Avadel Pharmaceuticals (NASDAQ:AVDL) Receives New Coverage from Analysts at Rodman & Renshaw

Equities researchers at Rodman & Renshaw began coverage on shares of Avadel Pharmaceuticals (NASDAQ:AVDLGet Free Report) in a report released on Wednesday, MarketBeat.com reports. The brokerage set a “buy” rating and a $27.00 price target on the stock. Rodman & Renshaw’s target price points to a potential upside of 69.92% from the company’s previous close.

Several other equities analysts have also weighed in on the stock. 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. Oppenheimer raised their price objective on shares of Avadel Pharmaceuticals from $27.00 to $29.00 and gave the company an “outperform” rating in a research report on Tuesday, March 5th. HC Wainwright increased their price target on Avadel Pharmaceuticals from $25.00 to $27.00 and gave the company a “buy” rating in a report on Thursday, May 9th. Needham & Company LLC reiterated a “buy” rating and set a $22.00 price target on shares of Avadel Pharmaceuticals in a report on Wednesday, May 8th. Finally, Piper Sandler increased their price target on Avadel Pharmaceuticals from $18.00 to $23.00 and gave the company an “overweight” rating in a report on Tuesday, March 5th. Seven research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company presently has an average rating of “Buy” and an average price target of $24.57.

View Our Latest Research Report on AVDL

Avadel Pharmaceuticals Price Performance

NASDAQ AVDL opened at $15.89 on Wednesday. The company has a 50 day simple moving average of $16.55 and a 200-day simple moving average of $15.26. The firm has a market capitalization of $1.53 billion, a price-to-earnings ratio of -8.54 and a beta of 1.75. Avadel Pharmaceuticals has a 52-week low of $9.50 and a 52-week high of $19.09.

Avadel Pharmaceuticals (NASDAQ:AVDLGet Free Report) 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. On average, analysts predict that Avadel Pharmaceuticals will post -0.58 EPS for the current year.

Institutional Investors Weigh In On Avadel Pharmaceuticals

Several hedge funds and other institutional investors have recently modified their holdings of AVDL. Chilton Capital Management LLC acquired a new stake in shares of Avadel Pharmaceuticals in the first quarter worth $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. Quantbot Technologies LP acquired a new stake in shares of Avadel Pharmaceuticals in the third quarter worth $78,000. Quarry LP acquired a new stake in shares of Avadel Pharmaceuticals in the fourth quarter worth $120,000. Finally, China Universal Asset Management Co. Ltd. boosted its stake in Avadel Pharmaceuticals by 349.4% during the fourth quarter. China Universal Asset Management Co. Ltd. now owns 10,327 shares of the company’s stock worth $146,000 after buying an additional 8,029 shares in the last quarter. Institutional investors and hedge funds own 69.19% of the company’s stock.

About Avadel Pharmaceuticals

(Get Free Report)

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.

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Analyst Recommendations for Avadel Pharmaceuticals (NASDAQ:AVDL)

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