Avadel Pharmaceuticals (NASDAQ:AVDL) Posts Quarterly Earnings Results, Misses Expectations By $0.05 EPS

Avadel Pharmaceuticals (NASDAQ:AVDL) released its earnings results on Wednesday. The company reported ($0.30) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.25) by ($0.05), Briefing.com reports. The firm had revenue of $27.18 million during the quarter, compared to the consensus estimate of $25.89 million. The firm’s revenue was up 2617.8% compared to the same quarter last year. During the same period in the prior year, the firm posted ($0.48) EPS.

Avadel Pharmaceuticals Stock Performance

AVDL stock traded up $0.30 during mid-day trading on Friday, hitting $16.13. 539,671 shares of the company were exchanged, compared to its average volume of 1,225,261. Avadel Pharmaceuticals has a 1-year low of $9.50 and a 1-year high of $19.09. The firm’s 50 day simple moving average is $16.75 and its 200 day simple moving average is $14.39. The firm has a market cap of $1.46 billion, a P/E ratio of -7.76 and a beta of 1.61.

Analysts Set New Price Targets

Several analysts have weighed in on AVDL shares. UBS Group assumed coverage on Avadel Pharmaceuticals in a report on Tuesday, February 6th. They set a “buy” rating and a $21.00 price objective for the company. Needham & Company LLC reiterated a “buy” rating and set a $22.00 target price on shares of Avadel Pharmaceuticals in a research report on Wednesday. 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. HC Wainwright boosted their price objective on shares of Avadel Pharmaceuticals from $25.00 to $27.00 and gave the company a “buy” rating in a report on Thursday. Finally, Craig Hallum upped their target price on shares of Avadel Pharmaceuticals from $22.00 to $23.00 and gave the company a “buy” rating in a research note on Thursday. Six equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company currently has an average rating of “Buy” and an average target price of $24.17.

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.