Craig Hallum Raises Avadel Pharmaceuticals (NASDAQ:AVDL) Price Target to $23.00

Avadel Pharmaceuticals (NASDAQ:AVDL) had its price target raised by analysts at Craig Hallum from $22.00 to $23.00 in a research report issued to clients and investors on Thursday, Benzinga reports. The brokerage currently has a “buy” rating on the stock. Craig Hallum’s price objective points to a potential upside of 46.96% from the company’s previous close.

AVDL has been the subject of several other reports. Needham & Company LLC reissued a “buy” rating and issued a $22.00 price target on shares of Avadel Pharmaceuticals in a report on Wednesday. Oppenheimer raised their target price on shares of Avadel Pharmaceuticals from $27.00 to $29.00 and gave the company an “outperform” rating in a research note on Tuesday, March 5th. UBS Group began coverage on shares of Avadel Pharmaceuticals in a research report on Tuesday, February 6th. They set a “buy” rating and a $21.00 price objective on the stock. HC Wainwright raised their price target on Avadel Pharmaceuticals from $21.00 to $25.00 and gave the company a “buy” rating in a research report on Tuesday, March 5th. Finally, Piper Sandler raised their price objective on Avadel Pharmaceuticals from $18.00 to $23.00 and gave the company an “overweight” rating in a report on Tuesday, March 5th. Six analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average target price of $23.83.

Avadel Pharmaceuticals Price Performance

Shares of NASDAQ AVDL traded down $0.60 during mid-day trading on Thursday, reaching $15.65. 1,204,115 shares of the company’s stock traded hands, compared to its average volume of 1,218,441. Avadel Pharmaceuticals has a 1-year low of $9.50 and a 1-year high of $19.09. The stock has a market cap of $1.42 billion, a P/E ratio of -7.53 and a beta of 1.61. The business has a 50-day simple moving average of $16.69 and a 200 day simple moving average of $14.38.

Avadel Pharmaceuticals (NASDAQ:AVDL) last announced its earnings results on Wednesday, May 8th. The company reported ($0.30) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.25) by ($0.05). The firm had revenue of $27.18 million during the quarter, compared to analysts’ expectations of $25.89 million. During the same period in the previous year, the company posted ($0.48) earnings per share. Avadel Pharmaceuticals’s revenue was up 2617.8% on a year-over-year basis. Equities research analysts anticipate that Avadel Pharmaceuticals will post -0.46 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the business. Brandes Investment Partners LP increased its position in shares of Avadel Pharmaceuticals by 12.4% during the 3rd quarter. Brandes Investment Partners LP now owns 1,448,772 shares of the company’s stock valued at $14,922,000 after purchasing an additional 159,577 shares during the last quarter. MPM Bioimpact LLC increased its holdings in Avadel Pharmaceuticals by 72.5% during the third quarter. MPM Bioimpact LLC now owns 664,224 shares of the company’s stock valued at $6,842,000 after buying an additional 279,234 shares during the last quarter. Vivo Capital LLC raised its position in Avadel Pharmaceuticals by 7.0% in the third quarter. Vivo Capital LLC now owns 4,096,428 shares of the company’s stock worth $42,193,000 after acquiring an additional 266,851 shares during the period. Deutsche Bank AG boosted its stake in shares of Avadel Pharmaceuticals by 95.6% during the 3rd quarter. Deutsche Bank AG now owns 440,000 shares of the company’s stock worth $4,532,000 after acquiring an additional 215,000 shares during the last quarter. Finally, RTW Investments LP grew its position in shares of Avadel Pharmaceuticals by 4.8% during the 3rd quarter. RTW Investments LP now owns 7,136,415 shares of the company’s stock valued at $73,505,000 after acquiring an additional 325,774 shares during the period. Hedge funds and other institutional investors own 69.19% of the company’s stock.

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.