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

Avadel Pharmaceuticals (NASDAQ:AVDL) announced 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 company had revenue of $27.18 million for the quarter, compared to analysts’ expectations of $25.89 million. The company’s revenue for the quarter was up 2617.8% on a year-over-year basis. During the same period in the previous year, the firm posted ($0.48) earnings per share.

Avadel Pharmaceuticals Stock Down 2.6 %

AVDL opened at $15.83 on Friday. Avadel Pharmaceuticals has a 12-month low of $9.50 and a 12-month high of $19.09. The business has a 50 day moving average of $16.75 and a 200-day moving average of $14.39. The stock has a market cap of $1.43 billion, a price-to-earnings ratio of -7.76 and a beta of 1.61.

Analyst Ratings Changes

Several research firms have commented on AVDL. Craig Hallum boosted their target price on Avadel Pharmaceuticals from $22.00 to $23.00 and gave the company a “buy” rating in a research note on Thursday. Oppenheimer increased their target price on shares of Avadel Pharmaceuticals from $27.00 to $29.00 and gave the stock an “outperform” rating in a report on Tuesday, March 5th. HC Wainwright lifted their price target on shares of Avadel Pharmaceuticals from $25.00 to $27.00 and gave the company a “buy” rating in a research note on Thursday. UBS Group started coverage on Avadel Pharmaceuticals in a research report on Tuesday, February 6th. They issued a “buy” rating and a $21.00 target price on the stock. Finally, Piper Sandler raised their price target on Avadel Pharmaceuticals from $18.00 to $23.00 and gave the company an “overweight” rating in a research note on Tuesday, March 5th. Six investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average target price of $24.17.

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.