their positions in AVDL. Brandes Investment Partners LP increased its position in shares of 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 purchasing an additional 159,577 shares in the last quarter. MPM Bioimpact LLC lifted its position in shares of Avadel Pharmaceuticals by 72.5% during the third quarter. MPM Bioimpact LLC now owns 664,224 shares of the company’s stock worth $6,842,000 after purchasing an additional 279,234 shares during the last quarter. Vivo Capital LLC increased its stake in shares of Avadel Pharmaceuticals by 7.0% in the third quarter. Vivo Capital LLC now owns 4,096,428 shares of the company’s stock valued at $42,193,000 after purchasing an additional 266,851 shares during the period. Deutsche Bank AG increased its stake in shares of Avadel Pharmaceuticals by 95.6% during the third quarter. Deutsche Bank AG now owns 440,000 shares of the company’s stock valued at $4,532,000 after acquiring an additional 215,000 shares during the period. Finally, RTW Investments LP boosted its holdings in Avadel Pharmaceuticals by 4.8% during the third quarter. RTW Investments LP now owns 7,136,415 shares of the company’s stock worth $73,505,000 after buying an additional 325,774 shares in the last quarter. 69.19% of the stock is currently owned by hedge funds and other institutional investors.

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.