Analysts Set Avadel Pharmaceuticals PLC. (NASDAQ:AVDL) Price Target at $18.13

Shares of Avadel Pharmaceuticals PLC. (NASDAQ:AVDL) have been given an average recommendation of “Reduce” by the thirteen research firms that are covering the stock, MarketBeat.com reports. Two research analysts have rated the stock with a sell rating, ten have given a hold rating and one has given a buy rating to the company. The average 12 month target price among analysts that have issued ratings on the stock in the last year is $18.1250.

Several analysts have recently issued reports on the company. Wall Street Zen cut Avadel Pharmaceuticals from a “strong-buy” rating to a “buy” rating in a research note on Saturday, October 25th. Leerink Partnrs cut shares of Avadel Pharmaceuticals from a “strong-buy” rating to a “hold” rating in a research report on Thursday, October 23rd. Jefferies Financial Group cut Avadel Pharmaceuticals from a “buy” rating to a “hold” rating and lowered their price objective for the stock from $22.00 to $20.00 in a research report on Wednesday, October 22nd. Lifesci Capital cut Avadel Pharmaceuticals from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, October 22nd. Finally, HC Wainwright cut shares of Avadel Pharmaceuticals from a “buy” rating to a “neutral” rating and set a $20.00 target price for the company. in a report on Thursday, October 23rd.

Avadel Pharmaceuticals Trading Up 0.1%

Avadel Pharmaceuticals stock opened at $21.42 on Friday. Avadel Pharmaceuticals has a fifty-two week low of $6.38 and a fifty-two week high of $23.57. The firm has a 50 day moving average price of $19.78 and a 200 day moving average price of $14.91.

Avadel Pharmaceuticals (NASDAQ:AVDL) last posted its quarterly earnings data on Tuesday, November 4th. The company reported $0.00 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.04 by ($0.04). Avadel Pharmaceuticals had a negative net margin of 0.11% and a negative return on equity of 0.33%. The firm had revenue of $77.47 million during the quarter, compared to analysts’ expectations of $78.05 million. During the same quarter in the prior year, the firm posted ($0.03) EPS. Avadel Pharmaceuticals’s quarterly revenue was up 55.0% compared to the same quarter last year. As a group, equities research analysts anticipate that Avadel Pharmaceuticals will post -0.51 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Avadel Pharmaceuticals

Several institutional investors have recently added to or reduced their stakes in the stock. Nisa Investment Advisors LLC increased its stake in Avadel Pharmaceuticals by 164.5% in the 2nd quarter. Nisa Investment Advisors LLC now owns 3,304 shares of the company’s stock valued at $29,000 after buying an additional 2,055 shares during the period. Federated Hermes Inc. raised its stake in shares of Avadel Pharmaceuticals by 195.4% during the 3rd quarter. Federated Hermes Inc. now owns 3,471 shares of the company’s stock worth $53,000 after buying an additional 2,296 shares in the last quarter. Raymond James Financial Inc. acquired a new stake in shares of Avadel Pharmaceuticals in the 2nd quarter valued at approximately $65,000. Tower Research Capital LLC TRC grew its holdings in Avadel Pharmaceuticals by 217.5% during the second quarter. Tower Research Capital LLC TRC now owns 8,795 shares of the company’s stock worth $78,000 after acquiring an additional 6,025 shares during the period. Finally, State of Alaska Department of Revenue acquired a new stake in Avadel Pharmaceuticals in the third quarter valued at $83,000. Institutional investors and hedge funds 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.